All Forum Posts by: Ronny Tiburcio

So because i do not have access to the MLS i will use a house from Realtor.com. There is a home thats a multi-family short sale and they are asking for 300k. Assuming i will utilize an fha loan and only putting 4% down my monthly payments will be 1355 for mortgage, 509 for property taxes, 104 on house insurance, 247 on mortgage insurance according to Realtor.com. Thats a total of about 2215 per month not counting utilities. Me and my partner can afford 2600 a month in payments towards the house. Would that be a realistic price for me to buy at even though the numbers are tight when the other side of the house is vacant? I know its almost impossible to get a straight answer but i am just looking for tips or maybe some tips in terms of choosing the right multi-family for you.

Hey guys, i have decided to begin my real estate career by purchasing a 2 family home and i plan to live on one side(house hacking). I am looking for a house in the Brooklyn, NY area. I have a couple of concerns and i am hoping someone can help me out. For starters, me and my partner decided that even though we will have a multi-family, we are aiming to be able to afford all payments for the house(Mortgage, insurance, property taxes, utilities, etc.). As i look for houses online, it is becoming less and less likely that we will be able to achieve this for a whole year. Would that be ok since in theory i would be able to rent out one side anyway or should i continue to to follow my criteria. Also, if any real estate agents in the New York area are willing to work with first time investors please feel free to send me your contact information. Thank you 

P.S. I can specify actual numbers if that would better help with your response.

Hey guys me and my partner are trying to create a business plan but we are struggling with what exactly needs to be on it. Can you guys tell me what are some of the things a plan must have because right now i feel like we have way too much information on ours.

Wow, this was a great post. very straight forward and informative. Congrats on your journey!!

Thanks @Andrew Johnson.  

Hey BP members, I was wondering if i can have your input when it comes to the criteria i should following when doing comps on a potential purchase. For example, when i run comps on a single family home, i am looking at....

1. Age

2. Condition

3. Square Feet

4. beds

5. baths

6. parking

7. Porsche/deck

8. fireplace

Should i be putting other items into consideration?

@Andrew Michaud WOW, that is great to hear man. I am currently in the learning and reading phase but i am very excited to purchase my first property. The best of luck to you and keep the BP family updated!

Good luck @Luke Lyles, wish you the best.

Hey @Ty Martin welcome to BP. I am also a newbie and i am also beginning my real estate career. Two things i been doing to try to find a property is that i am driving around the neighborhood i am interested in and searching for any properties that look like there is a lack of care for and im currently looking for a real estate agent to help me find what i want.

I am leaning towards New Jersey because I live in uptown Manhattan next to the GW bridge and i am currently being mentored by someone who flips in jersey as well. @John Cushing