All Forum Posts by: Ricardo S.

@Meg K.

A growing trend in New York is renting rooms.

Have you tried listing the apartment as 3 rooms for rent? Each room is $250. 

Have each roommate sign a separate lease. 

They will share utilities and cleaning of facilities. You can give a rotating monthly credit of $50 to one of the roommates who is willing to shovel snow during the winter season.

@Meg K.

I have a couple questions;

How many bedrooms are in the unit you are renting?

How much is the rent? 

Next time when someone goes to check the place out, go with them.

If he acts in the same manor the next time around, record it. 

Theres always going to be people like that, he's just mad.

@Cody 

@Cody Baileyundefined

 Congrats.

Please post a success story and possibly tell us the numbers and pictures would be great!

Congrats man on saving up that much money on so little income. Here are my thoughts.

NEVER...EVER rent to family or even friends. If you have to evict because they cant pay you'll drive a wedge between your family and friends. 

A better idea would be to find a distressed multi family property in a neighborhood that you can see yourself living in for under $155k. Finance it with a FHA 203K loan. This will give you these advantages;

1. Cheaper downpayment (only 3.5%) 

2. Renovation costs built into the loan (30k or more). (So your new home will be practically brand new) 

3. The market value after all renovations will be more than your loan giving you equity.

Then after living there one year you can refinance and cash out some equity to buy another investment or refinance to a conventional and remove the pmi. 

@Jonathan Sanchez

You can get a mortgage loan with low income as long as;

1. The amount you want to finance is adequate to your "low" income. 

2. You have a down payment as well as reserves.

3. You have good credit.

@Kevin Izquierdo

First find out why he wants to sell it. This may give you leverage when negotiating the selling price.

Rent rolls and tenant quality and lease information.

That should be a good start.

@Travis M.

The FHA 203k streamline has a limit of 35K

The Full FHA 203k loan can go as far as the ARV. As long as you can afford the payments and you qualify.

First you need to decide on what you want to do in real estate.

Choose a path by reading: http://www.biggerpockets.com/real-estate-investing

congrats man.