All Forum Posts by: Brad Fallon

The title says it all. Instead of factoring it into your monthly payment, can you just pay off your PMI at the start of the amortization period?

@Conor Casey awesome, thanks. Best of luck to you and happy new year!

@Conor Casey thanks for all of that info, thats so helpful. Sounds like that major renovation ended up working well for you in the end!

For individual room rentals, where do you advertise? In looking them up online, I’m finding a bunch in the Canton area for ~$600-$700 but am not sure how accurate that is.

@Stephen Kehoe that’s good to know. In my price range, I won’t find anything with more than 4 bedrooms but I’ll keep that in mind for the future.

@Conor Casey that’s great! Mind if I pick your brain about the deal?

I’m hesitant to get in for a full rehab for my first deal but, if you’re willing to share, I would love to know:

1) How much you got the distressed property for

2) How you financed the rehabs and the experiences there

3) How you are all in for

4) Your monthly PITI

5) How you think the property will cash flow once you and your girlfriend move out

Thanks!

@Stephen E. That makes total sense. I appreciate your input and will factor that in to my other goals.

@Stephen E. Completely agree. In fact, I plan on managing my own properties for some time which is why I want to cluster them together as much as possible. However, I build that fee into my model so that I know I’d still be profitable if I decide to get a property manager.

Hey BP, 

I'm planning to start investing in the Spring by house-hacking in Baltimore. In running my numbers with different scenarios, renting out a property by room once I've moved on consistently yields the highest return. Although, the property managers, agents, and other investors that I;ve spoken to who are active in this area say that they have not often seen that. My questions are:

1) Has anyone seen/had success by renting a property by the room in A grade Baltimore neighborhoods? (Canton, Fells, Upper Fells, Fed Hill, Butchers Hill, etc)

2) Does anyone see any major reason to avoid renting by the room in these areas? 

Thank you and Merry Christmas! 

Brad

@Stephen E. Thanks for the advice, that actually makes a lot of sense that the CapEx and maintenance would not necessarily increase with the rent.

I'm considering renting-by-room once I move out given the demographics of my target neighborhoods anyway which would also allow me to cut down on my vacancy reserves since it would be much more spread out. 

@Sarah 'Sadika' J. Thanks, that's good to know. I'm not interested in section 8 but that small of a reduction wouldn't make much of a difference in my analyses anyway, unfortunately. 

I'm looking to househack and turn that into a rental property. My househack numbers work great but I can't seem to make any numbers work on their own.