All Forum Posts by: Drew Vukov

Chris,

thanks for the link. I'll check it out. I'm not 100% a go on this deal us to some of the factors you mentioned. But that being said I know this are very well and I believe the house is under valued and the current rents are below what I can get on the market. 

I haven't inspected the property yet. I plan on doing so this week. But it appears that this home is suffering most by just being ugly on the outside. 

I'll update in the process as I go. If anyone has had a similar experience If love to hear from them. 

I am considering buying  a duplex with a friend of mine and using it as a rental property.

Now heres where I need some advice. Is it possible that I can partner with him while he buys the house using an FHA loan with 3.5% down?

He would occupy the one side of the duplex. Our tentative agreement is he would pay fair market value for his side of the rental (he will also rent out a room on his side to another friend). And than basically we just split the  cash flow of the property. We will both make improvements to the property, and than after at least a year look into  either a sale, refinance, or continue to hold for cashflow.

Is this legal?

Should I or can I cosign with him on the loan as a non occupant?

What other legal steps should I take to ensure I have a legal right to 50% of the property and proceeds.

How many investment properties can I hold with a mortgage when I have an investment partner?

I have a one owner occupied duplex and my partner has his own single family home. Our main goal is cash flow. I figured we would buy 2-4 unit homes putting down 25-30% cash and the rest in a mortgage.

I was doing some research and came across some rules on the number of investment properties you can hold with a mortgage. It seems you can do 4 no problem and up to 10 with additional requirements before using a private lender, is this correct?

Would our own homes we currently live in be included in that calculation?

If they are included how much harder is it to get a loan if we buy 2 investment properties making our total home ownership 4? Or am I thinking about this the wrong way? Would we each just own 3 homes each in that scenario and still be able to buy one more together?

Just seeing if in this situation it might be better not to have a partner if I am looking to carry about 4-6 homes eventually (including the one I live in). And just do it on my own using easier financing than having to use a private bank.

Any advice appreciated. Thanks.

Thanks for the replies everyone. Im open to other areas, just somewhere that drivable in a day and back from where I live now. @John Hayes I would love to get another place on Long Island, to include Brooklyn and Queens, but the areas I am familiar with seem out of my price range. I don't know if Im ready to oversee a big rehab, I also am not sure I would have the funds to to a purchase and rehab.

Hello all,

Drew here from Long Island, NY. I bought my first home about 6 months ago, it's a duplex and I live in half, rent the other half out. It has been working out great so far. I used a VA loan and put Zero down. I budgeted so that I knew I could afford the whole home myself, so not having a tenant in right away or all the time wouldn't really affect me financially. Fortunately I was able to get someone good in there in less than a month.

Im here to learn some more about buy and hold deals, and also landlording. I am hoping to buy another multi-family in the next year or two that I can get the deal worked into a total cash flow of at least $1,000 per month.

Rents are high here on Long Island, unfortunately so are the home prices and the taxes. I have some cash saved and can access more but it seems that for now I am pretty much priced out of Long Island. But I am also hesitant to buy in areas I am not too familiar with. Right now I am considering investing in Eastern, PA or New York areas north of the Bronx.

I'm open to hearing anyones advice. Thanks.

-Drew