All Forum Posts by: Naeem Boucher

I had this 2004 Acura Rsx for years it died at 225k miles then I just paid cash for a used 2011 Audi A5. Not sure if it was a good idea as I’m still in the beginning stages of my investing. I have one duplex cashflowing 1k a month and working on the second deal currently which should cash flow about 800-900. Because of real estate I was able to buy this Audi cash. I still don’t have a car payment but I feel I could’ve used the funds to continue investing. I won’t lie does feel amazing driving a better car. It’s not my dream car but it’s not as embarrassing as my old car. However, my old car enabled me to save up to buy my first property.

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I’m in the process of doing the same thing. Amy answers?

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Originally posted by @David Zheng:

I asked a question like this before as well and didn't get many solid answers so I will give mine

I am 25 years old. started investing this year and am up to 5 properties. Cashflowing about $2600/month (rent is lower than I wanted so I will probably jack it up). I will be at around $8000/month when I've paid off the mortgage and investors. However I am also going to continue leveraging. assuming I continue to buy properties at 2-3/year until I'm 35 I should be at close to 15k/month before taxes.

It can be done. I have a fulltime right now at 8 hours a day then I go straight to real estate mode for 6-7 hours. EVERYDAY. if you have the drive, you can do it

How did you acquire 5 properties so fast?

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I have a two family in paterson and its cash flows 1k a month after expenses. Im born and raised in this area so I know the area like the back of my hand.

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Originally posted by @Charlene McNamara:

I just closed on my first out of state rental! It's in a Cleveland suburb. I'm hoping to but a few more! Be happy to chat privately about what little I know!

Whats the details on your deal?

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All,

I currently have one two family property in Paterson NJ which I bought one year ago for 170k. The property is now cash flowing $1k a month but the only problem is the market has increased a lot which makes it tough to continue to invest in this area. Which is why I am now considering investing out of state.

If anyone has any advice, tips or anything they can share from their experience investing in these areas I'm all ears. Im looking to buy something for 40k-85k. Ideally hoping to cashflow at least $500 after expenses. Let me know if this is realistic. Thank you.

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What he said ?

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Originally posted by @Austin Fruechting:

Originally posted by @Naeem Boucher:

I'll continue to learn about rental analysis. Thanks for the advice. Hopefully I'll get there one day. I still believe I should pull the trigger and learn as I go. If possibly to avoid mistakes while doing so of course I'll rather that option.

Everyone will make mistakes. You can't avoid them. The key is to minimize them, and that happens through education. Making an uneducated mistake and being off by 20% could mean you go bust. A person with sound education and knowledge may make a mistake, but only off by 5%, which would mean they're still profitable, just not by quite as much.

Figured Id give you some insight on how the first deal turned out. Currently living in one of the units rented out the two bedrooms to friends. Mortgage is 1515, renting rooms for 550 each for a total of 1100. The second floor rents for 1400 . Living for free while cash flowing the 1k a month!

Now I've been saving and trying to figure out what exactly should I do to try and get property number two.

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Originally posted by @Jake Walroth:

@Alex Brookbank I don't know for the basement. I'm in Portland so I actually had my mom and realtor(cousin) look through this one for me. They said it was a sound proofed music studio.... so not sure, but if it generates an extra $150-$250 a month it'll be worth it. My contractor is extremely affordable so I don't imagine much. That's what's great about SFH's, they're responsible for all utilities, and like my current duplex, taxes cover garbage, so there are very little expenses. Since I just sent in earnest money, haven't gotten to insurance yet... right now I'm using All-State, I'll check around, but typically it's about $60-$75/month for this type.

Who's your contractor?

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All Forum Posts by: Naeem Boucher

Naeem Boucher has started 5 posts and replied 69 times.

Post: Ideas for starting off 16 units or MORE with low capital?

Post: What kind of car do you drive?

Post: Refinancing FHA Loan to Use Again

Post: Anyone out there achieve $10K/mo passive income after tax?

Post: Anyone Have Experience Investing in Multifamily in Paterson, NJ?

Post: Where in OH are you investing and Why?

Post: Out of state Investors, Ohio, Buffalo, Philadelphia

Post: Buffalo NY.

Post: First Investment struggle

Post: 2nd College Rental Property