All Forum Posts by: Conway Churaman

Because I decided not to invest in the very same triplex I've been renting from for many years, I have to move out (long story).  

I can't focus on learning about REI while I have a deadline to move out of my place. I need to find a place to live so I can then focus on my REI education. Can fellow NYers help a guy out? I can only afford around $1,100 a month for a 1 bedroom. If it's a studio then it would have to be a nice studio. It would also have to be a low crime, decent neighborhood. Those types of places for for at least $1,500 a month in Brooklyn where I am now. Problem is I had been spoiled by only having to pay $1,000 for my unit. My family had a good thing going with the owner for many years till he decided to sell.

I am seeing units for around $1,100 in Staten Island in relatively nice neighborhoods on Trulia.com and other sites. I am considering a move there. Is house hacking or buying a duplex or triplex for multiple income streams a viable option for me with NY prices? How does an FHA loan potentially fit into the picture? How does that actually work by the way? I would have to apply first to see what I can afford? If so, what should I do on a multi-family? Come up with a business plan and apply for a conventional loan?

I have 30k in savings which I want to keep aside for contingency when I eventually start investing.  But perhaps I need to start now with a house hack so I can live someplace first using a 403k or other similar govt backed loans.  I need a very specific strategy and plan for my particular situation.  I wish I could consult with a NY Biggerpockets mentor type.

Any input appreciated.  Thanks

I'm in a worse situation than yourself.  Though I would like to keep track of what you end up doing.  Perhaps your experience might give me some ideas.  I encourage everyone to help him out with some input.

Interesting posts.  I think I would like to hear from a house hacking / life hacking perspective now.  Asked Paula Pant to comment.  I would like to keep this thread alive a little longer.

 Nope this isn't about me (okay it is).  I really want to know what YOU would do.  What your goals would be (short term and long term) if you were to suddenly have to start over and given $30k in cash to do it.  Oh, and say a little extra cash thrown in for a plane ticket to any place in the USA.

I would like to know what the aggressive investor might do as well as the passive. Would you plan to turn that $30k into $30 million Donald Trump style, or would you go the life hacker style like Paula Pant from affordanything.com. If all of life's problems would go away and you got to start over with a new identity, in a new town, with $30k in cash and a head full of REI knowledge what would you do? Whoever is reading this post what would you do?

I can pick and choose from many of these posts and it would describe mostly what's preventing me from investing.  Mostly it's just me.  Okay, it's more complicated than that.

Anyways, I just wanted to say that this is one of the greatest threads here on BP.  

Carry on. :)

Yes, I've been mostly lurking these past few months as I try to deal with situations preventing me from focusing on REI without distraction.

In the meantime,  I need ideas to chew on until then.  So this question is really for the seasoned investor:

With the knowledge you have gained over the years Mr. or Mrs. Professional Investor, if I were to magically pluck you from your life and land you back on planet Earth, USA, with $30,000 in cash to start over.....where would you go and what would you do?

.....and trust me when I say that whether I'm a newbie or not I'm going to do my best to pick your plans apart!  :)

 I guess you might be a person to contact if one were looking for such properties?  Exploring the possibility of doing a "house hack", as they say, in the central Florida, Tampa, Orlando region.  Perhaps your name is one i should keep in mind?

Where are my manners?  Congratulations, I'm sure you are going to do great!  Please let us know how you progress.

Hi all.  I'm in the Orlando area today on holiday.  Could be a permanent thing in the future if things go a certain way.  If I wanted to get a multifamily to rent out what part of Florida should I be looking at where the demand would be?  Tampa?  Orlando?  Someplace else?

Welcome!  I am currently exploring my options and trying to formulate an investing strategy that works for me.  Starting over in Tampa Florida is an idea I am thinking about.  Keep in touch and let me know how it goes with you.  Good luck again!