All Forum Posts by: Stephen Torti

Hey @Toni Bird, is this on the East Side?  Looks amazing, I'm new as well so can't really give advice but is this one you were planning on flipping or was this a buy and hold?

yeah very true. Hmm back to the drawing board a bit. Thanks

Hey Greer Hunter ! I'm not in Newps but in RI so feel free to reach out if you're in the area. Im in Worcester often as well and I'm new also to the site and just searching for my first property but this site has been an excellent resource for learning. I'd recommend the podcast and the 7 years to 7 figure wealth. It's a quick read and I think it puts you in a good mind set.

@James Syed yes, makes total sense.  Still more to think about, thanks for all the responses.

@Paul Sorgi

Thanks for the insight.  I'm not overly concerned with appreciation right now, I want to build up cash flow eventually getting to $6 - $7k /mo and that puts me in a position to focus completely on my own ventures if I ever decided to leave the 9-5.  

At first I thought maybe the best route would be to buy something as cheap as possible and pay it off in 6 years so I can have that asset myself but I've changed focus a bit because I can look at the assets in 30 years as a retirement plan, just take the mortgage payment as it comes in and deal with it for 30 years.  Plus the mortgage is just 1 of many expenses so I'm not gaining much by not having one in 6 years.  

I do not NEED the cash-flow to live, it's not that situation at all but I want more control of my life which is why I'm doing this. 

ooo like that idea @Chris Soignier  kind of pissed I didn't think of it haha but thanks. And honestly it depends, pending anything unforeseen 7-9 months 

Thanks, for the quick reply.  I am leaning more toward getting the duplex, I think it's along the lines of don't wait for perfection -- just 'ship it'  and being in the game is better than spectating.  

Anyway, I'm on the hunt in my area so may take a little time anyway to find the right one but thanks again.

Steve 

Hi All-  So I got approval for $200k with 5% down on a duplex or 10% down on a 3-4 unit, I have the 5% down but the 10% will take a decent amount of time to save up.   Also needs to be owner-occupied but the lender didn't really make much of a big deal about it when I asked him "what if I move out in a month?"  So I'm planning on living there for as short as possible depending on the cash-flow of the place.  I'm living right now in a family owned house that I rent out 2 bedrooms and live rent free so it's a bit of a 'financial haven' for me to use.  

My question to the community is what do you think is best?  Buy in the next couple of months (2 Unit) or hold out for a more units.  I know in the back of my head what I want and THINK I should do but curious as to your thoughts?

Thanks,

Steve 

Can't*

If probably want the top floor just so the bullets can go straight in my window