All Forum Posts by: Akeem Blalock

@Syed Ahmed Thanks so much for responding to my post. Do you have any suggestions on property management software I should use? I’m also looking for an efficient way to determine the average rental prices in an area. I’d be very thankful to have some guidance on that as well.

Kindly,

Akeem

Hello everyone! I am Akeem, a graduate engineering student currently based in the Piedmont-Triad area of North Carolina looking to invest in my first multifamily property. My goal is to house-hack a multifamily home or set of condos (2-4 units, ideally). I want to live in a unit (alone!) for no more than 2 years, and rent out the others to start earning some passive income in the real estate space. I've just recently connected with a realtor in my area who's helping me develop a plan to make this first deal. It seems like my best loan options right now may be the FHA and some kind of DSCR loan. As a first-time homebuyer, I think it behooves me to take advantage of the First-Time Homebuyers Program.
How's this for a play: I purchase the condo I plan to live in through the first-time homebuyer program, and use the DSCR loan to fund the 3 other rental properties (2 neighboring condos and a duplex preoccupied with long-term tenants). I think this plan will cover my mortgage AND generate me some substatntial passive income--but I'd love to get some feedback and guidance on my strategy. Especially if anyone can help me figure out the most cost-effiecient way to passively manage the properties. I'm super glad this site exists and cannot wait to start learning and EARNING!
Thanks.

Hello everyone! I am Akeem, a graduate engineering student currently based in the Piedmont-Triad area of North Carolina looking to invest in my first multifamily property. My goal is to house-hack a multifamily home or set of condos (2-4 units, ideally). I want to live in a unit (alone!) for no more than 2 years, and rent out the others to start earning some passive income in the real estate space. I've just recently connected with a realtor in my area who's helping me develop a plan to make this first deal. It seems like my best loan options right now may be the FHA and some kind of DSCR loan. As a first-time homebuyer, I think it behooves me to take advantage of the First-Time Homebuyers Program.
How's this for a play: I purchase the condo I plan to live in through the first-time homebuyer program, and use the DSCR loan to fund the 3 other rental properties (2 neighboring condos and a duplex preoccupied with long-term tenants). I think this plan will cover my mortgage AND generate me some substantial passive income--but I'd love to get some feedback and guidance on my strategy. Especially if anyone can help me figure out the most cost-effiecient way to passively manage the properties. I'm super glad this site exists and cannot wait to start learning and EARNING!
Thanks.