Hey guys, I finally am getting started, been looking at homes to live in with a couple friends while being there landlord. The way i look at it is that I am 22, people tell me live home and save your money, but I wanna put my money to work for me. I live in new york state in huntington village, and I want to get a place but have little money to start. Whats the best way to go about this and is there a way to go into the deal with all my roomates as partial owners?
Any advice is appreciated…I am up for some good conversation regarding investing.
Okay the fastest way to make a good friend into an enemy is to make them your business partner. You can’t be landlord to someone who owns part of the same property. BUT if that’s REALLY what you want to do, you all get together and form a partnership and use the partnership to buy the house. What would be wiser is to find a house that’s been foreclosed on or is about to be, purchase it through what ever means you have available to you. You want to find one with a really low LTV… as low as possible. That’ll keep your payments down. Finance in some of the repairs and repair as you go. Finish a bdrm and rent it out. Use the money from the rented room to either a) pay the note or b) repair another room… rinse and repeat until house is finished. Move on to next property.
so just decorate the home in “early demolition” and live in it, great advice NOT this does not sound like a “finish and move on to next property” project.
if u don’t have the $ to get into a project then get it. if u can’t get it, don’t start it. costs ALWAYS run over. and so does the time frame. u will soon learn to hate ur friends too. work alone, or bring in someone ONLY for the $ or credit.