All Forum Posts by: Account Closed

@Bruce Woodruff yeah i would love to do a fha here but its tuff to get buyers to agree with it. im just trying to get as much real estate as possible with it. making sure each property allows a small cash flow to pay itself and not worry for anything. 11.5k avrg prop tax per year only goes up in NJ which i know a lot of sellers are selling just because of that. 

i narrow down a rental of out state to be NC,DALLAS,TAMPA lots of job growth and pop growth, 

@Rory Coyle when you hacked, did you pay anything out of pocket per month and if so how much? im trying to see if what i am trying to do is just out of touch with reality or should change my mind set. FHA sounds good and all but would be tuff to get a seller to agree with it when comparing it to a conventional loan. paterson is the hood lol im not trying to stay here unless i find a very good deal but even duplexes have basement units which is what im banking on if not im okay with a 5/2 where i can rent one room in one floor and rent the rest out. the overall goal is to not be neg cash flow once i move out, to cash flow even 300 per month for repairs etc.

@Rick Albert for example if i were to buy a duplex here and use a FHA loan putting 5%, my payment will still be high in which if i were to move out the rents still wont cover it? would then be best to use conventional ? the goal is to use all funds to get as much properties as possible but i also dont wanna end up with neg cash flow per month per each. LA is a tuff market due to purchase price and NJ is due to property tax

@Edward Tamayo maybe not in your market but i know many others who bought 3 units or duplexes here with basement unit for owners to live in that live rent free and have 300 cash flow which is they put aside for repairs etc. you dont know every market to even state that. 

house hacking can allow you to live rent free or near it. 

no one said freeloading, your making too many blundering assumptions. 

crypto? i rather eat dog crap then to do that but thanks for your input 

@Rick Albert i try this with my lender twice and the sellers agent flat out said we prefer conventional buyers so from that point on we just stood with that but i will try again but even with FHA 3.5% down on a duplex it wont allow me to break even or anything just allow me to put less cash down.

my score is 805 and income is strong. im just trying to live rent free if i buy a 2 unit or 3 unit but if i cant live rent free i wanna try to not pay no more than a few 100s per month. every market is different but i would like to be smart about it and not be unrealistic 

@Bud Gaffney even in my market with high property taxes? it is not like CA with high prices but most in my market do not cash flow but break even with the goal of debt paydown. trying to use the funds wisely 

@Conner Olsen yeah i agree but i feel like i missed the boat on it but can still do it just more costly 

@Rick Albert my lender stated due to my income level i wont be able to put down 5% conventional so 15% is what i have to put down for duplex and 20% for triplex. 

i want to use FHA but sellers do not like FHA buyers so im going with conventional. i am going to speak with a lender im using now to see how i can make it work 2 properties in one year as i wanna get them before rates sky rocket up. inflation is my fear that my funds will buy less and less.

i have no debt so my DTI front and back should be good

@Joe Splitrock i am trying to with the goal of living rent free or close to it. here in NJ many homes have basement that are turn into apartments, if you are the owner it's legal. my goal is to live in the basement unit and have family in the 1st floor rented then 2nd floor rented out. this covers everything and cash flows. 

NJ property taxes are 11.5k and im living at home not paying rent but if i were to buy and live in one rent the other out i would have to pay $890 out of pocket per month which to me doesnt make sense

i want to use FHA but sellers do not like FHA buyers so im going with conventional and 15% down as my lender stated since my taxes are too high for 5% conventional

you are right about the LLC

hello,

i have 175k for real estate and putting aside 105k for a duplex with 15% down financing conventional in my home state NJ with the goal of living rent free or close to it. 

use the 70k plus for a rental single in a growing state financing with it under a LLC in the same year. Would it be best to buy a rental 1st? i know this will affect my DTI both front end and back end but its a tuff market in NJ.

want to use the funds for RE while rates are this low and about to skyrocket. 

Which path makes more sense to do in regards to financing and reaching the goal of getting the two props with these funds?