All Forum Posts by: Faysal Alam

The property is located in upstate New York , it is 2 attached properties with one deed . Total of 4 units. "1's rent is 1000 for a one bedroom with the lease with section 8 across the hall has a month-to-month lease for 900 a month one bedroom the other one is 850 a month one bedroom just moved in month-to-month lease and the one downstairs has a month-to-month lease or rent is 750 " according to current owner for a total of 3500/Month = total of 42k/year . I would be buying with all units rented as currently set up . The expenses are as follows, conservative estimates .

$10k /year taxes or $833/month

2500/year insurance or $209 month

10% vacancy or $350 a month

10% repairs/maintenance or $350 a month

10% cap ex or $350 a month

10% property management or $350 a month (the property is an hour and a half to two hours away do you think it would be better to do it on my own instead of hire someone)

Debt service at $700 with a 20% down payment on 160k . I get a cash flow of $358/month. Is this deal worth doing? Also there is a empty garage that is attached to the property that has potential to become another unit. Also what do diligences should I do. Tenants pay all their own utilities

@basit saqidi if im being honest I've never really been out of state much , and aren't familiar with areas out of state . But I'm open to areas withing a 2-3 hour driving radius 

@Marc Dube that's the problem because I only want to put down 5% and house hack a 2 unit property . 3/4 unit properties are are and usually over priced 

@basit Siddiqi where would you recommend investing while living in NYC ? 

@jared skov yes my mother and father are both here and both don't work I take care of them

@austin j. Moving isn't really an option for them .

@caleb heimoth thanks ! I live very frugally ! The got pre-approved via quicken loans for 377k , with a 5% down payment but the thing is my cosigner has to live in the house , so my question is , is there a loan out there where I can do a low down payment for a primary residence for myself but use the income of others to qualify for the loan (co signer, or co signers in necessary) and my current cosigner has a 33k income 

@Lavi Rudnick I'm looking in Queens . So how would u go about doing that ? 

@jaron walling . most duplex's that are legal 2 families in my area are 450-600k but can go way higher . 450-600k is my price point . 

@jaron walling but the problem is the cosigner is unwilling to live in the property