All Forum Posts by: David Fals
David Fals has started 9 posts and replied 36 times.
Quote from @Donald Hatter:
Quote from @Donald Hatter:
Quote from @Paige B.:
Could you rent out your primary residence and buy another primary home to move into? You can buy a primary residence with only 3.5-5% down. I would avoid pulling from investment accounts. Even if you buy something that needs slight renovations, you can do them while living there, and then in a year or 2, you can rent that one and have 2 units in your portfolio, and buy another primary residence to move into with 3.5-5% down. Repeat this process and you can easily build up a portfolio.
Quote from @Nicholas L.:
definitely do not exhaust your savings. it sounds like you need to keep saving. don't believe the hype on the Internet. most of us buy property with... money. from our W2s.
are you in a position to house hack? that would lower your down payment requirements - you could keep your primary as a rental, and move into a househack. but if you're not in such a position, you're not.
I thought about house hacking, but where we are does not seem like my wife would want to move again and then we would have to sell.
Unfortunately, HOA stopped new owners from renting due to a flaw in the bylaws that allowed so many renters than owner-occupied.
I think the goal would be to continue saving. I thought I was ready, but seems I don't have enough cash yet.
Quote from @Jonathan Greene:
PA would be a good option because it's an easy drive, affordable, and there are a lot of renters. If you do Philly, you have to know the blocks, every block, because the change from block to block is drastic. Taxes are low in Philly. You could also go a little farther to Stroudsburg. College rentals work in both, but not always a great option for a first-time landlord. 450k can get you a small multi or you could row house or similar for less and practice as a landlord
Wondering if anyone could help out with an advice
I am looking to purchase Real Estate. I have about 75k in HYSA and an Investment account combined. I also got 40k in my 401k.
I was thinking, should I invest in RE or continue to save? I recently got preapproved for $450k, and I own a primary residence (a condo that appreciated from $250-310k). I’m looking at PA, DE, CT, or MD, for multifamily homes (if possible). I'm based in NJ it's so expensive here. I chose those locations because I would like to drive to the property.
Is it worth it with less than $100k+ for a downpayment, plus closing cost, vacancy, renovations, etc Also, that's all my savings, which means my Emergency fund will be depleted. However, I have my job and side hustle still bringing in income. I'm so confused.
How do you guys make that first investment?
Post: Invest in NJ or out of state for first multi family
- Posts 36
- Votes 28
I've been reading through, and I'm also NJ-based; I'm scared of out-of-state. I have some money for a downpayment (I have a primary residence), but the prices here are astronomical, and a listing gets multiple offers while cash eventually wins! I feel perplexed. I've been looking at the Lehigh Valley, PA, but I can't see any MFR deals. I have no 100k lol. It took me a while to save this, and I want to get into REI.
Quote from @Annwar Matani:
Hi everyone. I am a new out of state investor so I feel like my head is all over the place. I have read the BRRR book by David Greene and follow the forums, and listen to the podcasts. I feel like I have an idea but I think I am stuck in analysis paralysis at this point LOL. Also extremely nervous.
I am looking at different markets but I am interested in the Cleveland Market for various reasons, but most of all the low barrier of entry. I am from NJ so our market is more expensive. I have a primary residence in NJ that has equity, I have liquid cash around $50k, and my credit score is 740. I am debating on whether to just apply for a loan or use my equity/ cash to buy my first property? The strategy I would like to BRRR because I do want to scale in the long run. I am looking for cash flow.
I am also trying to establish my team, I have a good realtor who is sending me properties, I was connected to a lender but I am open to suggestions/ recommendations for lenders, property managers, project manager (is this common?) and (the one that makes me the most nervous) a RELIABLE GC.
Where should I start? Thank you in advance.
Hi, I'm in a similar situation as you. NJ-based, got some cash, purchased a condo almost two years ago, and need to invest ASAP but so scared of out-of-state! Turnkey might be the best to learn the ropes.
Post: Delaware, Philadephia, Connecticut, and Maryland
- Posts 36
- Votes 28
Quote from @Russell Brazil:
I do business in every state you mentioned and I prefer MD and Philly of them.
Sounds like a good idea. I'll shoot you a DM