All Forum Posts by: Eder Aldana

Hello BP !

I have been searching for a deal for more then two years in my town , located in Westchester county , NY. Real State can be very expensive around this areas, that being said , I found a deal that works for me as I will be House hacking. THE PROPERTY: I purchase a 4 family house , that has a detached two car garage. I obtain the property with a FHA loan. The house was 395K with 15k seller concession for the closing cost, 4% interest Rate. With my wife and I living in one of the apartment's we break around even, which is great because if we were to rent in our town we probably pay about $1200 for a one bedroom apartment.

MY PLAN/QUESTION? What I want to do is convert my 2 car garage  that is around 600sq into a tiny home/apartment for my wife and I. I ran the numbers it will cost me around 20K with materials and help from plumber and electrician, I will be doing most of the work my self and  family , since we have construction background. This way I rent out the 4th unit , which will bring me extra cash flow.

ANY ADVICE IS WELCOME! PLEASE AND THAK YOU!  

Thank you for you're response , and advice @Raul R. . The 400k is the max for the purchase price,  I do have some money on the side for the remodeling , im also not looking for a complete rehab , My father and I will be doing all the work,  we have experience remodeling apartments, and my father current job is doing so. and awesome tip about the leases & documents thanks again    

HELLO!

Newbie here ,my name is Eder and I currently live in the town of Peekskill, NY. My current strategy is to (House Hack) I been actively looking for a 3 to 4 unit and want to find a fixer upper that I can fix and increase the value, also this is going to be my first property ever so I want to make sure I make the right decision , I been looking at the towns of Ossining ,Peekskill  , Mahopac ,Beacon, Cold Springs , Putnam Valley,  Wappinger's Falls, Fishkill . 

My question is , if there any investors currently investing in any of this towns or county's , please could you provide some advice on investing in this areas. Also I do have a great realtor and awesome mortgage broker working with me. My Max price is 400k that im willing to go to, I do have a Pre Approval and were looking to finance using the 3.5 FHA loan , Please any Advice is welcome? !!! THANK YOU