Here’s the budget of a 27-year-old who owns 2 houses | Mt Kisco Real Estate

After graduating college in 2009, Brian Maida lived with his parents for about two years in order to save the money to buy his first home.

He bought a second one in 2013.

Maida, 27, lives in New Jersey and works in business development and sales. He says it only took about $14,000 to buy that first place, which he now rents out for supplemental income.

“I was able to refinance that loan within a year and show them that I had 20% equity based on their appraisal, and that lowered my payment by almost 20%,” Maida explains. “You can get pretty good deals on real estate if you look hard and negotiate.”

He bought his second place, where he now lives, in  a short sale with  5% down, and he currently pays private mortgage insurance (PMI).

In fact, Maida devotes the bulk of his monthly budget to his properties, and plans to buy a third property in March of this year. “I liquidated my 401(K) and Roth IRA,” he explains. “I no longer believe in investing in the stock market — I follow it too much. I would rather buy real estate and leverage my money. Right now I own about $250,000 in real estate, and I put in maybe $40,000.”

Below, Maida shares his monthly budget based on his $5,656 monthly income ($4,306 from his salary, $1,350 rental income from his investment property). He budgets according to take-home pay from his base salary, plus paycheck withdrawals like medical insurance but excluding taxes. He chooses to list out the withdrawals in case he ever becomes a contractor in the future. “I don’t even put commission on here, because in my role, I could make $100,000 one year and $200,000 the next,” he adds. “All the commission is extra money I’d save.”

All numbers are rounded to the nearest dollar.


Here’s the budget of a 27-year-old who owns 2 houses | Mt Kisco Real Estate | Bedford New York Real Estate | Bedford NY Homes by Robert Paul Realtor.

About robertpaulrealtor 914-325-5758

Realtor in Bedford NY specializing in marketing and selling luxury homes and finding the perfect homes for new buyers. Working in Armonk, Katonah, Pound Ridge, Lewisboro, Chappaqua and North Salem. 914-325-5758
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