All Forum Posts by: Jordan B.

@Kimberly Kesterke wow this is amazing!

I am curious how you were able to get the accessory swelling unit permitted? Did you have to change the zoning to multifamily? This is something I am very interested in doing but never thought would be possible to get permitted.

Did she have substantial savings when you screened her? Sounds like she may be playing you..

@Thomas O'Donnell I had the same mindset as you when I moved to a different city. Ultimately I rented for a year and took that time to drive the neighborhoods and get incredibly familiar with how to spot the best deals. Ultimately I bought a duplex and moved into it when my lease was up. the money that I was theoretically "throwing away" on the rent actually saved me a ton of money by buying a great deal that I would have otherwise never found if I tried buying right away.

I would agree with @Mohammed Rahman on this one. I would not put that much money into this investment on pure speculation that it will appreciate nicely over time. Long Island is super tough for cash flow but it is possible. Decide what % COC return you want right away and stick to it. Just my 2 cents.

wow only 10% down on a rental property? Thats a great deal, in my experince lenders want at least 25% down if you are not living there. Also thats a great interest rate. I bought a duplex at 22 and got a higher rate because I was so young.

My brother just graduated from college and he was living in a 6 bedroom house where each student was paying $640/month per room.  Their lease was for 10 months (normal school year). So the landlord was grossing $38,400/year. Its safe to say there is a lot of money to be made in student rentals. Just an FYI, the house was absolutely destroyed... holes in walls, broken floor boards, spray paint on the walls. But I would say its definitely worth it.

@Nhi V Le I am currently house hacking a side by side duplex. Each units have completely separate utilities (water,gas,electric). So all I pay is for my side and the tenant pays for their side. As far as screening, you have to do all the tenant screening and application process the same way as you would if you weren't living in the building. 

Hello @Timothy E Sullivan. I am also 24 and I bought a duplex about a year and a half ago. I did that before opening up a Roth IRA. Since then I have opened a Roth IRA as a long term investment with no intentions of ever touching that money until retirement. In my opinion, I think you should keep that money in the Roth and ride the market out. Have a seperate bank account and use that for real estate. This will keep you nice and diversified. Not to mention you'll have that Roth money handy if sh*t ever hit the fan. Good luck!

It is excellent  Tenants like it because they can just set up their payments to automatically draft from their bank account without having to worry. I would highly recommend it.