All Forum Posts by: Mitchell Palmer

Hello,

I hope everyone is staying healthy during this pandemic. As someone who had been saving up for a downpayment and was recently laid off due to the coronavirus. I’m wondering if anyone has advice on how to purchase a home with no current income and under 2 years of commission pay? Just completed my 40 hour course and plan on being a real estate agent for the foreseeable future after passing the exam in April (testing centers currently closed).

Thanks everyone for your help! 

If you could afford a $400k property in Boston... would you stick to a studio apartment in a good area of Boston or go to some of the cheaper areas where there are longer commutes and more of a reputation for crime?

Hi Caleb,

Listing price: $365k

Downpayment FHA Loan at 3%: $10.95k

Monthly payment including taxes and insurance: $2,280

Current rent unit 1: $1000

Current rent unit 2 $1000

Average rents in the area: $1200 - $1400 per 2 bed unit

I’m not as familiar with the costs of renovations, but am hoping to get a sense when I see the property this Friday.

Gloria, you are right. Covering it with vinyl would be a smart decision. Do you have experience doing that yourself? Would that eliminate health concerns entirely? 

I am confident that the property would cash flow after some small renovations and subsequent rent increases. 

Hi All,

I have been following along with the BiggerPockets podcast over the past two years. I recently graduated, finally have some income, and have been saving up for a downpayment. I have toured a couple of homes that I was able to find within my price range. My max price point is $390k. I recently found a multi family that looks like it could work for my first rental property. There are tenants currently living in the property paying rent that would like to stay. The property would not cash flow at the current rents, and I wouldn’t have enough funds to rehab the property right away. Lastly, the home has asbestos siding that I would eventually want removed. I will be touring the property for the first time this Friday, but have had my eye on it since it was listed. It has been on the market for 59 days and counting. I know it’s hard to say without seeing a property for yourself or running the specific numbers, but if you were me facing these circumstances what would you do?