All Forum Posts by: Joe Fornasiero

Ted Lanzaro thank you! I'll give that a try

This seems like a pretty unethical way to get ahead. I don't agree with making someone else pay for your mistakes but that's just my opinion. Hopefully karma doesn't come back around as Bob B. mentioned

There's a specific street in my area that has several multifamily homes that I would like to purchase. I've obtained the names and addresses of all the owners. I was wondering if anyone has a template they would be willing to share for direct mailers when looking to buy a multifamily as an owner occupant? Any help would be appreciated!

Looks good, Keith! Where at within Westland?

I'm considering renting out my primary residence and purchasing another home to house hack in. I recently replaced my septic field and was wondering if I can now deprecate that if I convert the property to a rental?

Can a boarding house qualify for FHA financing if it's considered a residential property? There is 11 bedrooms all rent for $400. The only concern is the property was built in 1850. Purchase price $150,000 FHA loan Rent: $4,400 Vacancies 10%: $440 Maint 15%: $660 Capex 15%: $660 Property mgt 10%: $440 (plan to manage myself) Insurance: $166 Taxes: $375 P&I: $867 Cashflow: without mgt: $1232 With mgt: $792

I'm looking for input on a strategy I've been considering. I've owned my current home for 2 years and house hack with 2 roommates so my entire housing expense is covered at this point. I'd like to rent out my current home and purchase another one. I would bring the current roommates with me to cover the cost of the next home. Doing so would allow me to build up my cash reserves quickly in between purchases. I'd plan to stay in the home for 12 months and then repeat the process. I have someone that wants to partner/invest with me and will help to cover a portion of the down payments and maintenance on the homes. My thought is that I could leverage the lower down payment (5% conventional or FHA) and interest rate on the loan which would allow me to obtain greater returns on the cash invested. Does this seem like a feasible option? Are there any other options that may be better to build a portfolio quickly? I know @Elizabeth Colegrove has used a similar strategy with success from the reading I've done on the forums. 

Details on current home that I plan to rent out. The home is fully renovated will all new appliances so maintenance and capex should be minimal.

Looking for input on if this would be a reasonable investment. I purchased the home with a RD loan and have lived there for 2 years. Everything is brand new with the exception of the furnace. (Used slightly lower maint. and capex to account for this) My plan would be to purchase a owner occupied multifamily property (FHA loan) next to rent out the other units and save additional money to repeat the process again. I believe I may be able to get $1,350- $1,400/mo. but wanted to use conservative numbers. I'm currently house hacking this property and have one room rented out at $500/mo.

Purchase price: $136,500     Current value: $160,000

Rent: $1,300

Vacancy: $65
Maintenance: $100
Capex: $100
Mortgage: $636
Taxes: $220
Insurance: $30
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Cashflow: $150/mo. 

COC return: 11% ($1,800/$16,128)

Total cash invested: $16,128

$6,128 into the deal plus a new septic field at $10,000.

Brent Coombs ideally my goal would be to find a duplex (purchase with an FHA loan) that would cashflow with both units rented but live there for a year. If I purchase it correctly I should be able to have a very minimal housing expense if any that would allow me to save an extra $1,200 -$1,500 a month towards my next down payment. Once the year is complete I would seek a single family home and put down 5% conventional

Looking for input on renting out my primary residence that I purchased with a 0% USDA loan. I've been in the property for over a year. Purchase price $136,500 current value $155,000. Everything in the home is brand new with the exception of the HVAC which I have covered under the consumers energy protection plan. Rent: $1,475 Vacancies 5%: $73.75 Maint 5%: $73.75 Capex 10%: $147.50 Property mgt 10%: $147.50 (plan to manage myself) Insurance: $37.50 Taxes: $217 P&I: $636 Cashflow: without mgt: $289.50 With mgt: $142.50