All Forum Posts by: Dj Pride

I am going in to talk to a potential lender tomorrow. All of the calculators I have used online have said that I can only purchase in the 110k range. Is there any easy way you guys know of that I can get an estimate of needed cash reserve to purchase with my situation so I don't need to go into/call each local bank in my area?

Originally posted by @Jason Boritz:

@Dj Pride

Yes

Meaning wait and save?

If I am unable to get a mortgage for a more expensive multi-unit because my income is too low should I buy a single-family home to live in so that I am at least adding to my net worth instead of paying rent to someone else?

I can afford to purchase a single-family right now. The problem is that my income is not high enough to purchase a 170k multi-unit. Does it make more sense to wait to save up 35%-40% and house hack while renting in the meantime or to purchase a small home for myself to build equity?

Hi, 

I am currently working for my girlfriend's father, he owns an insurance agency that does pretty well, especially considering the area his agency is based in. What are your thoughts on investing in this area? I want to house hack and buy a triplex or duplex. The problem is that the higher income areas within 30 minutes of here are all single-family homes. What do you think of the demographic info here? I want to get into real estate but the only thing holding my back right now is how to quantify the risk of the area I live in currently. I live in Torrington CT 06790. Specifically what bothers me is the 10% vacancy rate and 32% renter occupied rating. Are these numbers something I should be concerned with? Any help with analyzing the area or advice on if it will be an okay investment here would be great.

When looking into real estate in a specific area how do you do your own research? What kinds of websites and other resources do you guys use in order to estimate more accurately your expected ROI? Since real estate prices are so contextually variable and I live in a poorer area, I am having a hard time figuring out what exactly a "good deal" is in my area and how to guess what rent would be per unit. Do you just end up getting a feel for this by looking at specific listings?

Thanks!

@CJ M.

That sounds way less expensive than I thought. Would I need to remove all of the piping? Also, I believe in the second picture that that gas heater is the only heat in the entire unit. I'm not sure what I'd even do with that. How costly is it to install gas heating throughout a 1200 sq ft unit?

Hi!

So I'm looking at buying my first property. I just walked through a few homes with my realtor. One of the properties that I looked at has these old appliances:

How expensive are these installations to replace with something more modern? I have no idea how I would do them myself but if it is something I can learn, then please explain that in your reply. Other than these old appliances, I think this house has huge potential.

Any input is greatly appreciated!

I'm looking to buy in this area soon as well. How have you addressed concerns with lead and other poisonous garbage that these homes come with? That's the only thing that's keeping me away from real estate here right now.