All Forum Posts by: Gervon Thompson

Hey guys ! I have about $34000 of private student loans left to pay off at an interest rate of 3.55% that’s approx 675 per month. I’ve also managed to save 40k up until now, I earn about $5200 per month net. With a credit score of 801. Should I use this saved up 40k (which includes my emergency fund) to put 3.5% down on a fourplex in order to house hack it? Or should I just pay off my debt. What would you do in my position? I live in NYC looking for fouplexes in nyc or connecticut.

@Dan Heuschele

Hi Dan! Thank you for educating me on cap rates. The cost for decent multi family unit in and around the NYC area is definitely hefty. I’m trying to save up enough cash reserves for when I’m able to spot an undervalued property with structural issues that I could possibly use a 203k loan on. Still affording me the opportunity to put 3.5% down

@Abel Curiel

Thank you for your response! I’ve definitely thought about house hacking, I’m I the process of coming up with enough cash reserves that would allow me the opportunity to look in and around the NYC area.

@Bob Okenwa

Oh! I see. Thank you for response, the numbers hardly make sense for house hacking in and around the New York City area. All housing prices are so heavily inflated.

Hey guys! Just wondering, at this moment in time I have a 800 credit score and make around 60k after taxes, however I’m not able to save most of it due to aggressively paying down my student loan debts. In light of what’s going on interest rates have been really good and I’m experiencing a bad case of FOMO. With hardly any liquid reserves I was just wondering if it would be a good idea to use a low interest personal loan as a down payment on an investment property ? I probably can get a fixed interest rate of around 4% as of now, but kind of nervous about how the overall numbers might pan out. Pardon my ignorance I am new to real estate and this would be my first venture if feasible. Thanks in advance!

@Nicole (Dunlap) Pendergrass Hi Nicole ! Thank you so much for offering your 2 cents with regards to my post. I actually like the idea of investing now and not throwing all my money at the loans after giving it some thought. I just want to pay off some of it so my income to debt ratio doesn’t deter some possible lenders. I just started my second W2 and I hate it, and I’m exhausted, I barely have time to even respond to helpful posts like this on BiggerPockets, I think I might just stop and use the extra time to acquire knowledge on how to successfully house hack in the nyc area. Thanks again !

-Gervon

@Ahmed Saad Hi Ahmed, thank you so much for your kind words! Yes, I like the idea of a side hustle but I’ve never thought about actually volunteering to gain knowledge, it does sound quite interesting, I’ll definitely give it some thought ! Thanks again!

- Gervon

@Abel Curiel Hi Abel! Thank you so much for responding! My girl and I just started our savings process in order to find a suitable house-hack, we are kind of reluctant to look outside of NYC so your message does make us feel a little better. If we do have the required amount for an house-hack I can see how running the numbers and making sure the property would be a good investment would be a problem, I’ve also heard that NYC tenant laws do not favor the land lord, what is your take on these issues? Thanks again,

- Gervon

@Joel W. Got it! Duly noted, I’ll add that to my list of books to read, thanks again!

@Charles Xia thanks for the helpful suggestion Charles!

- Gervon