All Forum Posts by: Faysal Alam

@Lionel Li where in Indy do you invest ? I've thought about out of state rentals but there's just so many markets . Do you have a team out there ? How did you find your first deal?

Yea I mean if it was just me , it would be different , but I also have my family with me so im trying to kind of set them up with a place to live while also investing at the same time.

@Llewelyn A. Also when you say you use the equity from property number one to fund property number 2 , how did you go about pulling out the equity ? Wouldn't that affect debt to income ? Meaning you'd qualify for less

@Llewelyn A. Yes my brother also has a good job , and is responsible enough where I wouldn't be nervous renting to him , I'd be okay with breaking even , and eliminating my rent payment , I was thinking of Airbnb in the basement apartment , hopefully if will be atleast 2 bedrooms and can break even that way . As for as screening goes , I'm a realtor part time in NYC as well , so I think I got that down pretty well .

@Ryan Luby @Ryan Luby yeah the what ifs are definitely holding me back , does the fear of losing all the money that I worked a bunch of years to save up . and as far as renting to family my brother is going to be paying $1,000 anyway and I would have to pay still 750 anyways whether I buy a property or not , so my thinking was even though yes I may have to invest the money a front butt from then on my future 750 that I would be paying would go towards the home I own . Yeah I would love to set that up whenever it's convenient for us both , would you suggest that I do the deal for the 4 Plex , I would have 1400 a month from that deal not including any repairs maintenance capital expenditures . Half of that would probably go towards those things , but would still leave me with 700 a month , I can put that towards the 750 rent so essentially I would only be paying $50 a month out of , while giving myself a place to live in the basement apartment of the 4-Plex , I would then plan to save up enough for another down payment and rent out the basement apartment for another 1400 bringing up my cash flow to 2800 a month but then subtracting the 750 for the rent and another 700 for maintenance and repairs and capital expenditures , what's I save up for a second house I would have $1,400 a month in cash flow from that fourplex and also have it cover my parents rent

@Jaron Walling I only have 12,000 invested and 81000 is in my Marcus savings account which is earning just under 2% , I have it in there only because I want to buy property soon

@Jaron Walling yeah it's more of they're renting anyways so might as well rent from me , also the rental that they have I would still have to pay 750 a month so I might as well put that 750 towards my own property .

@Nicholas Mann @Nicholas Mann my parents do not work , my father is disabled and my mother is a house wife . I'd be responsible because I'm responsible for my parents , it wouldn't be fair to make my older brother pay and take care of them on his own financially . it wouldn't make sense for them to move into a two-bedroom because typically in my area which is convenient for them 2 bedrooms go for at a minimum 1800 which is more than I'm paying (1750) for a 3 bedroom apt

@Scott Wolf also where in upstate ? I previously looked at Buffalo and newburgh .

@Scott Wolf as far as the family part goes is just because I would still have to pay the 750 for my families apartment , so why not have them move into one of the units and receive $1,000 a month . In this scenario I would still have to pay 750 a month but would have my own apartment , also once I save up enough for another down payment I could rent out the apartment I would be living in , and essentially my parents would be good with a place to live forever .

@Ronan Donnelly as the rents go im confident that I will be able to get the same rents as the ones that are rented from the vacant units , that's not really what's holding me back, what's holding me back is just making the decision of exactly what to do whether it's by a 2-4 unit in my local market . but the thing is in this particular one I would not be able to move my family out and still would have to pay $750 monthly in the apartment that they are renting . So I'm wondering if it's smarter to by the investment property and make $1,400 a month . That's not including property Management vacancy repairs capital expenditures , or go with a two-family and live in the basement for the same 750 I am currently paying in the apartment that I'm renting except I would have my own apartment instead of sharing a room .