All Forum Posts by: Daniel Renna

Apologies, very green here. What I was referring to was not a lack of high end multi-family options. It was moreso that I am either finding incredibly expensive multi-families off the beach in high end areas for multi-millions (way out of my price range), OR I am finding very cheap multi-families in not-so-safe areas like Newark, Elizabeth, Atlantic City (places I do not want to live). What I am looking for is something situated in Central NJ, duplex or triplex, does not need to be close to the shore, that is in the 300-600K price range. I want to use an FHA loan to put down 3.5%, live there for a year free (or with minimal mortgage payment accounting for tenant's rent), do some slight renovations, and then rent out the unit I was living in to have the place fully occupied. This is my foray into real estate investing.

Hello,

I am looking to get started in RI by looking into multi family properties. I plan to run the numbers off of putting 3.5% down and living in one of the units for a year and then renting out that unit as well. In New Jersey in particular, however, based on my research most of the multi family homes are not in nice areas. I am located in the central Jersey Shore area, and I have not been able to find anything near me that is not in the multi-millions. For those doing similar strategies in NJ, where are you looking?

@Mark S. Wonderful! Thank you so much!

@Ashwin Samtani thank you so much for your help!

@Ashwin Samtani thanks! As far as the heavy investing toward retirement, real estate is really only one piece of the puzzle for me. That 22% contribution over the course of 40 years compounded at a conservative 7% return would yield me over 2.2 million when I'm in my 60's. So I try to put a good amount toward my retirement fund, and I keep it in the S&P 500. I don't plan to touch that money at all for anything. In an idea world, as I make more money in the future, I wish to make out the 401k at 19k per year and then put another 6k into a Roth IRA as well, thus saving 25k per year toward my retirement, which would make that 2.2 million in my 60's look more like 4 million! That's the plan at least!

I recently graduated college and landed a great job. I make a base salary of 60k and then I can make up to an additional 20-30k a year in bonuses.

I have student loan debt of a little over 29k at about a 4.25% fixed interest rate. I have no other debt. My plan, over the next two years while I am still able to live at home, is to eliminate my debt, and save as much money as I can. I plan to base my expenses off of my 60k base, and then use my bonuses to eliminate my student loans in a year.

My goal is financial independence, and I want to get into house hacking and rents properties eventually. I am trying to set myself up for success when I decide to make the move.

I contribute 22% into my company 401k, and after taxes and contributions, I am able to handle all of my monthly expenses (car payment, insurance, phone, gas, student loans, etc.) and still save about $1,000 per month.

Leasing a car was a mistake, so my two biggest goals this year are to buy a car in cash when the lease is up to eliminate car payments, and eliminate my student loans. Then, I can more aggressively save that money PLUS my bonuses during year 2, since I will no longer have car or loan payments (add those to the savings pool).

Once I get that money all saved up and good to go, I plan to move out and buy my first house. It is at that point, that I want to get into house hacking as a way to pay the first home off and save up money to eventually move out of that home and rent it out completely, this segwaying into rental properties.

Any tips for me or ways I could be doing things better? I am open to any and all advice.