All Forum Posts by: Christian G Leone

Hi guys, I'm looking to begin building a real estate portfolio in Columbus, OH or surrounding areas. I've heard great things about the cash flow and the lower home prices are extremely appealing. If any agents and/or property managers would like to connect, please reach out! My partner and I currently own 12 units in New Jersey and are looking to build an out of state team. Thanks in advance!

I'm sure you've all heard the saying "live where you rent and rent what you own." Although I think most of us can agree that Grant Cardone is a salesman and a showman, is there any merit to what he's saying?

My goal is to create cash flow. I live in northern New Jersey which is an expensive market (duplexes going for over $600k). I currently live home (24 yo) and have been able to save up $70k over 2 years from my engineering job. Does it make sense to purchase a single family home in a less expensive market like south jersey and rent that out and move myself into a modest 1 Br 1 Ba apartment for $1700 per month? My original plan was to house hack but I've been looking for a year and I haven't been able to find anything that makes sense.

Any advice is appreciated!!!

Quote from @Michael Dumler:

@Christian G Leone, lenders, correct me if I'm wrong, but a conventional owner-occupied duplex requires at least a 15% downpayment. FHA is 3.5% down. Therefore, 63k vs ~15k. That being said, FHA has greater regulations and guidelines that the property must meet for it to close. Moreover, I believe the current rental income of one unit can help in qualifying for each loan product. Are both units vacant for the listed duplex? Hope this helps!

I've read online that some lenders will allow 5% down conventional loans for multi-family. I assume that would be the preferable option since FHA requires upfront 1.75% PMI fee. Additionally, since I have a solid credit score, the mortgage insurance would be considerably low on the conventional loan and will drop off at 20% equity.

Hi All,

I will be purchasing my first property within the next few months which is going to be a house hack. I have my eye on a duplex for $420k in North Jersey which seems like a good deal on paper. Would it be better to utilize an FHA loan here or a low money down conventional loan for this? For reference - I have make $82k per year and have a 767 credit score.

I appreciate all input!

Looking for a little advice here.. I have about $65k in student loans and about $25k saved in the bank. I have a great steady job making $70k and I'm bouncing back and forth between using my savings to pay off my debt or purchasing a multi-family home and house hacking. I need to move out soon (family moving out of state) and I feel like renting is just throwing money away. I know people like Dave Ramsey would tell me to pay off the debt but I feel like the best option would be to house hack so I can minimize my housing expense and then attack the debt from there. Any and all advice is appreaciated!

Hello all, I live in Bergen County New Jersey which is a pretty expensive market. Any decent multifamily is going between $450k-$500k. I make $70k and have a 760 credit score so that should help with interest rates and PMI. Is it feasible to do an FHA (3.5% down) house hack in expensive markets like this? I just want to be able to lower my monthly expenses while living there and cash flow once I move out. Any insight or tips would be greatly appreciated!