All Forum Posts by: Jay Fayz

Hi all. I am very intested in house hacking and just want to get started. The question I have is can I get approved for the FHA 5% down? I am currently a student with some cash availbe and good credit score but no w2. Is there any way to make this happen. Thank you all.

Thanks for your thoughts!! A specialized commercial broker in a specific niche or any commercial broker? Im assuming I will learn the markets and what it takes to get a loan ect. Would this be an opportunity to gain my sales characteristics as well?

Thank you Julia for your thoughts!!!

Hello everyone,

I've recently been exploring real estate as a potential career path and I'm looking for advice on the best entry-level job to gain experience and knowledge. I’ve been considering working for as a acquisition manager for a  wholesaling company, as I believe it would help me develop skills in property analysis and enhance my sales abilities. For those of you who are seasoned investors, I would greatly appreciate any recommendations you may have. Thank you!!!

Quote from @Mike Dymski:

Median household income for 38109 is $35k or ~$31k after tax.  $950 rent x 12 months = $11k annual rent.  $31k after tax annual income - $11k rent = $20k or $1,600 per month net income left to cover all other expenses (utilities, cars, insurance, groceries, kids, activities, etc.).

Median household income for 38128 is $41k or $36k after tax.  $1350 rent x 12 months = $16k annual rent.  $36k - $16k = $20k or $1,600 per month net income left to cover all other expenses...same as above.

Median household income in the US is over $80k or more than double these two zip codes.

 Hey Mike, are zip codes the way to look at things? I know some zip codes in my area that one part is a very high class neighborhood and house are over 1 million while on the other side of the zip code is low class and house are going for 80k? 

Quote from @Theresa Harris:

I agree with selling and buying in a better area.  I'd do your own leg work on vacancy rates and turnover costs.  While you're basing it on 2 properties, you've had problems with 3 of the 4 sets of tenants and two of those caused excessive damage (guessing the one you are evicting will as well).  I'd also walk through them once the tenant is out to see what shape they are in.  I had two problem tenants back to back-one was a long term tenant and I don't know what happened with her (possibly drugs), the other covid hit and her and her husband split up and she got in with some troublemakers who she knew from high school.  It was a pain, but in the end, I came out ahead as there are rent caps in the area and got good tenants.  Within a year of the higher rent more than covered both the damages and lost rent...in both cases.

 Where can you find information of vacancy rates and number of turnovers in an area? Is it from experience of there are tools out there that show numbers on specific areas? I was also thinking of just calling some local property managers to get some insight about the areas. Would love to hear what you say.

Thank you!!!

Quote from @Drew Sygit:

@Jay Fayz what info please?

 Of what class neighborhood it is and what the evection rate is in the area.

Quote from @Drew Sygit:

@Michael Beirne chat with @Russell Brazil before doing anything!

You can get eaten alive in the Baltimore market by people selling you Class D properties "dressed up" as Class B.

 Is there a reliable source to get this information from other than agents? 

Quote from @Jay Hinrichs:

Quote from @Pamela M.:

Thank you so much guys. I am overwhelmed at this point. Trying to figure out my next move. I am thinking of selling it. It was a good run but I am not willing to be a landlord for this house any more. I have a full time job in  a totally different field and I manage 2 properties. I have managed these properties from renting to leasing/repairs etc. I think I am done. 

Burnt out landlord syndrome is real..

 What is the best way to aviod this. Giving to a PM?? Because turnovers can cost alot if doen by a PM. If the awnser is better systems, what would be a practical way to resolve a situation like this. Thanks in advance!!