Buying First House Hack

[Alex Longinidis]

Hello!!

Long time lurker.  After many years of observing, I've finally got a house hack under contract.  What I found to be a solid 3 family in Troy, OH.  Had a home inspection done and found it needs some work (Roof will need to be replaced in the next few years, some of the electrical needs work, updating the 2 upstairs units, furnace replacement at some point, etc...).  

Will be moving to the area from Boston, MA.  I am very excited to finally be starting my house hacking journey.  Stressed with lots to figure out in terms of getting systems in place and making repairs with not much time to get everything done, but I'm confident in the deal.  

Would love to talk to anyone who is local to get a better feel for the area and have some folks to get advice from.  I've visited out there and thought it was a great little area (besides the train...) with a lot of potential.  

Also wondering if there are any Real Estate Meetups out that way?

[Jonathan Greene]

Quote from @Alex Longinidis:

@Jonathan Greene Thank you for taking the time to respond!!

Yeah there are several big items!  Everything seems to work as is for the time being, but I'm budgeting for the roof and furnace replacement in the near future.  First floor has a newer furnace (2016), two units upstairs share one furnace.  The upstairs furnace is from 1982 according to the home inspector, this is the one that will need to be replaced.  The standing plan is to put in mini splits in each unit once the existing furnace finally dies.  

Yes, estimated about $30-35K in repairs and negotiated that into the purchase price as best as I could.  All will be delivered vacant, apparently I missed the piece in my offer that allows the seller to stay in the unit up to 7 days after closing...  Hoping to place tenants on the first floor as close to move in as possible (1st floor unit is modern and doesn't need any work), then quickly make the repairs on the 1 bedroom unit to update and turn into a 2 bedroom and get that rented as soon as that is done.  

Third unit is a studio/efficiency that I will live in.  Needs a huge remodel (they put the shower in the living room, and you can't open the oven all the way in the kitchen, absolutely ridiculous).

I did check the events and meetups category, couldn't find anything nearby.  I'll check on meetup.com as well, I know sometimes they post meetups on there!

You've definitely done your due diligence on this so I have a feeling you will find long-term success here. Just know that some more bumps will come, they always do. If you have budgeted that way, you should be ok. This was hilarious and reminds me of a NYC apartment, not a multi in Ohio - (they put the shower in the living room, and you can't open the oven all the way in the kitchen, absolutely ridiculous).

I will look on a map to see where Troy is and see if there are any meetups near you.