Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: John F. Hebert

John F. Hebert has started 2 posts and replied 9 times.

@Bill O'Donnell Thanks yes I'm repairing as I type. Knocking down cards $500 a time with the snowball method is proving beneficial. 

Turns out my FICO is 699 creeping up according to Trans Union and Experian which isn't as horrible as I thought. 

My year goal is to cut my debt from 50% utilization to 20% that means knocking out $10k in debt on a $65k salary living in NYC. Yikes, which is tough, but I'm gonna do it. 

Seller financing, business lines of credit and other creative ways to buy an investment condo with brings in cash flow are still on my radar none the less.

Post: Is the "Rent to Own Website a scam"

John F. HebertPosted
  • Posts 9
  • Votes 3

I came across https://renttoownlabs.com they charge around $50 a month for their service, has anyone used them? Are the listings legit and up to date? Thanks

Post: Lease to Airbnb Cashflow

John F. HebertPosted
  • Posts 9
  • Votes 3

The experience I had subletting through Airbnb was pretty cut and dry.

I followed the guidelines on the site as well as read up on their insurance they offered it was a pretty standard guest agreement. 

I used it as a site to fill the rooms in the back of my apartment, some of which became long term rentals but most were just quick vacation stays. 

I treated the back room like a hotel, cleaning sheets and fresh towels along with some fancy flowers, candy and a booklet with maps of NYC and choice restaurants and travel nearby. If I had a lockbox with a code it would have been a lot easier as I had to take off work to greet people. 

In my case ultimately my landlord no longer wanted people coming and going so I had to stop and just get long term roommates. 

Post: Lease to Airbnb Cashflow

John F. HebertPosted
  • Posts 9
  • Votes 3

@David Flores

In 2016 I would Airbnb my place every time I'd go home to visit family for a few weeks. I live in a private home so I had to clear it with my landlord beforehand but otherwise it's a no brainer. I'd make my rent in 2 weeks. 

@David Flores I have a female friend in Edgewater NJ who is sorta holding my hand to start all of this. Her partner/husband is a reverse loan officer and they've done a few flips with larger plans to create an apartment building in Union City. This definitely gives me hope that I could snag a place in that area but we'll see. 

Jamaica Queens, Cypress Hill also seems to have a similar line up of houses in the $375k but that would require living in a not-so-nice neighborhood until it "comes up." Listening to your podcast now. Excited to see what I can implement within the next year. 

@David Flores Thanks! Yes I'm seeing that ocean of sharks already with the first place I even considered in Union City NJ having people put up cash sight unseen. 

I also just read a few blurbs at your creative dealings. Having the seller pay the 20K downpayment by raising the purchase price. genius. I have a lot to learn. 

Thanks Ned, 

        I plan on house hacking my first home not buying a home and telling them I'm living there whilst renting it out. However, I'd like to live in a finished legal basement and rent out the 3 bedrooms separately to roommates to pay my mortgage for example. The trouble I'm running into is making the numbers work with cost of buying the house in relation to to the rent I could charge in the NYC/NJ area, and ya know...actually wanna live there! 

        I sure have made some risky financial decisions like buying vintage cars to rent out to movies out of desperation but it was a smart move and has paid itself back in money as well as days towards my health insurance and pension (SAG-AFTRA) and will continue as long as they film movies in NYC at least. 

Thank you both for the feedback. It's absolutely my goal to cut my debt in half by the end of next year. Bill how is the rent to buy ratio in those counties? This is what I'm having trouble with, how reliable is rentometer.com? I mean it got my area in Astoria all wrong. So I'm having trouble trusting it. I KNOW Astoria like the back of my hand, and we all know most people rent in NYC area, can you count on areas like dutchess, orange county to have your place stocked with tenants like in NYC?

 I rent in NYC (astoria queens) 10 min from manhattan and work.

I work in tv/film which is by definition freelance even though I've been working for the last 5 years pretty consistently

I have access to Navy Federal Credit Union which do offer $0 money 100% financing and said with my current debt to income ratio and 683 credit would only give me $280k-$350 (not much to buy anything in NYC) the only thing I find is condo/coop which won't let you rent. 

My vision 

1. Buy fall back place if i ever get kicked out my apt I can move in and rent out rooms to help continue to pay mortgage. (even a finished basement) I don't care about luxury. 

2.  Rent it have someone else pay my mortgage and some cashflow on top. 

3. Build equity start making some type of financial capital in that order to get another place in a few years.

Yes I'm in credit card debt $27k in debt and only make $60k-70k a year but 15k of that debt was to buy low end vintage cars to rent to movies, which paid $7k in a week this month. Yes it's very inconsistent but I was desperate to make a move and I did it. 

So my question is if anyone has experience in the NYC/NJ market. What advice would you give me about buying in a home 0 down in order to fullfill my vision.