All Forum Posts by: Alan Asriants

House hacking is another term for living in the building you invested in. Most people when they are looking to start investing do not have much money down and are first time home buyers. When you are buying your first home and a "primary" residence (meaning you live there) you can qualify for low money down options like FHA. This allows you to get started in real estate investing but using you first primary home as the vehicle. You would typically buy a multi family unit, live in one and rent out the other. This gives you a discount on your living expenses and other tax advantages. It's the best way to get started!

What are you looking to renovate? I can send you a few

@Brooke B. Congrats on getting started in your journey. I am not too familiar with Jersey and how rentals work there, but I do have experience owning properties in NE phila which is very close to NJ. If you're ever looking to chat about possibly investing here, reach out anytime. I help with multiple zip codes and townships surrounding the NE Phila area. Best of luck 

 Definitely get that license. They don't even do inspections. Like Eric said, you will need to do Lead inspection if built before 1978. Your agent should be able to explain what exactly you need to rent in Phila

Depends what are you are looking to rent in. In my community in NE i strictly post on Russian FB groups. I found that niche groups gain a lot of traction and spread the work quickly. 

Also using Turbotenant and linking it to FB works

And Avail

I list on all websites always 

Trying looking at some local credit unions. I know American Heritage was offering one a couple months back. Also TD should have a program too

If youre below market and havent increaed rent I encourage you to do so. Give them the proper amount of notice and stay within your state/county limits. 
It is a simple message:
Hello Tenant,
This text is a 60-Day notice to inform you that starting March 1st 2023 your rent will increase from 1500 to 1650/m. This is due to inflation, increased pricing in costs of goods, increased property taxes and homeowners insurance. If you have any questions please don't hesitate to reach out to me. 

(Make sure to add any state required language)

Whether you are new to investing or are seasoned, utilizing sellers assist is an excellent way to leave more money in your pocket without much effect on your mortgage.

For example:

You are buying a home for $400,000. Instead of buying it at that price, ask the seller to increase the price to $410,000 and offer a $10k assist at closing.

The seller gets the same net price at closing, and you pay 10k less at closing. Win-win

Increasing your purchase price by 10k really only changes your mortgage by $50/m and approximately 500-1000 extra at closing (depends on your state fees, transfer taxes, etc)

So really you are saving $10k today for 50/m and about 750 at closing.

If you do the math, it would take you about 15.5 years to pay that 10k you put towards your loan.

The 10k you have in your pocket today is worth way more than the 10k 15.5 years from now. Use that money to renovate, or as a portion of a down payment for the next property. Leveraging sellers assist saves you tons of money, and gives you a great ROI.

Personally I have purchased 7 properties and saved 50k in sellers assist. I used this money towards renovation and other properties

The best part, it’s TAX FREE. That means the 10k you save is 10k.

If you’re an agent buying for yourself, make the tax free income, not the commission (approval from broker required)

***Property has to appraise for the higher value***

Hope this helps!

 Let me know where the meetings area and when, I will try to come out!

Those markets have definitely seen some growth in that past years as more people moved out of the city and were looking for alternatives cheaper than the outskirts of Philly. I think you will find decent schools there, steady tenants, and appreciation long term. Each areas has its ups and downs so I recommend driving around to see what part of that market you are interested in. I believe there is a good amount of newer townhomes and such being built there.