All Forum Posts by: Cory Lehnbeuter

@Christopher Giannino

Yes, this would be cashflow positive today if we rented out our basement apartment (which we do sometimes on airbnb) which we use for our own use for family and friends to visit.  It was rented when we bought it but we didn't necessarily need the $ as much as the space.  I expect to hold the building if we ever move and it would easily get $3k/mo positive cashflow (not including reserves/capital improvements) with today's comps not including about $150/mo from parking spot rental in driveway.  Parking / garages seem appealing to me in this area. I get people from bus stop asking all the time and currently rent 1 spot to a friend.  Maybe next deal just parking garage for low maintenance. 

Sorry on my cell. hit submit incorrectly. Anyway I'm in a better position now to expand after years of on the job training both knowledge wise and financially than I was when I bought this place 4 years ago. and from the comfort of my own home without having to drive all over town to deal with repairs or shoveling or site check ins. For a newbie in a high cost state I think hacking is,the way to go. you don't realize how much time it actually takes to deal with all aspects of management and maintenance, so why not at least benefit directly from all that work by living there too? because you'd have to do it anyway where ever you live

I live in Hudson county and househacked for my 1st deal. prices and taxes are ridiculous here. I'm 4 years into it and could never imagine paying taxes and maintenance on a place anywhere in NJ burbs without having rent coming in to subsidize it. That said, I still pay about $1k/mo out of pocket(including utilities for the building) to live in my 3 family BUT that same 1k is the exact amount of principal reduction per month. So just moving it from short term pocket to long term pocket. Living in this subsidized way has essentially thrown rocket fuel onto my long term savings and how much I can,set aside for the next deal, brokerage acct, and 401k. Only $1k out of pocket/ month (but not really since I'm paying down principal) is a steal I'm Hudson county where I watch my friends that have condos in Hoboken pay 4-5k per month only to pay down less than $1k in principal monthly. All those extra thousands I'm not paying are going to my savings. That said, I've had hiccups and major major expenses in the 10s of thousands. and it's practically impossible to find a decent reliable contractor. although so eager to get into another deal and expand, after 4 years of experience with (great) tenants, unexpected issues & costs, while not ramping up as fast as I want, it's been fantastic learning and key is hands on experience with management and on exactly what goes wrong and what you have to deal with and hands on management