All Forum Posts by: Alfred Harrison

I don't know the laws of NJ and PA, which I need to learn. But, I do know that you can have DE and NV LLCs with businesses registered in other states. Is the LLC registered in NJ?

Thank you for the reply Corby. We have some equity, but it's pretty gross considering how much we've paid thus far in mortgage payments. We bought our home at $177k and we have $8,760 in equity. So yeah, not a lot.

Assuming that my ARV is correct and I'm not terribly confident it is as we're total newbies, I think that we might be able to get right around the $200k mark with some sweat equity in projects that we can do, modest kitchen upgrades (counter tops, backsplash, possibly replacing some cabinet hardware), and modest bathroom upgrades (tiling the floors, replacing the sinks and vanities). I would want to keep the total upgrades to under $11k, based off of general estimates of cost.

We probably could come close to break even, if not pull a small profit. We both have decent W2 income jobs, so that 'shouldn't' be too much of an issue as far as approval. We're looking at fairly inexpensive duplexes; something below our current home's assumed MV.

Hello all,

My fiancée and I have a SFH through FHA, which we bought almost two years ago. We're trying to get into real estate investing and start by hacking a duplex. We want to keep as much cash as possible so that we can invest in rental properties within the next year or less.

Being that we already have an FHA out on our current primary residence, we're kind of limited to a conventional 20% down payment on a second residence (i.e. the duplex). Our current home isn't really rentable; at least not to a point that it would cover our mortgage and taxes. If anything, we could rent it out and probably have to still pay a couple hundred per month.

The idea is to get the duplex, move into one unit and rent out the other so that we can accelerate our savings. Then, make enough improvements to our SFH to get some appreciation and sell it (hopefully, at a profit). We're trying to BRRRR invest going forward as a long-term cash flow strategy as well as complete some minor flips along the way for more immediate cash generation to fund new deals.

Does anyone have any ideas where we can hold on to as much of our cash as possible, while acquiring a duplex, given our current scenario?

Thank you all.

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