All Forum Posts by: Aaron K.

@Ryan Rochefort I would say it will be extremely difficult to find a money partner for a house hack unless you would be paying rent at market rates as well.  The person with money could just buy the property and rent out all of the units at market rent instead of all of the units minus the one you live in.  You need to think about what value you would bring to the table for a money partner, they will not just give you money for free.

Don't just plan on your cash flow today strategize for how you will handle balloon payments, if you can't come up with a good strategy for handling balloon payments maybe consider refinancing into more conventional loans if possible.  If you feel you have too much debt you could always offload a couple properties and use the proceeds from the sale to pay down the debt on the units you have left.  If you are not comfortable with your current debt load I doubt that acquiring more units and going into more debt will put your mind at ease at all.

I would say as a general rule whichever one has the highest interest rate, if they have the same interest rate which it appears they do pay off the one with the lowest balance first.

I have no idea why anybody in their right mind would do owner financing for 0% interest, that makes no sense at all to me, there must be more to the story for them to even consider doing something like that.

@Steven Mitchell do the showing instructions on your listing say go direct? if not that may be a problem even if the lockbox is there. You might also have your agent send you the listing in MLS so you can look it over and make sure that there are no mistakes or omissions.

This website is extremely helpful for research in state or out of state

http://www.city-data.com/

Yes, if you don't own the home, especially if unauthorized applicants are forbidden in your lease agreement, and if you own the home you would want them on a lease so that you had an enforceable contract.

The most important part of a business plan especially if you are going to show it to a bank is math.  The more specific numbers, case studies, examples, and real quotes you can provide the better.  Estimates are just that but real numbers from real properties or real contractors will be helpful.  Also showing them how you analyze a property may be helpful.

both cost about $500 minimum to set up and $800 per year depending on the state, whether or not it is worth it depends on what you do with it.  Also make sure you get legal advice regarding this as this would be a costly mistake if done incorrectly.

Short answer: Yes