All Forum Posts by: Jimmy Ready

@Chris Szepessy thank you for the advice!!! I appreciate the kind words. Is there any major drawback to an FHA loan as opposed to a typical 30 yr mortgage besides a higher interest rate? I have never heard of FHAs until very recent so i definitely want to start researching them

Hello everyone =)

I am looking at making my first deal. I am currently in the stage of crunching the numbers and everything seems straight forward math wise (income - expenses) but my question is in regards as to HOW to calculate those expenses, specifically utilities. 

I know you can look up past property taxes for a property on the county website but how do you go about finding what the past electric, water, sewer, and garbage expenses will be? Im a newbie so any direction would be greatly appreciated.

Thank you

Jimmy

@Ashley Cote thank you ! that is a great way to go about doing things! do you know where I  can find some of these articles or if there is a podcast about such scenario. Any direction you could point me in would be greatly appreciated !

@Henri Meli thank u for the reply, Would a multi family with 2 units be considered residential? That is what I am going to start out with. I know there will be some bumps at first but with a 2 family I can live in one while using the other to gain experience. i agree with what you are saying though. 4 units would be too much for me to start out with

Hello everyone =)

So I came across this line in another forum discussing if you need and LLC or not to start out. Basically saying that good liability insurance will do the trick as LLCs are easily pierced and just complicate the lending process. It was a forum of the best responses. I am new to the forums and one of the responses included this when talking about financing :

"Down payments are as low as 3.5% if the new investor plans to occupy at least one unit in the building and between 15%-25% if they do not."

Is this true? I am a new investor and I am looking to purchase my first property. It will be a 2 unit multi family and I will live in one. If anyone can help that would be greatly appreciated.

Thank you

Jimmy

@Cosmo Iannopollo any recommendations on how to go about learning rental laws and the local rental market? I live in NY and i have heard from friends its a $%^& to get a tenant who won't pay out haha. Any direction you could point me in would be greatly appreciated. Thanks =)

@Henri Meli First I want to say thank you for your response I appreciate it. I am just confused a little and I'm hoping you could clarify. So the owner of the house you were talking about lived in the garage wouldn't that be considered a multi family? why do you think it's not good to go the multi family route and live in one of the units to start? 

bump

Hello !!

Long time lurker but first time making a post. I wanted to come on here and first introduce myself. 

I have been interested in real estate since age 18. I am now 25 years old and very smart responsible financially. have a savings plan in place and have been contributing 20%-25% of all income earned for the last several years . 

The plan :

My plan starting out has always been to save up $50000 to invest in a multi family unit as a down payment. I am now close to that number and in the next year i should be ready to make the move. I would live in one half and have tenant renting out the other to get my feet wet. What advice would you give if you were in my shoes? 

Specifically:

1) do you think this is a good idea? My personality is the type that likes to overthink things. I am currently still living with my parents and I know if I buy my own home saying "oh the next one will be an investment property ... I will just keep putting it off and never do it. I want to take the leap right to of the gate so I am forced to learn on the fly. i know only some thing you can learn through doing. Has anyone else started this way and if so what were your experiences?

2) having the knowledge you have now.. what is the best advice you have ever received and why?

3) kinda like #2 but going back what would you do differently? Lets say you were talking to a 25 year old version of yourself. what would you say to them?

Thank you for any and all advice. Any direction you could possibly point me in would be greatly appreciated.

Jimmy