All Forum Posts by: Nicholas Gessner

I have been using Ally for several years and love it. When I started it had an APY of about 2.5 or so but with rate cuts now at 0.60 which is still better than my brick and mortar bank by a long shot. I know Marcus by Goldman sachs is also at 0.60 last time I looked on nerdwallet but I love Ally for the buckets feature. 

Hey, over the past three and a half years I have been focusing on paying down student loans. I focused on the private loans first as they had crazy interest and am left with about $15k left for Federal. Depending on if you have private/ Federal I'd definitely focus on getting rid of the private since the CARES Act has put a forbearance and zero interest on Federal loans until Sept. 30th. 

I am currently reading Retire Early with Real Estate by Chad Carson and he goes over a lot of different strategies for getting into RE. If you have space you could always AirBNB a room or convert a space. I know you said you just purchased a home so depending on the situation in 2 years you could do a live in flip to harness the gains from improvements tax free. Or even do a live in then rent where you improve the home and get it set up for a rental and rent it as you transition to another home.

I am saving up for a down payment, and the CARES Act has been great allowing me to save almost my entire months pay since March rather than making loan payments. Due to being in a long distance relationship I am probably going to do the live in then rent as my first house will be smaller and then eventually one with my girlfriend. Hoped that helped somewhat!

Another good one I read recently was Set for Life by Scott Trench. It gives a good outline of how to set yourself up from start to finish 

@Dabvis Le Sutton

I am new to rental property investing and have been looking into MFs also. I have been doing a lot of research on the different loan programs and for the FHA like the others have said you have to be owner occupant for minimum a year it can be a single family up to a quad plex. Conventional loans also can be used but anything over 4plex needs a commercial loan. Are you a first time homebuyer? If so look in your state I know Maryland and Kentucky, the two areas I have looked at, offer first time homebuyers assistance with down payments or even tax credits

I recently came across an MLS listing for a duplex @ $100k. In the description it states that buyers can purchase the one duplex or all 8 of the current investor's duplexs on the same street for an $80,000 discount, Or $720k. It seems interesting and was wondering would this require 8 different residential loans or a commercial loan for all 8? Still new to investing so was curious because I have seen several different package deals when looking around.

@Andrew Kougl Hey thanks I am always interested in networking never know when that would come in handy down the line shoot me a message

@Nicholas Covington @James Wilcox @Steve Osowicz Thank you all for the replies! I appreciate your input. I hadn't factored in having to do a commercial loan and commercial insurance but yeah I can imagine that would raise prices. I will definitely reach out to you Steve for questions as we are looking at Lexington and surrounding areas.

Currently I live in Maryland but will be moving to Kentucky within the next year to year and a half when my girlfriend finishes her Doctorate at UK. My girlfriend is on board with house hacking so I have begun looking at small multifamily properties, primarily duplexes. While looking I stumbled across a building that has a downstairs retail space with 3 apartments above it going for $234,500 . According to the listing the retail space rents for $500 and the apartments rent as followed: $535, $650, and $500. It also states that the tenant pays electric and gas while the owner pays water and trash. The building is zoned as Limited Historic so does that mean anything in regards to income/expenses if anything? The estimated payments shown for a 30 year mortgage with 3.89% interest (average interest rate for area) and 20% down are $884 for mortgage, $133 insurance, and $136 in property taxes. Does anyone have experience renting an apartment/retail combo? Just curious in getting others thoughts as it does seem intriguing but not sure if the added retail space would make it difficult for a first time investor. Thank you!