All Forum Posts by: Cindy Hospedales

@Matthew Irish-Jones Thanks for your detailed response. 

About $3500 went to the principal in 2017. It's also looking like the value of the house has increased an average of $2150/yr since I bought it (a lousy 1.3% - yikes!).  I'm definitely getting rid of it now. 

Yes, the one family home is in my name. I've owned the property since 2011. From what I've read online, I may still be able to qualify for an FHA loan if the new house is going to be my primary residence.

I don't remember whether or not this question is allowed on the forums (I'm new here), so feel free to ignore it if it's not allowed: Can you recommend a good realtor to work with in Buffalo? 

I'm looking to buy a multifamily property in Buffalo, NY next year with a low down payment and live in one of the units. I'm doing my research now because I'm self employed and my plan will determine how I do my taxes this year and next year (not taking deductions to increase my adjusted gross income). So far according to my research, the FHA loan looks like my best bet for the mortgage.

I currently have a one family house in another state that I've been renting out for the past 4.5 years. I don't think my NC property is a good investment because by the time I finish paying the management company and shelling out money for repairs every couple of months, I'm BARELY breaking even. I made like $110 last year on this house, not including equity. I've got about 25-30K in equity in the home right now. 

If I sell the house, I'd lose a lot of money on closing costs, brokers fees, and capital gains taxes. However, selling the house would lower my debt-to-income ratio and increase what I can qualify for in Buffalo. I'd also avoid having to deal with repairs (including a recent request from my tenant to replace the carpets) that I can't write off anytime soon (Trying to keep that AGI up for the next purchase).  

I'm pretty much over my house in NC and I've got an investor looking at it right now, waiting for me to put it on the market so that they can make an offer. However, a couple of people have suggested that I hold on to it because of the equity. I'm trying to figure out how to run the numbers on this deal before I make my final decision. If I sell my current house and buy more units in Buffalo, what will that look like 5 years from now? If I keep my current house and buy something cheaper in Buffalo, what will that look like instead? Who can I hire to help me figure this out, or how do I calculate that myself without getting completely overwhelmed?