All Forum Posts by: Michael Scorcia
Michael Scorcia has started 1 posts and replied 3 times.
Post: Advice on purchasing a multifamily at 18?
- Posts 3
- Votes 0
Originally posted by @Mark Boutin:
@Michael Scorcia I think this is absolutely awesome that you are considering doing this, I commend you! As Gary indicated, you could totally "house hack" and that could potentially provide you free housing plus additional income depending on the deal. If this would be your first housing purchase, you may be able to qualify for a lower down payment so your initial cash investment could be relatively small. In regards how much cash flow you can expect, there are a few variables that will drive the result and a few of them would be 1) purchase price 2) monthly rents 3) monthly expenses (i.e. taxes, insurance, utilities, etc). Hope this helps but if you have more questions, fire away, I'd be happy to answer more!
Thank you for your response, I had also wanted to ask what would typically be the loan rate for someone in my position, and also which types of loans would be the best fit (FHA, investment property loan etc)? I also would like some info regarding how the down payments and closing payments work.
Post: Advice on purchasing a multifamily at 18?
- Posts 3
- Votes 0
Originally posted by @Gary Kline:
@Michael Scorcia may be a candidate for a house hack.
Implying I would be living in one of the purchased properties correct?
Post: Advice on purchasing a multifamily at 18?
- Posts 3
- Votes 0
I am a first year student at Binghamton researching a foray into real estate. My interesting is making money through real estate in order to save up and create more capital for investment and to eventually transform this profit into passive income through property managers. The University itself is large with countless students interested in affordable, off campus housing with a reasonable landlord, and I believe I can provide that. I have a few questions regarding how much cash flow would be generated by a property such as a tri or fourplex, and the requirements for investment property and FHA loans. I am also looking for general advice those with experience may be able to provide. Thank you in advance!