All Forum Posts by: Ken Chen

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Staten Island.

Purchase price: $690,000
Cash invested: $300,000

6/6 two family detach house in HOA at 77 monthly. New construction home site.

What made you interested in investing in this type of deal?

House hacking originally, Lived in one unit.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

At the time I have my real estate license in New York for the point of the deal.

Hello everyone, I have been on the site without an account for a while now and I recently made that change to pursue this option with my wife. I am basically the traditional Asian family that spent my entire life saving money and purchasing a place in New York City, and after trying to survive for a while I find it too hard now that it’s 2 people and decided to move back to my hometown and do some investing looking for cash flow in particular. Hoping to find class c houses to eventually reach a higher monthly income from all the rentals. With 2-3 years of planning. 

I continue to work from home but not making enough to be an accredited investor. 

The way I saw real estate at the time was, saving money, buying a multi family, live there with tenant who help pay for my house. And while saving money until I can buy a new place to live. Recently did that again and thought I can use the income I’m bringing in from the house to increase cash flow. 

I would like to invest in Michigan but there is some mindset barriers which is why I thought investing out of state wouldn’t be too bad. 

 Salem Michigan near Ann Arbor, and I'm searching for 1 hour drive locations preferably and so far I only went out to that radius and avoiding Detroit at the moment. I thought about Okemos, East Lansing, Lansing, tecumseh, belleville and a few other areas in these direction before but there isn't enough places to look at and when searching toledo, there seems to be something new every week which is why I thought of going there. 

Most of the house hacking opprotunities near mean is too expensive to consider as a project for a new investor like me. 

I wasn't really into the idea of getting a house at 60k until I came across a few in the 43612 area that got me slightly interested. 

 The low market entry in Michigan tends to be trailer homes or homes far from a center point of something. There’s not much around that I can put a mindset on. 

Hello members,

I am a first time investor recently moved back to Michigan, my focus was primary residents and after moving back, I had to rent my previous house out in New York which is producing some good income. With what I have now, I’m looking to invest in an area that’s both affordable and ‘if I mess up, I won’t lose too much’ mindset hopefully. After reading on the site for a while (days) I more interested in 43612 and 43613 areas as some mentioned. 

Prior to the site, I was set on areas around the university of Toledo, but after a few months searching, I’m still holding my bag. 

But right now, I wonder if a total newbie in this should really be trying to get a small loan (50k) to purchase two house around 60k each? For rental purposes, cash flow. 
or stick to one at a time? 

And if anyone who is out of state, also does the management yourself? Or hire a company to do it? If so, what is your rates that you’re seeing.