All Forum Posts by: JooYung Choi

Bumping this post! 

I am also looking for some MTR lease guidance in Philly. 

Could be a combination of different factors. 

What does the house that sold nearby have that yours don't? 

Maybe your agent didn't do a good job marketing the property in the proper channels? You could consider another agent. 

Have you considered renting it out and holding the property for now? Interest rates are cooling (lower monthly payment) and you should be able to pull out at least 75% of ~650K since you say a similar home sold in the area (direct comp). 

Not familiar with STR regulations in your area, but you could dive into the hospitality space as well!

Good luck!

Definitely agree with the posts above. Househacking is the best way to get started in Real Estate. Can't imagine a better deal than paying little to none for rent and building equity at the same time. Just live in the property for minimum 1 to recommended 2 years (while renting out bedrooms / units) and you'll know first hand how powerful real estate investing can be!

Hey Mike, 

As you already know, cash flow in NJ is hard to come by. Doesn't mean it's not out there. I personally have found success midterm renting in Morris County. More work for more reward. 

Let's connect!

If you are thinking about selling, I recommend living in the house for at least 1 more year so you don't get hit with capital gains tax

Maybe utilize a HELOC so you don't lose your good rate. Then move into the home so you can get a low down payment / better interest rates with conventional financing

You could try Cash for keys / Offer to pay for their security deposit & moving costs.

I would not feel comfortable renting to that tenant. Don't stray from your tenant screening criteria!

Definitely open that HELOC. It's better to keep that 3.3% interest rate!

I would go for a BRRRR so you can pay down your HELOC when it's all said and done. Then you'd have a clean slate to do it again. And again.

Awesome property choices for optimal house hacking!

I would pay down your CC first before leveraging yourself even further with drawing from a HELOC. You could consider a balance transfer to a 0% interest card in the meantime.