All Forum Posts by: Amiel Bituin

@Luis Somoza thank you for the guidance! I do plan on getting a property manager and as of right now. it is also up in the air for me to figure out if I would change careers depending on what I am able to afford and if changing careers would be worth it.

Will be taking those actions you recommended and see what my options are.

Thank you for the information!

@Eric Yu those numbers makes sense, thank you! I will look into that to just get a rough estimate on how much I am able to afford.

Hi @Vanessa Hernandez thank you for the information. I definitely want to learn more! Sent you a request to connect. Much appreciated!

Hi BP Community! 

I am looking to buy my first rental property around June (at the earliest) time frame and was searching for some answers to help me get started. I am looking to get some help and information of how pre-approvals work if I am planning to buy a property that is out-of-state. A quick background about me, I am currently traveling for my job on per diem and will be returning to the Boston area at the end of this year. But with my current career goals I am looking to pursue other opportunities outside the Massachussettes area and maybe live in another state. I do want to get started on purchasing my first home since I believe I have the capital to put down but my issue is where to purchase. I've considered the Philadelphia area, and Northern New Jersey area but more of a investment property and not a house hack. I chose these areas because I have family and friends in the area for any worst-case scenario that happens to the property. I do plan on getting a property manager but that is something I will be planning for after I understand how pre-approvals work. In addition, I do not particularly plan on moving into the Philadelphia or Northern New Jersey area unless there is an opportunity that I like there for my career.

Thank you for the time an help in advance everyone!  

I am willing to also talk more about the situation if there are lenders out there willing work with me.

@Jaron Walling You do have a point there and it does make perfect sense. Ill continue to look for other alternatives for leveraging. I appreciate all the help!

@Marcus Auerbach thank you! I knew I was missing a part of my analysis and it didnt make sense to me on how it could cash flow while I live in the unit. I will look into a conventional loan, however using an FHA is currently attractive considering the market in my area is fairly expensive due to being in the city. Then refinance it possibly after a year to lower mortgage cost.

Hi BiggerPockets community! I am starting to look for my first investment property and have done two deals analysis on multi-family properties in the area that I'm looking for. My problem is that when looking at the two deals, the cash on cash returns look to be negative (using the BiggerPockets Rental Property Calculator). I was wondering if I can get some advice on how I can net my cash flow to just be zero or even to be positive. In the analysis that I have done I factored in 5% expenses for maintenance and repairs, CapEx, and vacancy rate. I am also planning to use a property manager. The properties that I have looked at in the Philadelphia area (B and C Class) also seem to have multi-family properties from top-to-bottom and utilities are separate besides for water. My overall question is advise for how you can cash-flow a multifamily property by house hacking and getting a loan as an FHA (If it is possible on my first year).

A little background on myself is that I am currently traveling for work an entire year and I will be heavily looking for the property before or by the time I get back. I have been reading some books specific to real-estate, including the book on Rental Property Investing , and (currently reading) the Multifamily Millionaire Volume 1 by Brandon Turner, as well as tuning in to the podcasts. Wanted to reach out to the community to start looking for direction.

Thank you and appreciate your time and help!