All Forum Posts by: Faysal Alam

Hey guys ! I'm 23 years old , I have a w2 job making only 200/week with another 200 in tips , along with that , I work for rideshare companies making around 400-600 a week , so in total making around 800/week minimum . So I'm making about 40k a year and out of that I plan to save about 20k if all goes well , on top of that I have 32k saved up which I'm depositing into the bank little by little . I'm currently renting and am absolutely tired of it ! I want to house hack a multifamily house , houses in NYC are crazy expensive and with my income I'm guessing it would be nearly impossible to get a mortgage especially since majority of my income is 1099 income . So my question to you guys is if you were me how would you go about making this happen ? How can I get my foot in the door of a multifamily house ? Any information would be helpful !

I definitely will ! Thanks for the advise guys , really appreciate it !

You guys are right and probably know this a lot better than I do , it's actually outside Rochester , it's a town called Holley , NY . I think the taxes are closer to 5k a year than 3-4k . I guess I'm getting a little impatient looking for my first deal . But I don't want to jump the gun and invest in something bad so I'll definitely keep looking . Mixed use probably isn't the way for me to go especially since this is my first property .

Population is actually 7,900 my mistake

Okay guys , so I think I might've found my first deal 4 unit mixed use property right outside of Rochester NY , 2 store fronts that need a little bit of work , maybe carpeting . And 2 2 bedroom 1 bathroom apts above the store fronts , the price was originally at 50k , went down to 40k and now dropped to 25k . The upstairs apts are in need of flooring , one might need a kitchen , so looking at around 20k worth of work , according to owner , arv is around 120k . I see houses in the area recently sold for anywhere between 50-120k but none of them I see are mixed use buildings . I have 32k saved up , should I pull the trigger ? Also property taxes are around 3-4k . This would be my first ever real estate deal . Population for the town is 1750 as of 2014 , average rent is $660 . The property is across the street from the library , within 1-2 blocks radius of the post office , diner, pizzeria ,churches , dentists office as well as other small businesses , what other information do I need before pursuing this deal? And what precautionary measures should I take before actually purchasing , keep in mind this is my first ever real estate purchase , so I need a walk through of everything . Any input is helpful !! Thanks so much in advance !

Matt Katsaris I have cash money investors , the terms are 80% of profits to the cash investors and 20% for me, I'm responsible for finding the deal , also how do I actually make an offer with it being someone else's cash money ? Should be getting my real estate license soon , so should I just represent my cash investors and make an offer on their behalf or is there another way you'd recommend ? Paul Bowers haha man that would've been nice huh , how would you recommend I put the money in ? All at once ? Or little by little ? Ps: sorry for all the questions , I've never purchased real estate in my life so this first one has to be a good one

Bob Okenwa I'll definitely look into reading that book , but I made a mistake I actually currently am making 200/week in my check and 200 cash , so 400/week . Next month it should rise since I'll be doing uber so looking at 200/week w2 job , 600/week 1099 , and 200 cash . So $1000/week and after paying rent,insurance,car payments, I could save 2k a month . Also thinking about putting my 25k savings in a Goldman Sachs account and get 1.05% interest every month , so around $300. Kerry Boyle sorry for the misunderstanding , 25k is what I have saved up , the 300-400k is a family friend and his friend willing to invest in a fix and flip with none of my money required . Not sure where to look for deals , I've been using HomePath ,Zillow,realtor, and Craigslist . But so far no luck

Hello BP community ! I'm 22 years old and I have 25k saved up, and it's not in the bank . Im hoping to buy my first rental property by the end of this year , but my question to you guys is where would you go to find a good deal (with only 25k) looking for somewhere local (tri-state) so I can self manage the property and it isn't 3000 miles away ! Also how would I go about actually putting in offer in with little to no income (160-200/week) . From what I hear it's hard to get a loan with very low income like mine . A lot of you will say for me to house hack , but unfortunately I have responsibilities and I have parents to take care off, so me going off to another state isn't possible for me . Not sure what areas to look in , but I'm am more than ready to take the leap ! so investors , what would you do if you were me ? Update : found 2 investors who's willing to invest 300-400k, this is short term and it's a cash investor not a hard money lender who basically wants a short term fix and flip and wants to pay everyone in the process , so how can I go about making the best deal possible ? Where do I look ? How would I go about actually making offers when it's a cash money investor waiting on me to find a deal any input,advise , help would be greatly appeciaged

Hello BP community ! I'm 22 years old and I have 28k (not in the bank) saved up , I'm looking for advice on what to do next , as I have no college degree and going back to school is not an option at the moment . Looking to set myself up for long term wealth , if you were me what would you do ? Any input would be nice . My income is very low (work on tips) . Building my credit , it's currently around 700ish . Help advice at all would be nice ! Thanks in advance Also should get my real estate license by end of next month

I recently found a 1 bedroom condo , listed at 90k , the monthly rent around the area is 1400-1700 , so I'm just wondering if this would be a good cash flow investment . Also , I have only 30k cash money saved up , ( not in the bank ) I'm wondering how would I be able to get financed for this deal , as my yearly tax statements are very low , ( work delivery in pizzeria) can someone help ?! Not sure what to do , I think it would be a good cash flow , what do u guys think ? And how would I go about purchasing this property without the proper proof of income