All Forum Posts by: Faysal Alam

@Paul Sandhu I'm just going really conservative and doing the numbers based on a 50% occupancy to be on the safe side

@Sean McDonnell yea I would be living there we well so cleaning wouldn't be a problem

@Twana Rasoul yes I'll be living in the house so i don't mind the extra work

I will be closing on a home soon in Queens NY , the mortgage will be around 4100 , so now I have 2 options for house hacking , one is rent out unit one which is a 3 bedroom which I can get about $2500 a month on , the 2nd unit is a 2 bedroom unit with a bonus room in the attic but does not have a living room , I could rent out 2 of the other rooms for $100 each so would get a total of 4500 a month , I'd be breaking even. Another option is to rent unit one and airbnb out the other 2 rooms for $75-100 a night according to the comps . With this way even at a 50% occupancy I'll make about 2250(at $75 a night 15/nights a month) instead of 2000 from the other 2 rooms . Another option I have since it is a 2 family I think I can Airbnb the full 1st 3bedroom unit which I can get about 175-220 a night (2625 @175/night 15 days / month ) and also the same with the other 2 rooms in the 2nd unit . so with all these options how can I narrow it down and what would make the most sense ?

@Will Fraser well no the total commission would be 11k but if I take the commission I would get $9250 after splitting with my broker , and pre taxed . So if I apply it to closing or down payment it would be an out of pocket discount of 11k not 18k

@Will Fraser I'm only putting down 5% and closing cost would be another 4%

I'm currently looking at a house in Queens new York for about 725k , looking to house back . The dilemma I have on my hands is since I am a realtor and will be representing myself I can either take a 1.5% commission which is about 11k , or I can not take a commission and would get about a 10k discount . Getting the house to 715k . If I take the commission it will be $9250 after splitting with my broker . Which option would you take and why ?

Also would you not get the deal over 10-15k ? Although 725k is not a bad price , I was looking to get it for 710-715k even without giving up my commission , would that difference be worth losing the house ?

@Samuel Pentowski where in the Midwest ? How would I go about doing it since I live in NYC

I had a 750k pre-approval lined up but due to a break up with my long time gf things have changed , I have about 60k liquid in my savings , another 14k in my Roth ira and another 19k also in the stock market for a grand total of 93k , the real issue is getting the loan , this year I will file for about 40k in taxes but I'm looking to capitalize on a house back while rates are low . I live in NYC , currently saving about 2k a month . And can continue to do that even with this virus , I really want to be ready to buy if the opportunity presents itself but how can I put myself in that position to qualify when houses are in the 500-800k range in Queens areas I'm looking

@Ryan Clark I didn't think of it in that way , I was thinking more like be paying 750 out of pocket while gaining a place to live . The same 750 I'd be paying for rent