All Forum Posts by: Adam L.

I've read the Househacking Strategy book and a few posts of people talking about living in an RV while renting out their home. Ignoring local municipality rules, does FHA have a problem with this?

@Wayne Brooks thank you!

Does the one year primary residence begin after renovations begin and I move in or once the property is initially acquired?

Was just about to ask this question as well! 

I went out to view a 'short sale' duplex property for my first house hack and it has potential to be a good deal. I have the following hurdles and would appreciate any advice!

1) The property has two units: 5 and 6. Unit 5 was evicted in early March. I was able to tour unit 5 and I think it has nice renovation potential. Unit 6 we were not able to tour. According to the realtor the landlord did not want us to go inside because the tenant is in jail and the tenant's girlfriend is presently living in there. Unit 6 has not been paying rent. The realtor told me that the girlfriend is basically a squatter. The realtor was encouraging me to make an offer and perform an inspection on the exterior and only unit 5. She recommended I could then evict unit 6 after acquiring the property and perform an inspection on unit 6 after the eviction. This sounded extremely risky as my first deal and I don't think I would be able to get insurance or a mortgage without a full inspection? Not to mention the eviction ban, right? I thought about approaching Unit 6 and offering to pay them some money so an inspector can come inside. Does this seem like a potential solution, or do you recommend another approach?

If I was able to have the entire duplex inspected and my offer was accepted could I do the renovations on unit 5 and the exterior, then evict unit 6 after the eviction ban expires? Does this seem like a feasible approach?

2) The duplex is attached to a single family house (SFH) in the rear. I confirmed with the realtor that these two properties 'share' a roof. While touring the property I noticed that there is a tarp over the shared roof that is covering both the duplex and the SFH. I did some digging on who owns that property and it appear that they entered into a contract in June with a roofing company to fix their roof. The realtor asked the duplex owner and replied that "there are no issues with the duplex roof." Should I try to reach out to the owner of the SFH to see what the roofing issues are, and maybe coordinate with them if needed? I was also thinking of having the property inspected before making an offer to see if there are any overall issues besides potential roofing issues with the duplex, but I worry about the fact that it is a shared roof.

I went out to view the property and it has potential to be a good deal but I have the following hurdles. Would appreciate any advice!

1) The property has two units: 5 and 6. 5 was evicted in early March. I was able to tour this unit and I think it has nice renovation potential. Unit 6 we were not able to tour. According to the realtor (found her on zillow) the landlord did not want us to go inside because the tenant is in jail and the tenant's girlfriend is presently living in there. Unit 6 has not been paying rent. The realtor told me that she is basically a squatter. The realtor was encouraging me to make an offer and perform an inspection on the exterior and only unit 5, then I could evict unit 6 after acquiring the property and perform an inspection on unit 6. This sounded extremely risky and I don't think I would pass to be able to get a mortgage without a full inspection. Not to mention the eviction ban, right? I thought about approaching Unit 6 and offering to pay them some money so an inspector can come inside. Does this seem like a potential solution, or do you recommend another approach?

If I was able to have the entire duplex inspected and my offer was accepted could I do the renovations on unit 5 and the exterior, then evict unit 6 after the eviction ban expires? Does this seem like a feasible approach?

2) The duplex is attached to a single family house (SFH) in the rear. I confirmed with the realtor that these two properties 'share' a roof. While touring the property I noticed that there is a tarp over the roof that is covering both the duplex and the SFH. I did some digging on who owns that property and it appear that they entered into a contract in June with a roofing company to fix their roof. The realtor asked the duplex owner and replied that "there are no issues with the duplex roof." Should I try to reach out to the owner of the SFH to see what the roofing issues are, and maybe coordinate with them? I was also thinking of having the property inspected before making an offer to see if there are any roofing issues with the duplex, but I worry about the fact that it is a shared roof.

This deal works at the asking price of $200,000. Is it possible there are liens for more than $200,000?

@Bob Houston currently in Denmark you can get a negative interest rate mortgage. Wild, so never say never. I think with the rate that the government is printing money these past few months helps the case that rates will stay positive. If you pull up a 100 year chart of interest rates you will see we go through 30 year cycles of inflation and deflation. If you also look at the recent surges in real assets like gold and silver this paints a real-time picture of inflation fears. I say real-time because gold and silver trade in the open market and are not subject to central banks' artificial control. To summarize, due to covid, and if we get a second wave, rates may go negative for a short period as the FOMC tries to stimulate 'quick' growth. I think inflation is what we really need to worry about in the next 5-10 years. 

Hi BP community, I have been looking for my first house hack deal in an expensive market. I finally located a property where the economics look great and it is closer to my job. It's a shorter commute and I could even not renew my car lease in December to eliminate expenses. The seller has listed that this is a short sale, which I had to google what short sale meant. I was hoping to get some advice from the BP community on what to be on the look out for / questions to ask regarding the short sale. I have the determination to make this happen but is there a point where it just becomes ridiculous? I am going to see the property tomorrow afternoon. Below are the economics of the deal. 

@John Warren & @Jaysen Medhurst there is no debt on the property and it currently rents for $1850. After all expenses the cash flow is $850/month. 

Following the BRRRR - Is there a limit to how many properties I can refinance similar to how investor can only get 10 conventional loans?