All Forum Posts by: Jaysen Medhurst

One of my co-workers has had good luck with Roofstock. She mostly invests outside of Chicago.

@Aaron Jones, a duplex might work well as a BRRRR house hack, just be brutal with the numbers up front. If you ever move out and keep it as an investment property, you have to make sure it will still cashflow. Duplexes are tough, because you only have 2 units over which to spread the expenses (costs the same to cut the grass at a duplex as it does a quad).

Couple of ways to track down deals:
1) Search the "for rent" ads and ask the owner if they're willing to sell.
2) Use the town's property search feature to identify all of the 3 or 4-plexes and then start driving. Can be a little labor intensive, depending on how well digitized and searchable your town's records are.

OP said income will quadruple in 2019, read that as meaning debt will be paid off.

Look to house hack using an FHA loan. Find a good 4-plex and live in 1 unit. You only have to be there a year. By that time you'll be out from under your student loans. I *think* FHA will consider 75% of the property's rental income when qualifying.

While $300/month for 1 door is great, I would flip and then invest the profits in a MFR. you could cash flow twice as much.

Given this info the numbers don't work. You're paying $350k ($300k purchase + $50k rehab) for a property that will be worth...$350k. To do this as a proper flip you would want to pay around $195k + $50k rehab to be all in around $245-250k. With rents at only $2500/month, I don't see how this can be a BRRRR or traditional buy-and-hold. You'll be lucky to break even. Maybe there's an appreciation play (I don't know this market), but remember, that's speculation, not investing.

Only put down 20% on the 1st property. That will free up another $10k. What will that property be worth after repairs? Check with your lender (and several others) to see if they have a seasoning period before allowing a cash out refi. Ideally, you want to refi and pull all or most of your cash out. (BRRRR strategy, tons on BP about this). If you can put off the repairs to the second property for just a little while, you can possibly fund with the refi money. Otherwise, why not bring in a partner for the second deal?

Michael, good job getting started early. As far as a major, I would say business/finance/economics are best for RE investors. But that's besides the point. College is a chance to explore, learn about the world and yourself. Follow your interests. You're sure to find some new ones at school. Finally, you're a rising Freshman, right? Work your *** off for the next 4 years so you can go to any school you want. It matters. Better schools have more opportunities, better networks, and the name brand does make a difference to people--especially, when you're right out of school. You may decide that a full ride to a top state school is a better choice than paying full freight at an Ivy. But you want to have that choice. And when you're ready, Columbia Business school has an MBA program for RE Development and Investing.

1st, talk to some local/regional banks. I would also consider an FHA loan. In Westchester, the limits are much higher due to the cost of real estate. Over $1mm on a 4-family. I also believe that FHA will consider up to 75% of rental income for qualifying. Have you looked in Tarrytown or Ossining? Both 45-60 minutes on the Hudson line and a little less expensive than lower Westchester.

Have you looked in Danbury or Waterbury? I saw a few possibilities in Naugatuck a while back. You won't find many MFRs in that part of the state, but don't give up. If you're really committed to those places, start scouring the city record to identify properties. Then start reaching out to owners directly.