All Forum Posts by: Drew Slew

@Ralph R. you are absolutely sure about this? its not just tax w9-s they look at, its a continued 2yr job at the SAME place when you get a mortgage? i know they did look at that when i got my first mortgage..

also yes, if i move out of my current place @Kevin Moen as discussed my totals are 1050-1100 with wifi, mortgage, hoa, tax etc all. Realistically it could easily fetch 1400/m but i think i could find ppl paying 1600/m for it because of the nice city views. so $300-500/m cashflow. obv need to calculate vacancies and repairs so less a bit.

Thanks a lot for the advices. @Michael Randle  yes the student loan payoff is tempting, its on 6.4% interest but i pay only around 450 a month. idk, i hate paying off loans.. 

my thinking would be why dont i put this little cash I have and buy something quick like my first place around 100k and rent it so i can get that 200-300 cashflow so i now have another income stream.

@Kevin Moen i bought my first place with normal 30yr mortgage conventional, no FHA. around 3.5% interest, mortgage is around 550/m and tax 200/m.

yes im open to FHA or PMI now, just want to make a good investment and have cash flow extra. than I can decide how to adjust the two properties, see if they both bring in profit, learn and hopefully repeat.

@Brent Coombs and all thanks for the replies. 

My student loan is 6.4% interest i have 30k on it, i pay monthly 450, not a lot. 

Yes the two primary residence wasnt a serious question, i would be buying my next home as an investment property. 

I just want to make an investment while my situation, savings, job allows it quick.

Thanks for the fast reply. Is 3k/month a lot of stashing? It would take me years to pile up 100k.. i dont want to work forever :) 

The idea or thinking is that my "solid" job right now may not last more than 6month-1yr until I may make a switch to something else and want to use my tax/work/income to quickly get another property, rent it out and add to cashflow. 

In that case if I move or anything happens, i will have 2 places, hopefully both making 200-300/m or so profit and paying for themselves.

Financial picture: 

I live in the NYC area, union city area. Just bought my first house, around 150k in the summer. 

3.5% 30yr fixed mortgage, 780 total monthly w tax, plus HOA. I rented room so live free.

New money has piled up quick, so have around 30k again just like when I bought the house.

Income around 80k, great credit, just got student loans and this house for loans. Id say i can stash away 3k a month with partying and having a good time in manhattan w my avg incomes.

My questions is: 

- now that i have some cash again, and my goal would be to start having passive income from rent, what should I do? Ideally next move should bring in $300-500/m cashflow NET, ALL months. I know the 100-150k area is quite measly around here, but i def see potential and many of jersey city/union city is quite unknown. Just been to newark too, could pop really big although not sure id walk around even in daytime.

I read so much about creative financing, people putting 10k down or nothing down sometime, buying 5+ properties in months etc.. hard to decipher whats a good choice. 

HELOC? Borrow against current property? Ideally replicate this condo? Is it too soon to buy, is there a 1 year period or sthing? 30k shud be ok for anything around 100-120k. Will interest rate and downpayment be much more on an investment property? Can it be played right that somehow both remain my "primary residence", no tax etc?

Need to be here around NYC, so im not thinking of middle of nowhere good deals detroit iowa florida etc. 

Thanks for any ideas.

I used to live in Chelsea and paid ridiculous rent for my studio after my company stopped paying for my relocation.. just bought a 2bedroom in the middle of union city, old brick building, less than 150k and its berautiful, got full NYC city views and rented on of my rooms for 900/m, so now im living free. 

Looking to buy something in the next few months again, same type of deal, the closer to 100k and over 1000/m rentable thats perfect.

I am in almost exactly same situation as @Richard Donofrio .

I just bought my first 1br condo (layout makes it 2br so rented 1 room), near NYC in Union City about 3 months ago. 
HOME - 

150k listed, bought for 145k, appraised for 148k. I put 30k down, 30yr fixed at 3.5%, total monthlies w utilities, HOA, mortgage, electricity, wifi etc TOTAL only 1100/month. I rented 1 room out for 800/month so now i basically live free and want to quickly buy my second home, purely investment purposes - the closer the better, to walk over, check on tenants etc.

INCOME - 

I have income of around 80-90k, also have monthly 550 student loans.

Total i now only have 10k cash, and that 30k equity i put into first home a few months ago. I have a 12k credit card w no interest too for 1 year. Asked about using that too, but thats tricky. I can get 10k as gift money also quick.

EXPENSES - 

So NET income is around 4000-5000/month, debt is 950 total plus food, travel etc living expenses. 10k cash and 30k equity in home. 

Id like to buy something around 100k quick, Union CIty, NJ or even cheaper areas, rent it asap, purely investment. At least $200-300 profit monthly on renting it out, so 1% rule and so on..

Ideas for loans, financing etc? Foreclosed? Or should I wait and save up more as this current living situation is quite ideal (free basically)?

Thanks

I am in almost exactly same situation as @Richard Donofrio. 

I just bought my first condo, near NYC in Union City. 150k listed, bought for 145k, appraised 148k. I put 30k down, 30yr fixed at 3.5%, total monthlies w utilities 1100/month. I rented 1 room out for 800/month so now i basically live free and want to quickly buy my second home, purely investment purposes. 

I have income of around 80-90k, also have monthly 550 student loans. 

Total i now only have 10k cash, the 30k equity i put into first home. 

So income is around 4000-5000/month, debt is 950 total plus food, travel etc living expenses. 10k cash and 30k equity in home. 

Id like to buy something around 100k quick, Union CIty, NJ or even cheaper areas, rent it asap. 

Ideas for loans, financing etc? 

Thanks

Thanks for all the replies, appreciate it @Ben Dao @Shanel Wiggins @Nicole A. @Jassem A. @Jason Hirko

Yes, the whole issue is its 0% if I buy with it a grocery story the trick is how do I actually use that money without cash advance or anything else where they charge an interest.. paypal gift idea seems interesting