All Forum Posts by: Kathryn Baker

@Matthew Drouin @Jose Batista Abikarram 

Thanks guys so much for this info! We ended up doing 20% down with cash we had from the sell of our single family. We will still have some left over for the next one. We are planning to house hack this house and save for our property. There is SO much to learn with all of this. I really appreciate you both giving your input from you experiences! We do want to buy another multi family probably in a year or so (hopefully another owner occupied) and see how it goes from there! We do love flipping too, so maybe we will start looking at some BRRRRs also! Thanks again guys! 

@Bjorn Ahlblad thanks for the advice! 

@Mike McCarthy - So just to clarify, you are saying that most home owners are not going to make an insurance claim until the 'price tag' is $2-$4K? I think its a smart option to have a higher deductible and lower yearly cost, just trying to make it make sense in my brain! Why is it more comfortable for you to have a higher deductible? Thanks so much Mike! 

Hi,

My husband and I are closing on our first multi unit house next month in Rochester, NY. It is a two unit house and we will live in one unit. I am shopping around for home owners insurance and want to make sure that we are getting good coverage and not just a cheap yearly price. Is there a rule of thumb for what kind of coverage we should get for insurance? There is not much I could find out there for what kind of coverage we should have for an owner occupied multi family.

Thanks!!  

 Thanks for the feed back! 

Hi all!! 

My husband and I just had an offer accepted for our first Multi-Family in Rochester, NY. It is a two unit (2 bed, 1 bath each side) we are planning to live in one side. The other is currently rented (lease ending in June). We have previously owned and flipped and single family home in Gates, that was sold in June (we are using the money from this sale for the down payment). 

My question is - Do we do a bigger down payment (30%) for a smaller mortgage payment/month? Or do we do 20% down and keep more in our saving for the next house? 

Also, if we do 30% down, do people usually refi to buy their next property? But then the con of refi is mortgage payments go up then not cash flowing as much? We (obviously) want to use as little of our own money as possible, so just wondering how people do this without draining their savings every time. We are just wanting to make sure that we are setting ourselves up in the best position to buy out next property (probably not for another year or so). 

Thanks so much everyone! 

Hi @Shane W. Chapin

Congrats on your first flip! My husband and I just sold our first flip in June, also in Gates! We (aka my husband) did all the work with our house too. Itwas a really great learning experience for us also. We agreed that the market was too good to pass up! We just got an offer accepted in a multi family in Webster (we will live in half). 

We also own a vacation rental in Bontia Springs. FL with a few friends. One of the investors is a real estate agent and property manager down there, so that has helped with a lot of peace of mind for us! 

Its awesome to connect with other local people doing the same stuff as us! Wish you the best! 

@Matthew Drouin Thanks for the advice. We are looking to house hack so are only going to buy where we are actually going to live! Thanks for also mentioning other options. We haven't really looked into anything besides multi family with real estate, but it would be interesting to learn more about the other options out there! Thanks!! 

@Mike Chevalier Welcome to BP! My husband and I are looking to buy our first house hack in the next few months. Good luck with your search! 

Hi, 

My husband and I are planning to buy our first multi-family within the next few months. With the change in the NYS laws, if you were a new investor, would you still buy a rental property in NYS or look at other states? Or would you look at short term rentals (Airbnb)? 

Thanks for the advice! -- Kathryn