All Forum Posts by: Chris Masons

sure, these are typically single families with a small 1 bedroom apartment add on that has been created. The name comes from Its original use being a family member or extended family member living in it.

As I said I love this model for reasons mentioned above.

Hope this helps!

Chris

Oh wow, 3k was just the added on Mortgage fee? That is rough!!

thx!

Chris

In New York isn't there some additional Mortgage tax fee tacked on? I live in NJ work in NY but invest only in NJ this far and was wondering if someone can shed some light on closing costs exclusive to NY

thx!

Chris

Most likely applied as rent or some sort of application fee. You would not be entitled to that. The only money you are entitled to is the security deposits. The fact that his is/was a fee does not give you the right to it.

As for the security deposits you should get written confirmation from each tenant of the security currently held by current landlord.

hope this helps,

Chris

Paul,

You typically pay 1 full year of home owners upfront (to the insurance company) than on top of that you will escrow between 3 to 5 months of taxes and insurance upfront.

You mentioned flood insurance as well so first year  would need to be paid in full prior to closing to provide evidence the insurance has been bound. I would assume you would escrow 3 months of this as well to your escrow account to be paid out annually be your lender....

Hope this helps, maybe the confusion is you did not realize that in edition to the escrow funding you needed to pay homeowners and flood premiums in full?

regards,

Chris

You mentioned Section 8 won't allow window AC for Egress but that would mean there is only 1 window per room?? I would think if a bedroom had 2 windows and one was occupied by an AC the open window could be used for egress?

What am I missing?

Chris

I'd pay closer attention to the number of rentals VS owners in the association. As the rental number grows and exceeds the actual owner number traditional financing can get very difficult and often times will require a portfolio lender and or cash only which can devalue the condos over time.

regards,

Chris

Yes, there plenty of risks, bur before you even look at the risk involved, you will need to see if your house is zoned for a business such as a day care.

This could be a problem in of itself...

Chris

How is title held on these properties?

Hi George,

Do you know what you want to do with Real Estate? flip, whole sale, buy and hold? Making this much will definitely require a lot of hard work, dedication, and discipline.

DO not wait until after college to get started, you should start saving now. I bought my first property which was a 4 family at age 23 and bought from my savings as a teenager. IF you can have a fair amount saved by time you are done with college you will be ahead..

Based on your post it seems you plan to have a career outside of Real Estate as well as you are currently in school. Keep in mind you may have college debt to pay down upon graduating as well.

More important than figuring out a dollar amount you want to make try to figure out what you want to do in real estate and try to learn as much as you can about it. This will arm you with the knowledge and know how to get started and what direction you want to go in.

best of luck!!  Knowledge is power!!

Chris