All Forum Posts by: Matthew Platon
Matthew Platon has started 2 posts and replied 9 times.
Post: Retired at 34 with 5 Kids Thanks to 3 House Hacks—Here’s How I Left My $147K Job
- NJ
- Posts 9
- Votes 6
Hey Sunny,
Huge congrats on your achievement! I’ve just started my own journey, and seeing your success is inspiring. It’s a reminder of what’s possible with hard work and persistence. Thank you for showing what’s achievable I'm excited to keep pushing toward a similar goal!
Post: Excited to Learn & Take Action - New Investor from New Jersey
- NJ
- Posts 9
- Votes 6
Hey Richard!
Welcome to Bigger Pockets! Currently house hacking in central jersey and definitely can learn a lot between the podcast and video's. The content is there just have to take the time to consume it and break it down! Of course ask questions and more questions! Best of Luck !
Post: Good time to take out a HELOC ?
- NJ
- Posts 9
- Votes 6
Quote from @Shawn Mcenteer:
Quote from @Matthew Platon:
Hello everyone !
I been thinking about taking out a HELOC on my current primary residence (Two family) . Is it a good idea ? Or should I look into other creative financing options? My two ideas are one to search/purchase another multi family unit and house hack. Or two make improvements to my current property. Such as upgrading the HVAC system in both units and other items that are value add and could increase rental income. I'm located in central NJ . Let me know your thoughts or idea's ! Thank you !
Hi Matthew, seeing this post now. I commented on another thread you were...
To answer your question this very property by property. I have been house hacking for over a decade in NJ and have dozens of house hacking clients. I will say the majority of the time HVAC does not produce significant ROI unless you already have a forced air system and you can tie the AC portion into the existing duct work. Also something else to consider is having open attic space and basement space if you are over under. Side by side tend to be little more difficult.
I have used HELOC a few times on properties I was house hacking. It for sure tends to be best option. I am not a huge fan of REFI becuase it restarts the loan back to month 1 and for obvious reason if rates are higher. Happy to chat more and map out a plan with you, tough to give definitive answer without knowing more about situation but if you have the equity there tends to be a way to make HH number 2 happen.
Hi Shawn,
Thank you for the information! Yeah I'm leaning towards the HELCO then REFI because of my low interest rate . HVAC isn't a major issue being that I live on the downstairs unit. But once I move out of this unit I would like to have that split so there's no issues of heat or air. Definitely would be interested in having a conversation if you have some availability!
Post: Good time to take out a HELOC ?
- NJ
- Posts 9
- Votes 6
Quote from @Denise Supplee:
Hello Matthew,
HELOCs tend to have lower interest rates with greater payment flexibility. However, to purchase an investment property, a HELOAN may be better in order to leverage your assets, increase your income while sustaining your cash flow. Just make sure and run the numbers!
Thank you for the tip and will look into the HELOAN option !
Post: Looking to purchase my 2nd Multi-Family property
- NJ
- Posts 9
- Votes 6
Hey Leroy,
I'm very similar position as you and trying to figure out a way to getting my hands on another property. I'm looking into the HELOC route as well. Being the equity I have in my current primary is decent enough to get my hands on something. Although my market is tough still will try ( I'm in NJ )
Post: Good time to take out a HELOC ?
- NJ
- Posts 9
- Votes 6
Hello everyone !
I been thinking about taking out a HELOC on my current primary residence (Two family) . Is it a good idea ? Or should I look into other creative financing options? My two ideas are one to search/purchase another multi family unit and house hack. Or two make improvements to my current property. Such as upgrading the HVAC system in both units and other items that are value add and could increase rental income. I'm located in central NJ . Let me know your thoughts or idea's ! Thank you !
Post: Upgrading HVAC System in Multifamily
- NJ
- Posts 9
- Votes 6
@ ryan
Hi Ryan,
Yes I did to speak to HVAC professional to get pricing on project like this one. It will be big project but after speaking to multiple people and looking through the forums it looks like a good idea. Thank you for your input !
Post: Upgrading HVAC System in Multifamily
- NJ
- Posts 9
- Votes 6
Quote from @Robert Rixer:
It depends what your goals are, but I'm inferring that this is a comfort/long term investment as opposed to a quick flip. In which case you are likely better off going to forced air.
Hi Rob,
Yes you are correct this is a long term investment for me. It seems to be the general consensus to making the switch to force air. Thank you for your reply!
Post: Upgrading HVAC System in Multifamily
- NJ
- Posts 9
- Votes 6
Hello everyone,
Wanted to know some of your thoughts on this situation I have. I'm considering upgrading the HVAC system I have in my multifamily. I currently have radiant heat and it's a one zone system. But I'm curious if it's worth it to rip out the radiators and put in two separate forced air units. One for my for my unit and the other for my upstairs unit. Would like some feedback from anyone that has been through this or something very similar. Thank you in advance for your responses!