All Forum Posts by: Zack Costelloe

@Bill Jacobsen  to answer your questions.

1. My realtor called yesterday and told me the seller is very motivated as its been listed for quite a while so i am sure that i can get them down but i also want the seller to cover the closing costs as 20% down for the deposit is all the cash i have.

2. Both units are currently being rented. Any minor work that needs doing i can do myself.

@Ryan Dossey Yes i am trying to "hack" my housing expenses. 1st baby arriving in June and would like for my wife to not have to work.

Within 5 years I would like to own several MFH's that all cash flow enough combined to pay the mortgage on a SFH (Dream home). I also want to get into Wholesaling vacant properties but would like a deal under my belt so potential investors will take me seriously.

Hi Everyone,

I'm just about to put an offer on my first home/ investment property. Its a 2 family duplex.

I have done all the numbers and it seems like an ok deal but i am skeptical because i found the property on the MLS and it has been listed for 180 days.

Here are the details in a nutshell.

Price $375,000. 

Loan amount $300,000. P&I $1475/ mth. TAX $750/ mth. INS $125/ mth = $2150

Rental Income is $4500 (will includes me as a tenant paying market value rent of $2000). -50% Expenses = $2250.

Cash flow = $100.

I dont have any experience with inspecting homes but I have seen the house both inside and out and everything looks good to my naked eye. If i place a contingency in the contract regarding a home inspection and request a disclosure statement from the selling agent i think i should be ok.

Does that sound like a good first deal? Thank you.

Hello PB friends,

I am in the process of gathering information so i can purchase my first home. My plan is to buy and hold a multi-family residence, live in one and rent out the others. Should i setup an LLC and purchase in the company name or purchase as an individual? What are the tax implications of both options.

Thanks in advance. Zack

Hi everyone,

Any help is much appreciated. I was wondering if there are free websites with foreclosure listings or do they all require a membership.

Thanks.

Zack