All Forum Posts by: Drew Slew

How much are your floors approx renting and how much was purchase price, tax if you dont mind sharing? Very interested in Newark RE too

@Johann Jells great answer, so you are saying the moment i buy it as owner occupied and live on the 1st floor, i can find new tenants and have market rent?

i am about to buy a 3 family with 2 floors having rent controlled (section 8 ) tenants each pay above 1000/m in rent, 1st floor quite nice and vacant. Place is under 300k total, not the best shape but manageable. Taxes around 5600/yr. Its quite close to NJ tech. 

Any advice? Im not familiar w section 8, but agent tells me its good, the govt will be paying me the cash straight, got nothing to worry about. 

What if I wont like them, or want to increase rent? 

Anything else to look at when buying a multifamily? 

25% down 30yr financing. 

i manage property mgmt partnerships for Lemonade, a company offering renters insurance, now with a $0 deductible option for the first time in the world. Happy to connect with anyone who wants to know more about insurance or has tenants

@Harjeet Bhatti do you have lender contacts in NJ?

John amazing, let me read the long reply :) appreciate the local touch, lets connect sometimes

I live around NYC in union city, NJ but question can be applied to every market. My bro lives in Denver, so maybe that market too for investment purposes. 

Last year bought a 2br condo for 145k that i rent 1 room out for $950/m, when i made 60k+commission. Live free now as house is on autopilot, and looking to build more rentals - either condos or single/multifamilies.

Now a year later 30k savings and make more, 75k+comiss and ready to jump in again. 

Would like to buy a new place either a cheap condo under 150k (hard to come by here now) to rent for 1400-1500/m or multifamily. Either around NJ close to NYC or Denver areas.

Looking for ideas on what would someone do in my situation. Great credit, not much debt, even do uber/lyft on the side so can throw a few thousand on any repair.

Would i buy a new place and make it primary residence for 20% down? 

Would i get other types of financing to buy a more expensive house, as i have solid financial to fall back upon if something goes wrong? 

Would i just save and invest somewhere else? 

Goal would be to have 5-10 rentals generating few thousands free a month.

i own a condo here and rent it, and just bought another. happy to connect. easy to collect almost nyc level rent, although im renting rooms out..

@Virginia Jones Great post, I left you a message, can you share that google doc with me?

Great thread @Kyle Grimm I work in real estate as an agent and also finance as my day job (more fintech sales) in NYC, recently moved here from Europe and now own a few rentals with tenants. 

IMO W2 salary is the foundation as others have mentioned, to get the ball rolling. Figuring buying a 150-300k place every year or so building up equity, playing the financing part right with cash out refi/delayed, heloc etc. and consistently having good rents come in, it seems like 5-10years should be a good time frame to build up something that is a meaningful side income. 

Add to this a wife/partner who can also replicate this or add to it, than things can speed up.