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I agree with the majority of posters. I think you should purchase a home of your own first, maybe a duplex or a legal apartment attached. You should get a feel for being a landlord before making such a large commitment.
I believe you mentioned your father had an investment property that he recently sold, right? He may be the best source of advice.
I agree with the majority of posters. I think you should purchase a home of your own first, maybe a duplex or a legal apartment attached. You should get a feel for being a landlord before making such a large commitment.
I believe you mentioned your father had an investment property that he recently sold, right? He may be the best source of advice.
Thank you, yes he sold it at the beginning of the year.
Fuirst off if you are buying it as an Investment property you have to put down at least 205, and most lenders require 25% or 30%.
You can attempt to buy it as a Primary and put down less, but of course you can always get caught.
It is illegal to rent out per room as you suggest. What is likely done through the Hofstra website (if its affiliated with the school and not some off shoot), is a meeing place to rent out a 3 or 4 bedroom, etc. Rent would be based off the entire home, that would then be split between the residents, not simply per unit.
You also have the whole reporting of rental income issue. Many people don't report rental income and do get away with it, but it doesn't mean it is legal. You might get away with it, but you certainly run the risks of facing legal problems if you don't.
Can it be done? Yes, however before you even seriously consider the idea you really need to have a grasp of what exactly you will need, the legal process, and any legal pitfalls you could face if you do not follow the laws as written. I don't mean this as an attack, but from the sound of it you really have no clue of what you would be getting yourself involved in.
Asking your questions on this site is your first mistake. no ones's going to do anything but bash you here. buy a house as a primary, convert it to a 2 apt. set up and rent it out. So what if you get caught. By whom? if the town catches you you just rip out whatever you need to make it a one family again (second kitchen) and start all over again. no ones going to catch you unless someone turns you in. ie be carefull who you rent to. This happens all the time on L.I. you have the brains and drive to think of this plan, so implement it. good luck. The people responding to your questions are doing just that, sitting around posting on this site instead of actually doing anything like you mention. This is loser land and theres more than one king.
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do it
