All Forum Posts by: Nicholas Sheridan, Jr.

Congrats that is a really inspiring story! Maybe it's a good idea to setup your own contract with the GC maybe a pay as you go type deal

@Denise Sanford Wouldn't be a bad idea to go on your home insurance website (not logged in of course) and request another quote maybe under a fake name and different address to get an idea

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I don't have a background in mortgages but I would say that any steady monthly income is way better than no income at all. It is all about risk. Even if you do qualify for a loan when you don't have a job you will probably get a high interest rate because the bank is taking a higher risk in lending you money vs someone with a full-time job.

@Anton Ivanov Great read! Your mentality goes hand in hand from what I learned in the E-myth book

"building a network and a team of professionals to help me (property managers, agents, lenders, mortgage brokers, insurance guys, etc.); and training/teaching them to basically do most of the work for me."

@Devin Wynn "the property does not increase in value"

Buying based on speculation is a slippery slope imo

You should make a big Pro/Con chart for renting an apartment vs buying a house.

Renting an apartment:

Pros: Little to no maintenance on your end, save a bunch on not paying property taxes

Cons: Not building equity (aka you don't own anything), proximity to neighbors

Buying a house

Pros: mortgage interest deduction, after X years you own something that you can sell

Cons: Maintenance, taxes, insurance

Buying a property like a duplex and living in one side and renting out the other:

Pros: Your tenants help pay for your mortgage and other expenses, you get to learn how to be a good landlord

Cons: You live close to your roomates albeit seperate units (this could be a pain in the butt if you have crappy tenants)

Hope this helps!

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Welcome @Joshua Koronich ! I would heavily advise that you screen the existing tenant unless you already signed the contract

Hey @Emmanuel Lopez I live in Linden and am currently narrowing down my list of areas that I will purchase a 3/4 family property in the next couple months. Nice to meet you