All Forum Posts by: Andrew Powers

I think the move in requirement after closing for an owner occupied loan is 60 days,  but check with lender. Theres a few options. For example, you can structure your offer so the owner needs to have 1 side of the duplex open before closing date. Or maybe come to an agreement with the owner to have closing date 6 months in the future (if you and them are OK with that)

Scenario 1 where one of the doors is blocked off to bathroom#2 sounds best to me. 

If bedroom #2 and #3 share the bathroom, the only way I see it work is if there's locks on both sides of each door for privacy. But if someone is using the bathroom and locks both doors from the inside, I would imagine they can easily forget to unlock the opposing room's door

Large house you got there!

There's multiple FB groups for cincy investing and selling homes. I recommend searching there

There's a 3% down payment first time home buyer loan program for single family only (conventional loan). You would have to do this for the first house, then FHA after

Welcome! If the house is large but can fit an extra bedroom or bathroom, that will force equity. Also if you buy an outdated property or one that needs complete rehab.

Focus on fixes that are related to "operating" the house hack first, then things that increase property value. By operating I mean make sure house functions like heat system, water, kitchen, bathroom, bedrooms are ready to be used and lived in. For things that increase value, talk to local investors and appraisers, there's nuances to different locations. For example, having luxury tile in bathrooms is a big value add in many locations. 

Being a house hack, sometimes you end up spending money that is not necessarily value, but is a decoration or something to make it feel more like home for you.

I agree with the other posts. Line yourself up so when you are in a position to buy, then you will be able to act on it. Education, networking, setting goals are all part of it. Practice analyzing deals, it takes many times of doing this with various properties to make it become second nature. 

You can have money, knowledge, or hustle. Consider partnering with someone who has money, and you be the one finding deals, rehabbing, property managing

Everyone has different criteria for calculating cashflow. Many investors or sellers say the cashflow is way higher than what it is actually with reserves

Overall it's similar process to renting a house with on boarding tenants. Have a lease. 

Since they will be sharing common area space, have some extra sentences in the lease for keeping common areas clean / clutter free, quiet hours, etc. Just set the expectations up front before they move in!

Have you talked to loan officers about your plan? They look at your DTI (debt to income ratio) and could help project your future situation. With the duplex you will have extra income from it so they will include that in DTI.

Also analyze the numbers to see if you're OK with it... estimate how much cash reserves you have / will have, and how much you will owe on the SFH (ie out of pocket monthly costs)

Hello have you looked into other ways of buying like seller financing, land contract, etc? I recommend to look at creative ways to finance properties, and there's even some books in BP bookstore about this topic. Good luck!