Recently self-employed, my income is good, but I don't have 2 yrs of tax returns yet, so lenders won't count any of my income.I became an agent for a private money lender that I've used in the past.

I currently own one property multifamily property and am looking for advice on an idea I have.I have been living in Boston( 5 minute drive to my job) 3 yrs paying this crazy Boston rent (1200 a month for a 1 bedroom in the hood).

I currently own one property multifamily property and am looking for advice on an idea I have.I have been living in Boston( 5 minute drive to my job) 3 yrs paying this crazy Boston rent (1200 a month for a 1 bedroom in the hood).

4)  The biggest hurdle you might find is the landlord requirement (2 yrs), but lenders I've spoken to sound like they may be flexible with that.I suggest talking to a couple of lenders in your area (I like imortgage & Nova, but by all means check out anyone you like).  

A rental home built in 2016 will not have 5% - 10% cap expenses in year one but when added up over the life span (30 yrs) of the property and divided by 30 years it will fall into that estimated percentage.In your case you have neglected to include many expenses and you will be lucky to break even if you hold the property long term.

I have no problem going around and looking all over for these homes.My husband has over 15 yrs experience doing home renovations, he knows his stuff.I loo forward to hearing your responses and maybe linking up with some of you to Bird Dog for you to!

I have lived here for the past 20 yrs, it has changed a lot!  

You have three years of operating history, so my suggestion would be to take all of the history you have, plop it into excel, and see what your IRR is in several scenarios (sell now, sell in 5 yrs, sell in 30 years, etc).

I had a SFR in Sherman Oaks, California with two bedrooms and two baths on a slab, and got 2850/month, but that was 2 yrs ago.

1- Sell now to Investor2- Be the bank to single purchasers3- Be the bank to an investor4- Hold the rent portfolio and sell off slowly at 60 yrs old, regardless of the price.