All Forum Posts by: Nate Monson

Realize the excel might be hard to see. Here is an update.

Hi all,

Wanted to get some advice on a 4 unit I found in eastern New York. I would buy this as a house hack with an FHA loan and rent out the other 3 properties. Each unit is 2 bedrooms and 1 bath and based on what I've found it seems like I could rent each unit for around $950.

After running the numbers through my excel sheet it seems close, but I'm still new to analyzing and want to see if anyone can see anything I might be way off on that could swing this into a good deal or swing it to something not even worth pursuing.

Thanks!

Hi all,

I scoured the forums for a post like this, but I didn't seem to find one. I am a 1st year MBA student in the upstate NY area and I am currently researching FHA loans and other creative ways to purchase a house to "house-hack" with my fiancee' and move out from my current living situation. While I am in school she is an elementary school teacher, but has only been so for 4 or 5 months now. Currently, we would be able to finance a down payment with an FHA loan, however, we have not had steady income jobs for the past 2 years which I believe is required for most FHA loans.

I am wondering if anyone else has been in my situation, and if there anything specific you did to finance a house hack or different type of housing situation shortly after being a student. Unless the house came at a super cheap deal we probably wouldn't have the money to put down for a conventional mortgage. My living situation isn't unbearable at the moment, but it certainly isn't ideal. I would like to not only move out, but try to learn how to be a successful real estate investor by owning a "house-hack." Any suggestions or help would be greatly appreciated!

Nate Monson

@Peter Rowell thanks for the welcome. I would absolutely love to hear your process on house hacking in this market to see if it would be a viable option for me. Would you mind sharing with me some of your steps to your house hack? Thanks!

@Ryan Bolesky I would also love to hear your process on finding your deal as well. I love the Clifton Park area and would love to understand how you made that work. I am interested in the meet up in Latham at the end of august as well so thanks for that tip I am going to try to make it out! 

@Gini Vidal Hi Gini! Thanks for the advice. I am actually living closer to the Albany area right now, but I am not determined to stay living and investing in this market long term so that is good to know about the Cortland area in case I ever did decide to move back. Good luck to you as well and thanks again!

Hello everyone! My name is Nate Monson and I have just started learning about real estate through reading books and and listening to the podcasts on this website! I am 23 years old and recently graduated from SUNY Cortland (located in central new york) with a bachelor's degree in sport management. I am interested in athletic administration as a career which is why I am going back to school to get my MBA. In the mean time I would like to learn as much about the real estate industry so in the near future I am prepared to enter it!

I am interested primarily in house hacking to begin investing in real estate because I plan to work full time for most of my adult life in athletic administration which I am very passionate about. After living in the first house for a year or two I am interested in buy and hold properties and a source of additional income to boost my family's income. I am from Upstate New York and I live in the capital region. I am interested in learning from local real estate investors on how they have gone about successfully producing cash flow in this area. I am not opposed to moving out of the area for investing and for living purposes, but I would love to get a feel for the market and how others have been successful doing the things I am looking to do. 

Again I am very new to this industry so this is my introduction and I look forward to learning and talking to many of you.

Thanks!