All Forum Posts by: Account Closed

My inspections was done today. It went great. First time home buyer. I am doing house hacking. How do I approach cash for keys for exiting tenant? If I get the tenant move out, I will paying $300 rent. If they don't move, I will be paying $1000 a month eventhough is till lower than my current rent. Their lease expires March 2020. Thank you always for your feedbacks.

@Thomas S.

Thank you.

@Al Williamson

Thank you.

@Raul R.

My agent and I asked the seller for financials and rent rolls for the tenants for the past three days and he has not provided them yet. I my inspections is this Friday the 8th. Should I hold on till I see the documents first? As my agent suggested to do the inspections first before we sign the contract. Thank you.

Oumarou.

@Thomas S.

Thank you for your feedback

@Raul R.

Thank you so much for the suggestion. Per my agent, the tenant renewed his lease last March for two years.

Just got my first deal offer accepted today bronx Ny. Im doing house hacking two family.2 bedroom over 2 bedroom plus basement with separate entry. Using FHA loan. When I went to wiew the propert, I didn't like the way the existing tenant is living in the apartment. The apartment was very disorganized. The seller can not deliver the property vacant because his least expires March 1, 2020. I could be wrong but my first impression is that I do not trust that he will pay the rent in a long run and keep the unit clean. How do I handle something like that? How do I collect rent from him? I am going to manager the property myself. Also my realtor recommended a lawyer and inspector to do inspections. Should I use his recommendation or look for my own?

Good afternoon @Abel Curiel,

Thank for your feedback, I will be living in one of the the two bedroom and rent the basement and the other unit. My goal is to pay less rent, save more and build equity for my next multifamily property. Thank you.

Oumarou. 

@Alina Trigub

Thank you for your feedback. I did run the numbers and my end goal for now is to reduce my rent and save more and build equity for my next property. Where do you run your meetup in NYC and what days?  Thanks 

Hi all, 

I am new to investing and very close to my first deal. I live in NY and I found a two family property asking price $529K each floor has two bedroom and one bathroom and a finished basement. each floor can be rent for $1700 and basement $1200. I'm planing to live in one and rent the basement and the top floor. Annual tax is $4512, the area is up coming close to transportation and supermarkets. I'm currently paying $1800 a month for my apt which is below market rate. after using BP calculator, if I pay the asking price with 3.5% down, I will be paying $1300 a month toward my mortgage.That is $500 saving from my current rent,  Do you think it is a good idea for a first timer to invest this kind of large money?  Thank you and I appreciate your feedback.

Oumarou