All Forum Posts by: Emrah Latic

@Patrick Liska I already have all of that calculated in to the price. It is my first property and I am decently handy so for the first one I can take care of the property myself. That being said, even though I will take care of it myself I still added property management costs in there so that if there is a change in the future it doesn't impact me as much. PMI and the rest are all included with tax and insurance calculated as well.

@Brian Adzadi Thank you for the kind words! I'll be honest I struggled when it came to saving up and lately I have a small amount saved up which is great but at the same time if I was a bit smarter earlier I could have more. But we live and we learn now it is time to make a change. I didn't even think of it that way, I just looked at it as getting a shorter term for the mortgage and getting it paid off asap would be the better route. I will plug in my numbers again with a 30 year term and look at the difference. thank you for the advice!

@Eric Telese Yes, I do live here and there is a high demand for off-campus housing. Majority of the homes in that area near the College are all rentals to students. I feel like it is a great area and for the students, it's a great way to escape those $4,000-6,000 dorm expenses.

Hello everyone, first off I want to thank everyone ahead of time for any insights and advice that you guys can give me. My name is Emrah and I am 21 years old. I want to expand what I do and I want to start investing in Real Estate because I have a strong appreciation for it and at this day in age, I feel like its a smart choice. Currently, I am looking at a property near me that is worth $79,000, the property is fully renovated and is located near a College. It is a multifamily home (2 Units) with a lot of potential. From these 2 units, I can potentially rent them out at $800 each bringing me in at $1,600 a month. I was only thinking about putting down a $5,000 down payment as well with a 15 year loan at 4.062% interest and an estimated $4,000 closing cost. My calculated mortgage cost would be around $1,217 a month, with other expenses like property management, garbage, etc. Bringing in a total of $1,600, that gives me $383 in cash flow per month. I am just starting out and learning all of this and I would like to start with a smaller property to get my feet wet. Also, I am still learning all of the calculations and I am trying to figure out what numbers I need to look for. Below, I have attached a link of the property so that you may take a look as well. If at any point I made a mistake in the calculations please let me know as I would love to correct them.

https://www.zillow.com/homes/for_sale/apartment_du...

Thanks,

Emrah