All Forum Posts by: Jose Batista Abikarram

I would recommend to set a goal (gives you vision and purpose)to saving for 20% down of your ideal housing price. I find is way better to start with a house hack which is what I am doing. With a house hack you don't even need a 20% but if you do you skip the PMI charge! Being frugal is key. I wish I started that young!

Thank you @Michael Lewis Lee for your input. I think there are certain disadvantages without the LLC and you point a big one. However I think losing the homeowner status and going to a way higher interest rate due to an LLC is not worth it. Also as first home buyers we get a 3.5% interest which will never compete with seller financing

That’s a good perspective @John Warren. I was a doing some research in DBA and the only perk it really offers is a fake name which could be useful for some business transactions. However I'm leaning more to starting with another personal account and then doing an LLC in two years when I move out of this house.

Thank you for the quick response @Mark W.! I did not know about the DBA but sounds like the option I need. I made a little research and even found out I can do a partnership one (me and my wife are in this together)!

I agree with the big banks and was just trying to see the opninons on the onine only. I will definetly check ESL out as well as some of the other credit unions to see what they are offering.

Hello BP! I'm house hacking my first property In Rochester NY and basically trying to see your opinions on the following questions/topics. I know doing an LLC whole house hacking is not a good idea based on other post but I'm still wondering about these two.

1) Can I even open a business bank account without an LLC and have all my income and outflows from that account? If I can do you think is worth it?

2) When doing business bank account would you go with a big bank (chase, boa etc), online bank only (axos, azlos,etc) or local credit union?

Thanks!

Welcome to the Roch @Kaelyn St. Tomas! I’m in the process of closing my first home hack and it is a fourplex. I don’t know yet how is going to work but I have a good feeling that is going to be great. In the inspection today I learned that with 4 units you can get a LOT of grants from the city and even electricity companies just due to the size and number of units. 

From my experience there aren’t a lot of those in the market and my guess is because they cash flow so well. I would recommend something like direct mailing. A good realtor can help you find the landlord from tax records and help you mail them.

Also I will be soon posting my story in the investment section as I continue my process for my first house hack!

As @Tyler Gibson says LLC is not worth it. As of now just try to put money aside for your next purchase. Imagine that you are "paying" the rent you should get for that apartment. Try to live there for two years to take advantage of tax cuts when you sell and then try to move and see if you could get conventional for the next one.

For what @Mike Chevalier wants a conventional loan is not possible. I say it because I already went through the pre approval. Although is true you can get a 3% down for conventional this only applies to single family home. Multi family require at least 20% for duplex and 25% for more units. Hope that helps streamline a bit!

Hello Mike, Thank you for creating this post. I was a little shy about doing my first post with no real experience but you have inspire me into at least commenting on this one! My name is José Batista, and like you new a investor (due to an interaction I had with a realtor, cool podcast like BP and How to Money) in Rochester, NY. I just did the 90 day webinar and trying to achieve the goal of purchasing my first house hack in 90 days! I am also 25 years old, but graduated from RIT as an Industrial Engineer (yes I am a geek and love systems and efficiency). I recently started spending more time in Rochester with my wife since I can work more from home. I am part of the continuous improvement team in the capacitor industry and this is my first job although I have had plenty of other internships. I also like hiking, but mostly do a ton of latin dancing and some ultimate frisbee. If you like to connect message me directly. I have been looking for masterminds/groups in Rochester and can let you know of a few places I have found + breweries! As far as real estate, I am on your same boat and even with the same portfolio but starting sooner. Thanks you for creating this post and inspiring me. Hope to connect with you and other ROC people. As well you reach out in my messages to connect! Gracias, José Batista