All Forum Posts by: Andrew Powers

You can try to find/ make a seller financed deal and get creative with low downpayment 

Good responses above. Talk to landlord to understand their flexibility. When I rented previously to my house hack, I still had a few months on the lease. I asked my landlord if we could break the lease in return that I help find tenants for her. She agreed. I was happy to not pay for a lease + mortgage, she was happy to have continuous rent come in + raise rents. 

Yes it's possible, that would be a great strategy if you can get a property that works. You can make an llc or have it in your name. It's not hard to make an llc and it can be done with very quick turn-around time depending how much you pay. 

I do property management and collect rent through Cozy. Many use this tool and there are other tools like it. 

Ask your lender about commercial loan which is based on asset performance. Or find a partner with money. Good luck with the deal!

Yes ask the city and your lender to confirm. I've seen cities consider 2+ units commercial but that's just their own classification unrelated to lender classification. Also the home could be grandfathered into the area which was changed to commercial zoning. Many other possibilities 

Hi Austin, either works, consider the pros and cons of each in terms of investment (cashflow, coc, appreciation potential, etc), exit strategy, personal preference on property type / location. My house hack decision was more between single family and small multi family. More single family homes are available in locations I wanted to live, and there's more financing options. I went with a 4bd 3ba house using a 3% down payment first home buyer loan. Good luck in your decision 

Prices are high and future market swings are unknown. My suggestion would be to become very comfortable with deal analysis, have target returns, and confirm what your investment goals are. Sounds like for you, the target is to live for free via house hacking. But also consider you may not live in that property forever so make sure it works as a rental (or it will be profitable when you sell).

If house prices are simply too much in your area for your target returns: consider changing your target returns (ie there is more benefits to owning real estate than just cashflow). Or buy from wholesalers, or look in other markets where prices are cheaper. Decisions can be made easier if you have clear and specific goals.

When you know you're ready to buy a property, you'll know. In the meantime, educate yourself as much as possible to be prepared for when opportunity comes. Good luck on your search! 

Good tip I've heard for finding contractors is to show up at lowes or home depot when they open early in the morning. I bet you'll find some handy men there

Wow sounds like a homerun, congrats on the property! 

Congrats on the project! Really creative financing I see. Are you saying at the refinance the cash in hand that came out of it was 64k? That would be impressive!