All Forum Posts by: Gino Tomba

Does buying a condo as my third property make sense?

Currently own two duplexes and live in one unit. I bought both of them with primary housing down payments.

Renting out 3 units and living in one nets me about even for a $0 housing expense between rental income and minus mortgages and paying utility bills that in my area are required to be paid by me.

My plan was to get a third duplex this year and move into that for minimum down, but I don't think lending laws will allow it for a third time. First was conventional, second is FHA. If anyone has more details please share this is probably the biggest unknown to me right now and is pivotal in my decision!

My new idea was to buy a single family and live in it for a year and net $100-200 in profit/month once renting it out and move on hopefully to a duplex again. I'm trying to move and call each home my primary as many times as I can for minimum down payments. Following the rules and living in them for at least a year.

All in, thia highrise condo costs about $1,500/month between PITI/PMI and HOA ($508). My current unit I am living in will make me about $900 so my housing expense would go from $0 to around $600 with this move. Same thing even if I bought a single family.

This condo is being offered to me for $106k and valued at $113k so this is why I am interested as its a bit of a deal. It's in a very sought after part of a very sought after city in my area. There is some emotion in this deal as I would be excited to live in a nicer more fun area and closer to friends (one who lives in the same building) and it has amenities I would certainly take advantage of, but I still want to make sure I am being smart. After a year if I want to rent it out I can rent it for the same or a little bit more than the PITI and HOA costs.

I compared it to buying a single family home around me that would cost $50k more and would be about $100 less between PITI and utilities I would have to pay and probably rent out for about the same amount as the condo or if anything, a bit less

Is this a horrible idea? In my mind even if I break even on the condo if I decide to rent it, someone is pumping equity into the home for me and I never have to worry about large expenses like a roof, furnace, driveway, hot water tank, etc.

Thoughts?

This is the Cleveland Real Estate Forum, sir. But thanks though  

I'm very out of my element with this. The reason I called was because I wasn't getting power in a certain part of the house so he explained to me one of the wires from the meter is bad thst goes in the breaker. So the meter must be rusted out/bad 

 hmm. I'm very inexperienced with this. Maybe I'm missing something? I posted my quote

 here's the quote... Not exactly sure

Hi,

First time needing to hire an electrician. I have one bad meter and was explained to me that my meters are antiquated and setup different then they are setup these days so both need replaced. 

$2,300 fair? Any recommendations?

I own a duplex in Old Brooklyn. I want to charge $25 for whichever tenant wants to use the driveway. Reason for doing so is to ensure there is a clear boundary who can and cannot use it.

Is that fair and is my thinking correct or silly?

@Aaron K.

Lol I'm obviously a newbie here because this as I went "DUH!" Lol.

Thanks for the response

@Bob Collett km asking if their is an expectation to provide a washer/dryer for tenants in this area

Hey BP,

I am putting up a unit of a Duplex on the market soon in Old Brooklyn/Brooklyn. What's the expectation for tenants in this area? I have a property manager saying they usually provide their own. Is this true?

I like the idea of not being responsible if it breaks and it's theirs, but I also like the idea of providing it so they don't damage anything hauling them in and out. Thoughts?

Thanks everyone!