All Forum Posts by: Account Closed

425k to purchase,100k to renovate. Potential rent of 4K per month. What's could it be worth after updates? I don't think enough to make this deal a winner. Either way, pulling .76% rent IF you rent out both units isn't attractive. Maybe I'm wrong, but I'd stay away, doesn't seem like a 'deal'.

Edward, check the zoning and make sure that it can be zoned as a 2 family, and not a commercial. If it is truly a commercial building, your financing will be different. You'd likely have to buy it under the commercial title, renovate it, have it re-zoned as a 2 family, then refinance it as a residential property. If you can finance it as residential it is absolutely viable to fix it up and live in half. Super common thing to do. The price worries me a little though.

Being a live in landlord is an easy way to trick yourself into breaking your own rules because you don't want conflict with your neighbor/tenant. I know this, because I'm the worst offender! I collect rent in person from my tenant and he prefers to pay cash because it's 'easier' for him. Now I'm moving out, and I've trained him this way, so I either have to break this habit, or continue meeting him in person for the rent! Luckily, I work a block from the property and our schedules mesh, so I don't see a real problem with keeping up this arrangement. But if I could go back in time, before this started, I would at the very least require a certified check or money order. That way when I did move, it would be easy to install a drop box, or give an address to mail the check to. 

As far as boundaries, I don't let   friend me on social media or anything like that(and they do ask)...that's a BIG no. It's easy to feel friendly as neighbors, and that's fine. Just don't let them think you're a pushover!

Best of luck with the new acquisition, and congratulations!

I repair ovens for a living. The high temps from self clean dry circuit boards. Consider that as well.

So many replies, so much diversity! It's awesome to see how so many walks of life can share a common interest. I work for a large utility company doing HVAC and appliance repair. Which is amazing because I can fix almost anything in my houses. And if I can't fix it, you better believe I know a 'guy'! The utility side comes in super handy as well. I don't mind my job. Lot of freedom and perks...and the pay is great. I'll gladly do it until I'm 55 if real estate can free my fiancé up from her job to spend more time at home and work at her leisure. Best of luck everyone!

Welcome to the site Marcus! Keep reading. Never stop learning! You have so many opportunities l, and young enough to take advantage of so many of them. Don't hesitate. You want a multi family, go FHA yourself into one and house hack the hell out of it. Why are you still reading this? GO!

I also use State Farm for all my vehicles and two properties. I have access to NJM and MetLife through my job and neither could touch my state farm rates. Also asking my agent about HELOCS through them.

@Thomas S. has it right. This thread is redundant and possibly just a troll thread. Besides that it's becoming a back and forth of insults. Who are the mods? All I know is @Mindy Jensen . Please save us all.

Welcome to BP! You're in the right place for information. I stalk these posts daily and try to learn something every day. Obviously I don't know your financial information, but if you'd really like to make the leap from analyze to invest, consider riding out the low interest student loan debt while you save to leverage into a deal. Might sound crazy, but I've heard it suggested before. It also may not be for you, but just an idea. Good luck!

Last vacancy l, I held an open house style showing, expecting about 5-6 interested parties. No one showed up. I did the same thing twice, a few days later, and it was a mad house both times. Thank god for my fiancé being there to help juggle. I consider no shows to be a blessing from god that I don't have to potentially rent to a bad, unreliable tenant. If a no shows calls to apologize and reschedule, I tell them they're beat.