All Forum Posts by: Haricharan Kasthurirangan

Thanks @Jon holdman for your valuable insight ! I did not go ahead buying the property .. Have a wonderful 2016 

I completely agree with you ! im trying to buy my first property and get out from my 9 to 5 lifestyle  and attain the freedom buy making enough passive income. All the very best of luck for your vacation home and glad you are taking action !! 

Hey Folks 

In the process of buying a duplex in haddon height Nj, I'm a total newbie when it comes to buying properties in the states and becoming a landlord. 

It a 3 bed 1.5 bath with W/D and finished basement in one unit and a Single bed and bath without W/D in the upper unit

Its both the unit pull in about $1500 (Long term tenants) and $850 mon on mon . Total cash flow of $2350 per month 

 Im planning to move in and rehab the upper unit . Move out after an year and rent it out the unit 2 at $ 1000 - By adding W/D, cabinets and giving it some TLC

Buying cost : 226000 with 6 K back at closing

Doing FHA 30 year at 3.25% Monthly payout including P&i +PMI , insurance and taxes works to $1800.84

Electricity paid buy the tenants. Water and Gas are paid by the landlord. Water comes to about $65 a month and Gases at $164

The property has almost new HVAC , 8 year old roof , has older window its 63 years old 

Wanted to know if this is a good deal. Home inspection and comps see to be good . This is my first stint in to real estate investment . My goal is to keep buying rental income properties to generate +ve cashflow and attain freedom by generate passive income in the next  5 - 6 years . Hope im making the right decision. 

Looking forward to hear from you all . 

- Hari

Hello Biggerpocketers !

Im Hari, 34 years working in a MNC company . A first time home buyier in the US ; planning to start out with  multifamily home in Haddon height NJ, Decided on buying a duplex as i want to get off my full time job soon and get into real estate full time. Dont like the idea for working 9 to 5 . My short term plan is to stay in one of the unit on top and have the long term tenants rent the below unit. I want to move out after a year so that i can let the top unit out for rent and make some + case flow . Im buying the this property on a FHAloan for 30 year fixed at 3.25%.

 Long term goals are the keep repeating the same process till i generate $5000 of positive case flow (after all expenses) from all my properties in 3 years time and buy a nice home for me and my family to retire into.

Want to take help from all the community member to see if my goal is realistic and what are the dos and dont that i should follow to achieve it in the shortest time possible. Thanks in advance for all you support