All Forum Posts by: Conte Cuttino

@Joe Villeneuve 

Thank you for your reply, what/how did you calculate to get to your decision as I will use it for the future investment.  

I also look to put 20k in remodels (new bath , add a bed room and full bathroom to 2 bed unit) to increase the the value and will bring me to over 20% equity thus drop the Morgage Insurance of an estimated $115/mo. 

Hello BP World,

I been researching on this site preparing to make my first investment purchase in Long Island NY. Found a property i want to house hack with an owner occupied accessory 1 bed apartment. In 2 -3 years I plan to rent both units and repeat the process. Can you help me break down this deal to see if its a good investment. 

Purchase Price: $380k

Taxes: $11,800 ($984/mo)

Down Payment: 5% ($19k)

Monthly Mortgage (including P&I, MI, HOI, Taxes): $2975/mo

Estimate Rental (low balling it)

1 Bed Room apartment: $1650

2 bed Room apartment: $2400 (This is the area ill be living in during my time there)

Estimates Total Rental: $4050

Utility Cost 

Both units have their own separate meters so during my time their the only thing we'll share is the water. I estimate $450 for my utilities.