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All Forum Posts by: Joseph Romano

Joseph Romano has started 16 posts and replied 46 times.

Post: Purchasing a multifamily home while on a Fixed Income

Joseph RomanoPosted
  • New to Real Estate
  • Traverse City, MI
  • Posts 46
  • Votes 17

Like James said if social security is their only source of income it wouldn't be the best idea. Instead, try getting a partner. You can find the deals and they can supply the money. Then you can split it however you come to agreement. Best of luck!

Post: Newbie Introduction :)

Joseph RomanoPosted
  • New to Real Estate
  • Traverse City, MI
  • Posts 46
  • Votes 17

Good luck and have FUN!

Post: Clogged kitchen sink

Joseph RomanoPosted
  • New to Real Estate
  • Traverse City, MI
  • Posts 46
  • Votes 17

With you and your husbands experience in plumbing I would find a trusted plumber to see what's wrong with the sink and go from there. I wouldn't want to fix it myself, do it wrong and then have even more of an issue. 

Post: Rent by the room risks

Joseph RomanoPosted
  • New to Real Estate
  • Traverse City, MI
  • Posts 46
  • Votes 17

I've found a single family house that would be perfect to house hack if I rented by the room. Vacancy in my area is about 8%. Since I am renting by the room should I have the vacancy rate be around 12%-15%? 

Post: Creating a Budget With Fluctuating Income

Joseph RomanoPosted
  • New to Real Estate
  • Traverse City, MI
  • Posts 46
  • Votes 17

Thank you so much @Caroline Gerardo! I've been at my job since September 2019 and am ready to buy my first property. Winter months have definitely come early this year. I can't complain about or inventory. We have a little over 5 new cars and roughly 80 used cars. Definitely not what were used to but as a dealership we are still up year over year for total units which is great. 

Post: Creating a Budget With Fluctuating Income

Joseph RomanoPosted
  • New to Real Estate
  • Traverse City, MI
  • Posts 46
  • Votes 17

I work as a car salesman and I'm trying to create a budget but am having a hard time because my income can fluctuate month to month. Can anyone help with creating a budget for a variable income?

Post: How Much to Charge For Rent

Joseph RomanoPosted
  • New to Real Estate
  • Traverse City, MI
  • Posts 46
  • Votes 17

When house hacking, do you charge the tenants for the beds and bath they use or do you charge them the full 4 bed, 2 bath rent?

Example:

  • Single-family
  • 4 bed
  • 2 bath

Median rent for 4 bed, 2 bath is $1,850

Median rent for 3 bed, 1 bath is $1,250

Post: Home Appraiser Suggestion

Joseph RomanoPosted
  • New to Real Estate
  • Traverse City, MI
  • Posts 46
  • Votes 17

@Caleb Barney great to know! Thanks again. 

Post: Home Appraiser Suggestion

Joseph RomanoPosted
  • New to Real Estate
  • Traverse City, MI
  • Posts 46
  • Votes 17

@Caleb Barney & @Alex Henry thank you both

Post: Home Appraiser Suggestion

Joseph RomanoPosted
  • New to Real Estate
  • Traverse City, MI
  • Posts 46
  • Votes 17

Hey all! I'm looking for a home inspector that works in the Lorain County area.