All Forum Posts by: Nkosi King

Is this still supposed to happen?

Congrats. I was looking for Syracuse as well. Best wishes I know the cash flow is decent up there. I ended up doing a Bronx property

@Scott Wolf well of course I'll do the research to get the right property and also to make sure that it's going to cash flow for me, that's a given.

Just trying to figure out what other factors need to be taken into consideration when planning for something like this

Hi folks, have been discussing this with my wife recently.
We are looking to move to a warmer location for health reasons / future family planning, change of scenery etc.

Is it a decent idea to purchase a property now and rent it out until we are ready to move in?
Mortgage would be covered for the most part by the renters.
The mortgage would be at a locked price , however rent will naturally rise .
10 to 12 years from now we want to be out of the New York City area.
Just a random idea we had
Thoughts?

That's a great suggestion. Thanks!

Any other thoughts from my BP folks?

I thought about putting it in the cost of rent. But I don't want it to be a free for all. Also, the price I intended to rent for, is close to the top of market going rates. 

I don't want to push the price too high , causing people to run in the other direction. So it's kind of tricky at the moment

Hi guys I just got into a property in the NYC area .

2 family home, it was brought to my attention by a friend. And it's main selling point was buying into equity in a neighborhood that's about to explode.

Main thing for me was the option to be able to Cash out Refi down the line. 

Anyhow. One of my concerns is the layout.

3 stories, 2 family. One ground level unit. 2 bedroom 1 bath simple design. 

No basement. The 2nd unit is a multilevel unit. 

2nd floor with kitchen, living area and bathroom. 

3rd floor with 3 bedrooms and a bathroom. 

Here's the kicker, the boiler and water heater are contained within a locked room on the second level. 

Spoke to the energy supplier, they stated that the gas and electric bill will be combined on one bill. The bill will be sent to the resident of unit #2. 

I am sure that the resident of the second unit will not want to take responsibility of gas and heat for unit number one. 

I do not intend to live at this residence. How will I be able to handle this ?

To be honest I was quite excited about the property because of it's location, and chance to appreciate and equity we are coming into. But I should have looked into this aspect more. 

Anything I should place in the contract to protect myself ?

forget about lending club.