All Forum Posts by: Mike Mitchell

Just curious to know how other investors are funding their buy and holds. I have a full time job and a part time job and i am able to save enough to purchase about 2 properties every 3 years. If i quit my part time job (which i plan to) it would be 1 every 2 years. Is there any way i can accelarate this?

what cities are you investing in?

I currently live in and own a multi-family in NYC. I would like to expand to cheaper markets that wont require 100k down payments. I have been looking heavily at cities in New Jersey, Connecticut , and I could possibly stretch into Pennsylvania. How far from your primary address are you willing to invest in. Are you using property management for you properties 45mins to 1hr away? are you going further out of state for better deals? what  are good towns for investors in the states listed?

I recently posted an Ad for my 3br for $2000 in Brooklyn, NY. It is a 2 family house. My PITI - 3000. I am currently getting 1700 for the 2 br unit. I have 2 potential tenants. A Section 8 family with a smoker for 1900 in which section 8 will cover 1600 and tenant covers 300. I have another family interested with good credit 35x rent income. But is only willing to go up to $1800. Should I rent to section 8, rent to family for $1800 or keep looking. The apt has been on the market for a month and a half. It is in a appreciating working class neighborhood in Brooklyn.

I recently purchased a legal 2 family house that is setup as 3, My brother will be living in the illegal unit for free as he will be managing the property. What are my options for handling utilites for the illegal unit (no lease) and the unit that it will share utilites with.. Can I include in the lease that all bills will be shared between the 2 units? or do I have to rent with everything included? is there a better option.

thanks in advance