Hi BP family!
-I settled on my first property back in March, below are the details:
-FHA loan, 3.5% down
-Condo in Cherry Hill, NJ (south jersey) - 2 bedrooms, 2 bathrooms + loft. I am living upstairs in the loft, both bedrooms are rented to longtime friends who have been extremely reliable, tidy, and all-in-all great roommates.
-With my current situation, the numbers are working really well! (Mortgage+HOA fee + Utilities) - (Rent) = ~$250~ a month out of my pocket to live with my good friends. Not bad if you ask me!
My question for you all, BP family, is what would you suggest for property #2? I'm going to leave this wide open and not mention any of my current plans, that way I can really feel the pulse of the community. Thanks everyone!
Happy for you and your friends.
To jump to property #2, answer a few questions.
1) How long do you plan on living in this condo?
2) Do you plan on getting married and having kids anytime soon
3) Do you have any contingencies to cover the rent in case any one of your friends decides to abruptly leave or is unable to make payments?
4) How much liquid cash do you have to make a down payment on the next property?
5) What do you feel is your real estate niche? Single family, Multifamily or Commercial?