All Forum Posts by: Naeem Boucher

talk to your lender let them know you're interested In 2 family or 3/4.  With the extra income you could qualify for a higher mortgage.  So ultimately more buying power by using the rental income.

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. 

what would you recommend?

well I found one with a finished attic for 80k in Irvington Nj which I plan to check out tomorrow.  I thinks it's doable to find one for under 150k the area would just be the biggest concern. I have to look into the 50 percent math you did towards expenses. Is that standard or a rule of thumb?

Rental income *

that's the problem no basement.  Yes taxes/insurance/pmi are included with the mortgage estimate. Sewer and water combined average around  200$ every three months. If there's a vacancy well there's goes one renal inclem down the drain until I get another tenant in there which wouldn't really be a problem in this area.  Biggest thing is quality of tenant. I would probably pay someone for snow  or lawn maintenance possibly even do it myself.

 @Austin Fruechting For example in my area I'm looking at a deal right now thats in Paterson for 160k taxes 8000 my mortgage would be around 1600.  Its a two unit both a 3 bed and 1 bath renting for 1300$.  If there was a basement (which there isn't) I'd be able to finish and live in basement while renting the top units.  I would live for free while making 1000$.  I know investors in my area that started out the same way living for free and making about that much.  I could also occupy the unit then just rent out the two bedrooms I'd also live for free.  Guess I'm just stuck in analyzing every little detail and house that pops up on the market.  I want to make sure that I'm comfortable as well. Since Im 25 and not living in an ideal flat.

Hello,

I've been searching the market for my first investment and unfortunately I'm struggling to pull the trigger.  I had my first deal under contract but it was a short sale and died two days before closing.  Long story short the seller was once married and the ex-husband didn't sign off on the needed documents.

Ideally, I would like to house hack and live for free while making at least $1,000.  Im starting to think maybe my goal is too big I'm not certain.  Well, in my market I can probably find it but the area would be  pretty bad.  With these areas run the risk of having problem tenants.  However, section 8 tenants would be guaranteed money.

Im stuck deciding between taking advantage and getting some cash flow coming in or setting myself up  first to live in a decent area while breaking even.  All while  saving up to fund the next deal.  So many options and I'm stuck deciding on which to follow.  I lost money on the first deal so currently I'm saving back up to get going again.  With low down payment and requesting a seller's concession I'll be able to speed up the process.  However, if I wanted 3-4 units then I would probably struggle since I wouldn't have the reserves.

Open to any advice out there.

I'm driving a Acura rsx 2004 paid off 189k miles.  I can finance a BMW convertible that I really love. I've been delaying the gratification of having it! I'm focused on the goal.  I do have to find balance.  I don't take vacations and sacrifice few other things.  Like you said tomorrow isn't promised. Thank you!