All Forum Posts by: Nick Zias

Does this makes sense for a house hack? Listing Price - 280k Rehab using a rehab loan - 100k Rent for downstairs apartment $2,200/mo Taxes - $9,500 After accounting for all in cost including 20% down payment, I’d still have to shell out about $6,500/year. Id love to be getting cash flow but I also need a place to live. This would be cheaper than renting anywhere else in NY. TIA

Ali, I think in either scenario my time to invest would only be after work or on the weekends. The lower paying job might provide me with an extra hour or 2 after work but not a game changer. My thinking is the extra money each year could be a down payment on an additional property or extra more for a value add property. Bettina, That is my sentiment right now, if i suffer a little more now I can use that extra money to get out of the corporate world sooner than later by building my investments quicker.

Hi All, If your main goal is to invest in rental properties and retire from the corporate world in the next 5-10 years would you choose a job that pays more, is more stressful, longer hours and more one dimensional or a job that pays 20k less but is less stressful, easier commute and more transferrable to other industries? Most people I ask say to take the lower paying job because Ill be happier and I will eventually make more with raises etc, but if I don’t plan on staying in the corporate world I feel that the extra 20k a year will help towards investing and retiring quicker. Im hoping all the like minded investors on here can weigh in? Thanks for any help, Nick

Right, I guess I was trying to figure out if the increase in loan amount in either scenario would justify using a cash out refi.

Hello Everyone, So I was thinking about something this morning and maybe I am drawing a blank. (The following scenarios are for rental properties.) Scenario 1: Lets say you find a house that you want to purchase for 100K and do some repairs to it. If you have the 100k you could buy it cash, add value and then use a cash out refi to go buy another property. Scenario 2: You could take a mortgage out on that same house with a 20% down payment, then just use the 80k you have from not buying the house 100% cash and go make a downpayment on another property. In both situations you have a loan that has to be paid back. So how does using a cash out refi benefit someone? Once you use that cash out refi you are essentially taking a loan out on the house and now your monthly rental income will take a hit. So why not just take out a mortgage to begin with?

@Travis Beehler It helps to hear that others have the same worries when they started out. Would you recommend spreading the money out over 2 lower priced properties in a lower income area or finding something nicer and more expensive where I would carry a bigger mortgage but has the ability to appreciate?

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Hello Everyone, So Iv'e been looking for my first buy and hold deal but have been unable to pull the trigger. Mainly for the fear of missing out on a better deal. If you lived in the NY Metro area and had 50k to invest how would you go about getting started?!

@Jeff B. Why is that considered fraud?

@Jeff Kehl it is a commercial property. Rent can be increased by 14% as it is underpriced.  I do agree with what you are saying on market price but the seller is offering the property for signifficantly less than what he can get for it.

@Percy N. That seems like a good strategy that I will look into and possibly discuss with my lender.