All Forum Posts by: Gaetano Ciambriello

@Caleb Rehg Here is a post I created on student rentals. Right now, rent to about ~175 students per year.

https://www.biggerpockets.com/forums/48/topics/1187121-stude...

Andrew! What part of LI?

Hi @Eryn Garcia I created a post here on some pros and cons!

https://www.biggerpockets.com/forums/48/topics/1187121-stude...

When you are thinking about purchasing your first home or investment property, here are the questions you should be asking yourself!

Primary home to live in:

1. When do I want to buy? What does my timeline look like?
2. Where do I want to buy? What neighborhoods or towns am I thinking about buying in?
3. What property types am I interested in? Single families, multi-families, condos, townhomes, etc.
4. What price point have I been looking in for the type of homes that I want to live in?
5. What is my ideal monthly payment?
6. What is my maximum monthly payment?
7. How much do I want to put as a down-payment?
8. How much will my closing costs be?
9. How many years do I plan on living in this home for? Less than 5? 5-10? 10+?

Investment properties:

1. What is my investment strategy? (Short term rentals, mid term rentals, long term rentals, student rentals, sober housing, single family rentals)
2. How much capital do I have to invest?
3. Where do I want to invest?
4. What kind of properties do I want to purchase?
   1. Fully renovated properties vs. Value-add
   2. Core Urban vs. Suburban vs. Rural
5. What is my process for due diligence when underwriting deals?
6. What is my process for due diligence when I am under contract?
7. Do I have a contractor that I can rely on?
8. What is my leasing strategy for this property?
9. How will I manage this investment property?

Happy to give insights or answer any questions you have on the above!

I've worked with Joe too! Great guy and agent!

Both Mike and Joe have helped multiple clients buy multi-families in the last couple months with us!

I have helped clients in your exact situation in the last few weeks.

You do not have to refinance that loan to purchase another home.

In fact, you can purchase a new single-family home with 5% down and turn your current home into a rental.

You can even use the rental income you will get from your current home to help you qualify on the purchase of the new one!

@Alan Asriants can be a great resource for you in Philly!

Reach out to @Michael Doherty! He is your guy for multi's!

@Alan Asriants is your guy!

Debt to income ratio is great because it determines what a healthy overall monthly payment should be.

If you make $4,000 per month ($48,000 per year) and you are buying a 4-family with potential rents of $1,000 from each unit, you have $3,000 in income and you will be occupying one unit.

You then multiple $3,000 * 75% = $2,250.

Add $2,250 to your income of $4,000 = $6,250.

Multiply $6,250 * .55 (max DTI for FHA) = $3,437.50

That is your total debt payments you can have on a monthly basis. You have to subtract minimum monthly credit card debt payments, car leases and loans, student loan payments, etc.

If you have $0 debt, you can qualify for a total mortgage payment of $3,437.50. This includes principal, interest, taxes, homeowners insurance and mortgage insurance!

Be careful using a conventional loan because you may not be able to use the rental income like the example above if you do not have a current housing expense (live rent free).