All Forum Posts by: Sam Kang

@Andy Ramdeen

im in the same boat as you. from nyc but if your thinking of buying your own house in nyc then once you've commited to nyc housing prices i dont thunk itll be easy to invest in real estate in the long run.....

where as if yoy invest outtta state you can always go back to nyc real estate.

it may help if yoy open tou savings/ down payment and your income...

ny houses can be so expensive

@James Wise

I watched your videos.

thought he consented.... what a jerk

@Seung Oh

Sorry I dont have any advise but i am in a similar boat from the opposite coast!!

good luck!!

@Michael Facchini

thank you for your thoughtful comment!

your pretty much on point in regards to my thought. My ultimate goal at this is to feel out the whole real estate investing, through a reliable family memeber so she can take care of the home and pay for it.

All im doing is making the down pay so she does not have to pay more than whats she's paying as her rent which is about 1200 a month.

Only thing which doing both is nyc homes are such dumps at 600 700kish. original condition 1910 to 1950 styles.

so in 1 or 2 years, i wanted to save up atleast 300k down payment so i can stay within $3000 monthly figure. I do not want to have a mortgage of like 4 5000 by down paying 10% or less. or if theres a market crash then ill be ready with what i have.

ny is tough for a first timer like me.

@Sam Kang

Can i also have her pay direct to the bank? or is this asking for trouble?

should i collect the rent to a separate account and get paid from her then pay it out of my checking and show zero gains?

@Daniel Kim

thx for the comment. i should have made a stronger empahsis as to" inlaws"to the point where I dont mind buying the house for her or paying for the mortgage if shes ever sick or whatever life may bring.

just wanted to take this as an initial step to RE investing to feel the mood~.

and wantrd alittle more insight on technical difficulties or how to situate taxes. bank accounts and whether i should out this in my personal or open a S.corp.

I should add that i have 2 retail stores and take home more than 100k extra in dividends on top of my 130k salary so a 100k home in suburbs is not too stressful in the worst case.

Also wanted to watch the market and let my savings grow to 300kish in the next 1 to 2 years before i go house shopping in nyc suburb's.

greatly appreciate your feed back !!

@Dj Hume

thx for the comment. i should have made a stronger empahsis as to inlaws to the point where I dont mind buying the house for her. so no problem there.

I ultimately wanted to experience the investing scene for the next year or 2 because by 2021 i should have appx 350k saved up to buy my own in nyc. and also hoping the market goes down slightly esp in the nyc suburb's.(praying)

wanted alittle more insight on technicalities to investing with this opportunity. thx!

My first post! thank you BP. I was planning on buying a house next year with my savings until I found BP and other RE channels. Performing Asset vs Liability.

1. I am 35 from nyc have about 200k in cash savings, making about 130k yr.

2. I was planning on buying a house in nyc suburb 600k~800k with 200k down.

(monthly payment will be 3000~4000)

3. Mother in law rents for 1200 3bed in chicago suburbs where house can be bought for 100~ 180k. and i travel there with wife and kids 3 4 times a year. ( I treat her like my mom and she also treats me like a son so No worries on the financial/problems)

finally my question:

instead of buying my personal home as my first property in nyc. I am leaning towards buying a home under my name with about 50k down in Chicago and have my mother in law as tenant where she will pay for the total payment of the house( insurance hoa fees etc total).

mortgage 600-800 hoa 200 tax insur200

total 1000 -1200.

Do you think this is a good idea?

Any legal obstacles?

how to properly set this up? (as i wont be living in this property.?)

tax advices?

any help or advices would be greatly appreciated!!!!!