All Forum Posts by: Simon Luo

Hello! Everyone!

I live in NYC and you can imagine how hard it is to find a house that can be worth the value. I did found a 2 family house and I crunch the numbers; and I actually have about $15 - $20 cash flow a month after the expense. The few issue that concerns me is:

1. Behind the backyard is a cemetery, I’m not really religious. But I’m scared this limits my renter groups!

2. Hard to seller in the future!

3. It will be delivered with tenant that is month to month basis. How should I go about that if I do buy it as my first property investment!

4. It’s been on the market for about 8-9 months and haven’t been sold yet. It does raise a question in my mind.

Any tips or concern or similar experience would be appreciate!

Breakdown:

Rental income:

second floor $1650

first floor $1500

Basement I was planning to live there but it can also be legally rented for about $900-$1000

Asking price: $579,000

Cash needed : $133,700

Gross income: $3150 ( not including the basement)

Operating income: $2835

Operating expense: $741

Net operating: $2094

Loan payment: $2080

Result : $14 cash flow per month

@Kevin Paulk thanks for the tip! Would you have any recommendations on books I can educate myself?

@Matthew Porcaro thanks! Yeah I’m looking in to Long Island right now for more option. NYC itself I can only afford a one bedroom to a studio. Would you have any books you may recommend me, to understand more in real restate?

@Barce Xico thanks I will look in to his videos on YouTube!

@Eric Johnson thanks I have got pre approved for 400k for the FHA loan. But in NYC area it's hard to even get a condo with that amount. I'm looking further out of the city for more options

Hey I’m a pastry chef that was to start thinking about the future! A job like mine doesn’t really make the money for me to say I can retire with. Stock is a bit of gambling, I rather owning a property and renting it out.

I was only able to save 40k and save about 3k a month. Should I do rental or house hacking? With the limited knowledge and money; any pointers or tip will be much appreciated!

I live in Brooklyn all my life! From East New York -> Bay Ridge -> manhattan; I don't have any limit where the property has to be! Just want to know how to start? Can I use FHA loan, so I can have more cash flow on hand?

Hello everyone! I’m a Pastry Chef, have not much knowledge in real estate. But I want to start investing in real estate; I was only able to save about $40k, could save about 3k a month. I want to start investing some how, just don’t know where to start. I live in Brooklyn NY my whole life; from east New York to bay ridge to manhattan now. Any one can give me a pointer or two I would much appreciate it!