All Forum Posts by: Scott Wolf

@Remi Oguntoye I have no clue, but I’m sure some of my attorney friends can help. PM me if you need a recommendation.

I'm staying outta this one.

@Chris Hanisco, first of all, congratulations on opening your options to MF rentals to keep your boys in a good school district, and supporting them.

For house-hacking, (as we call it here on BP), in best case scenario you will live for free, but it seems in your case, you will be living at a similar payment level to where you would be in a single family home. I'm using your monthly expenses minus half the monthly income.  You will also gain a tenant helping pay down your mortgage and the ability to cash flow once you move out (should you choose to keep it). 

Good luck, and remember, you can always make a lower offer than the asking price!

@David Glanville

NYC based, have investments in Dutchess county, on Long Island and in Nashville TN.

@Jeff Bousquet definitely speak with a commercial mortgage broker with expertise in where you’re looking. If you need a recommendation, shoot me a PM.

@Megan Serley I’ve got plenty of contacts and lend myself. Shoot me a PM

Welcome @Christopher G Platt!

I’m glad you found BP, as it looks like you will be very successful in RE in the future. You’ve already learned a good lesson about networking (speaking to your professor) and due diligence (researching the Homestead program)

Good luck in grad school!

@Megan Serley you're correct about FHA requiring the borrower to live in the property. If you find a MFH where the income will support the loan itself, you'll be able to get financing.

@Gary Volmar you should sell it to me for $50k per door.

Just kidding! You’ll want to interview a few brokers to get an opinion of value and how they will market it.

If you need a few recommendations, I’d be happy to help.

@David Waddleton I understand wanting to get in the game, and the metric you seem to be focusing on is $100 per door, which works great when you have lots of doors.

BUT, 1 month of vacancy crushes the entire year. You lose 1 month rent and then have to pay the PM one month when he leases it. That’s more than half your annual projected cash flow from one vacancy. Just my rationale on the deal.