All Forum Posts by: Andrew Jackson

@Brian Gerlach that makes sense especially in regards to a "step up". it sounds like going with a 4plex will be waier if planning to use multiple FHA loans. That helps shape my approach.

@Thomas S.

I appreciate the feedback and I see what you're saying. Thank you.

What's up BP!

I recently moved to Vegas and am looking to house hack. I found a 4 unit apartment complex that will cash flow with property management included ($75 a month). Which is the first property I've found that will cash flow, I've analyzed almost all 4unit complexes on the market. I've also thought about buying a large home and renting out the rooms, which would cash flow, but I'd be managing everything.

My strategy if I go with the 4plex is, finance with FHA, live in it for 6 months then finance a SFH potentially through FHA.

My strategy if I go with the single family home is to finance with FHA, Find good tenants to live with, and use the potential equity (assuming Las Vegas Booms like people are saying) to purchase multi units or other SFH to rent

What do you believe would be the wisest strategy?

If there's cash flow, can I really lose?

My long term goal is buy and hold so I have passive income that will allow me to enjoy my family and support somewhat high-end lifestyle.

Thank you for your help and input

@Dave Foster

Haha that really is beautiful! Thank you for the input. I'll keep you posted on how all this shakes down

@Bill Brandt

I didn't realize it could be tax exempt, so that's exciting news thank you for letting me know.

I did live in it so it should be tax exempt correct?

Also I posted above about purchasing a single family home instead with 5+ bedroom, living in one room and renting out the rest.

I think a hard money loan and purchase a home for auction would be the best option. So that would give me more reason to not 1031. Correct?

And what do you think about that option?

@Bill Brandt

Yes I lived in it for 1 year, last year.

@Andrew Jackson

@Bill Brandt

@Dave Foster

So I lived in the duplex here in Utah until I could move out. I moved out into a different single family. So the duplex is now considered an investment, correct?

If so, if I 1031 exchange into a 4plex it would have to be with the intent of it being an investment, and if things change I could move in... But I obviously need a place to live there so it seems I would need to buy it with the intent to live in it... It sounds like this could be an ethical thing too where I say my intent is invest but move into it.

@Andrew Jackson

@Brandon Carriere

So as fate would have it there is a trending post called How to make 144k house hacking in las Vegas.

@Gary Crawford financed a 6 bedroom home, lived in one bedroom and rented the others. He was able to make it cash flow, the home appreciated in value and he used it to fund other deals.

I want to replicate this. What are your thoughts on the best approach.

I'm thinking keep my properties in Utah, find a hard money lender to purchase a Foreclosed or auctioned home with 5-7 bedrooms, live in and rent the rooms, refinance after 6 months with the bank to pay off hard money lender and continue to rent... Or I could technically FHA into the home as I would live in it.

I think I can create more equity with the hard money approach, but I'd appreciate your input. Thank you all so much for your insights