All Forum Posts by: Nicholas Sheridan, Jr.

Hey guys, unfortunately I will not be able to make it tonight due to illness. I am following this forum and will be attending the next one! As per my why: I feel as though renting is a complete waste of money and that being able to house hack and have my tenants pay some of the mortgage is the best option by far. I also like staying very busy and look forward to challenging myself to run a multifamily property while working full time. 

Looking forward to it, thanks for setting it up!

@Shane Short When you are looking at MF properties (at least in my area) it is nice if they cash flow but since you are occupying 1/3 of the units you should understand that 1 unit alone is not going to cover your mortgage payments. If you can get the other 2 units to at least cover most of your mortgage expense then you are golden because you are essentially living rent free while your tenants are building your equity in the property. 

Given this information, do you think I’m getting ahead of myself and need to save more? Or do you think the REI is something I can actually pursue this winter like I’d like to? 

- You should reach out to a lender and start crunching some numbers to figure out how much cash you need for the down payment. I just did a comparison myself of the pros/cons associated with FHA vs Conventional Loans.

@Jon Holdman @Jay Patadia thanks!

@Brian Dalton Thanks!

@David Weintraub Thanks!

@David Weintraub I too am interested for a central NJ meetup !

Hey BP community,

I am in a scenario as a first time home buyer in which I am going to purchase a fourplex in NJ most likely with conventional financing (I have been pre qualified). I was originally planning on house hacking and living in one unit and renting out the rest but I had a late night thought the other day. I am able to live with a family member that is close to the fourplex for an extended period of time and increase my cashflow on the fourplex. If I do this how does it affect my ability to deduct mortgage interest at the end of the year?

From my google searching I have came up with the following:

• If you have a second home and rent it out part of the year, you also must use it as a home during the year for it to be a qualified home. You must use this second home more than 14 days or more than 10% of the number of days during the year that the home is rented at a fair rental, whichever is longer. If you do not use the home long enough, it is considered rental property and not a second home.
• I would need to live in the house for 10% of 365 of 37 days

Most of what I could find only pertains to having a second home. Any help is greatly appreciated, thanks !

Dear BP webpage designers, I think it would really be a good idea to take a look at the layout of the drop down menu once you click browse forums. I have been a member for a couple months and have just now realized that you have to scroll down to see the bottom 4 forum topics (Financial, Tax, and Legal; RE Pros; RE Marketplace; Off Topic).

Hopefully this reaches the right people!

Does anyone have any good New Jersey Real Estate agent contacts in any of the following areas below? I am particularly interested in an agent who specializes in RE investing (triplexes/fourplexes etc.). I have been pre approved for financing and I am waiting to take the next steps. 

- Counties: Bergen, Passaic, Morris, Essex, Union, Middlesex.

Thanks!