All Forum Posts by: Chris Rey

Actually, I'm interested in out of state passive income investments too as Westchester is far too expensive.

@James Wise mind perhaps chatting sometime?

I will be attending

Thanks @Curt Davis !

I am trying it now and I can see the average rent for properties but is there any other to see what the percentage of renters in an area is?

Hello again BiggerPocketers,

So I'm taking the first steps and looking to buy a multifamily in an area I am not too familiar with. Its not too far from me so I can definitely go out there and scope it out but I'm a little more OCD about these things and need hard data.

My question:

Are there any companies(ideally free) that can provide information on areas such as percentage of renters in a particular area and how much they are paying?

Any help is appreciated.

-Christian

@Tyrus Shivers

Hi Tyrus,

What they say is that I cannot use the loan towards a multi family without having 6 months of income in a bank account and six months of prior property management.

Very discouraging as I found a great house with great potential and they're basically telling me because I don't have the experience, I cannot manage it.

Good afternoon ladies and gentlemen,

As I prepare to get into the market and actually purchase a multifamily I have run into this financial institution claiming to help Veterans with getting a loan.

I understand they are a lender but I would appreciate it if anyone else has worked with this group and willing to share their stories?

Also, I just found out I cannot use a VA home loan to finance a multi family without having 6 months of property management experience?

Anyone know if this is true? If so, any way around that?

Oh wow! Thank you all so much for all this information!

So I found a wonderful house. Its gigantic, its VERY affordable and from what I can tell is a gem.

The issue I'm running into and is seriously making me think twice about pursuing it is that I don't forsee there being many renters in that area. The area happens to be a very nice and upper scale neighborhood. Most of the houses surrounding it are single family McMansions.

Do you guys have any strategies or resources to gauge whether a property would would yield renters around there?

Any help is appreciated!

-Christian

I'm debating if I should consider leaving westchester and starting over in a different county as well. Its too hard to try and get the numbers to match up.

I would love to have cashflow of $600 per month but not have to finance a $900k house to do so.

I've read the success stories about so and so buying a house for $100,000 and renting out 3 units to complete the perfect cash flow of $400-600 per month.

However, how would one do such a thing with a similar scenario in Westchester NY with a house that is going for 400k+? The numbers don't seem to add up. It always seems like your mortgage and expenses will leave you at a negative.

Ideally I would love to have a 2-3 unit house I can live in, but I don't see the numbers adding up to a positive cashflow.

Any experiences on this?