All Forum Posts by: Faysal Alam

I've been on BiggerPockets for about 2 years now , I've been kind of lost on what to do , I originally wasn't sure if I wanted to house hack in my expensive market of New York City , or invest in upstate NY or out of state . I'm currently renting a 3 bedroom for 1750 , I have my brother paying 1k of that , I'm sharing a room with my little brother , at 25 years old you can imagine how frustrating that may be . My parents stay in the 3rd bedroom . But paying 750 for rent has allowed me to save up 81k in my savings account (not invested because I'm looking to buy) . I have another 12k in my Roth IRA . So in total 93k. I've been pre-approved for a 2 family in Queens , Ny for 750k , I'm looking to house hack . I'd live in the basement unit for about the same amount a month , rent out the top 2 units , one to my family for 1k (from my brother , same amount he's paying now ) and have my parents and little brother live in that unit where I'd get 1k a month , then the 2nd unit would be rented for 2k . Leaving me with a mortage payment of about 750 same as I'm paying now . I saw a 4 unit building yesterday that has 2 units already rented 2 bedroom 1750 and a one bedroom for 1550 . With another 2 units vacant , also can be rented for the same amount (2bd-1750 1bd- 1550) but the apartments are too small to move my family in , so i would probably rent out the whole thing and live in the basement apartment. In this case my mortgage would be about 5200 but id be getting rents for 6600 , which means ill have 1400 left over and a free place to live but id still be responsible for the $750 rent in the 3 bedroom apartment my family lives in . The ask for the 4 plex is 950k but i can probably get it for 900k . would this be a good idea ? (also i can rent the basement out for 1400 once i buy my next house hack so it would be 2800 after the mortage once i save enough for my next house hack . should I go this route ? or hold off till i find something that my family can also move into where i can also live in the basement apartment but would still have to pay around 750 out of pocket . ive been stuck on this for a while now , but in the meantime i am adding 500 a week to my savings . Any help would be greatly appreciated !

@John Hickey I recently tried to attend an event , but it they registered more people than seats available . I will try again next week, from others I hear it takes very long to get fully approved by them

@Jane Wish I'd love to meet up for coffee sometime and talk real estate

@Frank Patalano I plan to put down 5% , but the multi-family houses in my area or anywhere from 650000 to $800,000 , unfortunately my income is only $42,000 . In total I have about 57000 in a savings account, $11,000 in cash and another 8500 in my Roth IRA .

@Frank Patalano what's holding me back at the moment is not being able to qualify for a big enough loan in order to house hack in my high cost place of living

@Jack Butala thanks Jake I appreciate the words of encouragement , as this road has been very tough for me and I am getting really impatient but I also don't want to rush and make a bad investment

@John Hickey yes I am keeping the pizza job , and I also started another job and got my W-2 income to 42k combined + whatever I make from real estate this year . But still it is not enough to qualify me for a loan here in New York City .

@Cirilo Villar bro I recommend you never really apply for store credit cards stick to major credit cards .

@Stephen Marshall my credit score is 750 , I got my savings up to 57k in my Goldman Sachs account , and another 11k in cash and 8500 in my Roth IRA , the problem for me is income , I make 28k at my pizzeria job and 15k as a home health aide . I just started my real estate salesperson business , made my first rental deal and got 1200 for it . My income doesn't allow me to qualify for a good enough amount to buy a house here .

@John Hickey wow big difference ! Where can I find out for sure ? And do you have an idea of how much garbage would be ?