All Forum Posts by: Erik Azevedo

Hi everyone.

I'm looking at a fourplex listed at 159,900 as a househack for my first deal.

I have limited cash and I need advice regarding how to come up with a sane/safe amount of cash to have left over after the deal is done for incidental things that will inevitably come up. This will help me determine what I will offer on the property.

Some details, if they help:

I will use the FHA loan for this.

(3) 1-bed 1-bath units rented at 425 a month, 1 is vacant (for me). Market rent for this type of unit seems to be around 600 so there is some room here.

The building is 100 years old. Which makes me nervous about unseen issues like asbestos, lead paint, etc etc.

I plan on asking the seller for all of the closing costs - I'm not comfortable with the amount of cash I'd have left over if I have to pay them.

I haven't seen the property in person yet so it's hard to say for sure, but from the pictures it looks to be in good condition other than needing some cosmetic work (paint) on the outside.

Do I need to have 15k sitting around just in case? Am I worrying too much?

Thank you everyone!

Hi everyone, I'm Erik. I have never owned any real estate. Graduated college about a year ago, now I live in Akron (Highland Square, for anyone who knows the area) and I'm liking it. I'm working full time at a civil engineering company here in town.

I've been wanting to buy a du-/tri-/fourplex and live in one of the units for a long time now, but it wasn't until about four days ago that I discovered biggerpockets and actually started learning how to do it. 

My long term real estate goal is to not have to work 9-5. I don't have any desire to own many units in different cities; I would much rather invest here in my own neighborhood. I care deeply about where I live and my passion/desire is to invest in it and make it better.

Found out about this place through Strong Towns, a nonprofit which I could not recommend more highly for people who really care about the city they live in.