Updated over 5 years ago on . Most recent reply
My First Investment - A Long Island House Hack
Hello all!
It’s been 22 days now since closing on a mother/daughter house in Suffolk County, NY that I’m going to use to jumpstart my portfolio. I can’t contain the excitement I have for this deal!
Details:
2200 SF High Ranch
(Mother Daughter)
Top Floor: 3 Bed, 2 Bath, Living Room, Eat in Kitchen, Dining room (converted to 4th bedroom)
Ground floor: 1 Bed, 1 Bath, Kitchen, Living Room
Additional: Attached 1 1/2 car garage, .35 acre plot, 6 car driveway, separate entrances for each floor, gas heated, septic system, new roof, walking distance to major university
Finances:
Purchased for: $420k (including $20k seller concession)
Down payment: $14,700 - 3.5%
Closing: $16,000 (after concession applied)
Rehab: $3,000 initial, additional $5,000 planned for this year.
Yearly taxes: $14,400
Insurance: $140/mo
PMI: $280/mo
Utilities: ~$400
Collecting $4,600 in rent each month, including all utilities.... while I’m living there!
My plans for the property: replace windows, add central ac (long term), refinance to eliminate PMI ASAP, and REPEAT
This is my first purchase so there’s a lot about buying and owning property that I’ve learned the last 30 days, but the BP books, forums, and podcast made that knowledge gap more than manageable.
I’m glad to finally be on the board as an investor...
Most Popular Reply
Be careful with the town. Do not let them in.
Some of the towns in LI are a pain in the ***. If they require a rental permit and you didn’t get one yet, it’s a huge headache. Speaking from experience of spending thousands of dollars Bc of that early in my start.