All Forum Posts by: Brandon Hunsaker

I househacked a home for the last two years, and it is now a rental. I am selling it with seller financing because I recently transitioned to self employed and not able to get a HELOC for it since I've been self employed for less than 2 years but would like to be able to access the equity in my home to help build my own business. I have not paid off the mortgage yet so I understand by having a buyer assume my mortgage that the due on sale clause could be called. To help protect me in that circumstance I am having my realtor write a clause that if the due on sale clause in invoked then the seller financed loan balloons immediately and the buyer is responsible to refinance or I can foreclose on the buyer to help insulate myself in the event of the due on sale clause being invoked. In addition to this risk are there any other risks to my personal credit or being able to obtain a future mortgage or loan through my personal credit that could be impacted by extending seller financing to a buyer?

I househacked a home for the last two years, and it is now a rental. I am selling it with seller financing because I recently transitioned to self employed and not able to get a HELOC for it since I've been self employed for less than 2 years but would like to be able to access the equity in my home to help build my own business. I have not paid off the mortgage yet so I understand by having a buyer assume my mortgage that the due on sale clause could be called. To help protect me in that circumstance I am having my realtor write a clause that if the due on sale clause in invoked then the seller financed loan balloons immediately and the buyer is responsible to refinance or I can foreclose on the buyer to help insulate myself in the event of the due on sale clause being invoked. In addition to this risk are there any other risks to my personal credit or being able to obtain a future mortgage or loan through my personal credit that could be impacted by extending seller financing to a buyer?

Hey all! I bought this 6 bedroom 3.5 bath home (3188 sqft) in Orem, UT back in 2021 as an owner occupied that I was house hacking while fixing it up. I've started my own digital marketing agency and need some cash to get that business up and going so I am interested in selling my home to an investor who is looking for a rehab to finish. I've remodeled the interior, (new texture, paint, doors and baseboard/trim throughout the whole home). The main items left are on the outside of the home, the roof needs attention and the yard needs to be landscaped as well too. The home is located only a few blocks from both Utah Valley University and also from I15 freeway exit. It is also fully rented out to college students right now who are on month to month contracts and brings in $3350 a month in rent. I've enjoyed this project but really need to narrow my focus to just my business and also need cash for it so that is why I'd be willing to sell it off market to an investor who is looking for a rehab to finish. I'm looking to sell this off market because I don't want to go through the process of having to do home showings and disturb my tenants by listing it with a realtor, and it's not quite there yet to be worth listing on the MLS, but the majority of the rehab has been done. Also, for a private lender instead of selling, I would be interested in using the home as collateral for a second mortgage. I tried getting a 2nd mortgage from the local banks but because I'm no longer a W2 employee they declined me for not having long enough self-employment history. Basically I'm just trying to find creative ways to use my home to get some cash that I can pump into my business. I'm open to hearing any offers.  I'm open minded to seller financing.  Ideally I'd like to get $575K for the home (that's the total amount of money I've put into the home between purchasing it at $495k and then $80k repairs), but can compromise on price if a prospective buyer can guarantee a $50k down payment.  I pay $2419 a month on the mortgage including all piti, and have a 2.875% fixed interest rate on the mortgage.  Basically, I need someway to cash out around $50k to $60k in equity to fund my business, that's my main need, but am willing to compromise on other conditions.

Here's the link to some photos of the work I've done both before and after
https://drive.google.com/drive...

https://www.facebook.com/brand...

And here's the link to Zillow for help with running numbers

https://www.zillow.com/homedet...

Hey all! I bought this 6 bedroom 3.5 bath home (3188 sqft) in Orem, UT back in 2021 as an owner occupied that I was house hacking while fixing it up. I've started my own digital marketing agency and need some cash to get that business up and going so I am interested in selling my home to an investor who is looking for a rehab to finish. I've remodeled the interior, (new texture, paint, doors and baseboard/trim throughout the whole home). The main items left are on the outside of the home, the roof needs attention and the yard needs to be landscaped as well too. The home is located only a few blocks from both Utah Valley University and also from I15 freeway exit. It is also fully rented out to college students right now who are on month to month contracts and brings in $3350 a month in rent. I've enjoyed this project but really need to narrow my focus to just my business and also need cash for it so that is why I'd be willing to sell it off market to an investor who is looking for a rehab to finish. I'm looking to sell this off market because I don't want to go through the process of having to do home showings and disturb my tenants by listing it with a realtor, and it's not quite there yet to be worth listing on the MLS, but the majority of the rehab has been done. Also, for a private lender instead of selling, I would be interested in using the home as collateral for a second mortgage. I tried getting a 2nd mortgage from the local banks but because I'm no longer a W2 employee they declined me for not having long enough self-employment history. Basically I'm just trying to find creative ways to use my home to get some cash that I can pump into my business. I'm open to hearing any offers.

Here's the link to some photos of the work I've done both before and after
https://drive.google.com/drive...

https://www.facebook.com/brand...

And here's the link to Zillow for help with running numbers

https://www.zillow.com/homedet...

I am househacking and renting out my extra bedrooms.  Originally I was told to require all tenants to obtain renter's insurance, but I have had prospective tenant's object to this idea because they are mostly college students who own few items of material value.  Should I mandate that my tenant's in my househack obtain renter's insurance?  If so, why when they are college students who have few material belongings?

I just bought a house and will be renting out the rooms, while I will be living in the basement.  The basement has the potential to have its own separate apartment.  I am trying to figure out whether to rent the rooms out as a traditional long term lease or rent the rooms on a short term basis (i.e. Air BNB).  What are the pros and cons of each approach?  Does anyone have first hand experience trying either a long term or short term rental for a househack?

@Eric van Dalen thats excellent to hear!  I am going to check Audible for that!  So for the @so and so thing just type @ and then the person's name you want to mention without any spaces and BP should give you that person's name to click on and hyperlink

@Justin Wotring yes I saw that book at the BP store and also on Amazon.  I couldn't find an audio version, I know that would be perfect for my commute too!  Thank you for the suggestion.

@Eric van Dalen thank you for that quick rule of thumb to help me make a rough analysis.  and I will also pick up that book you suggested too.

Can anyone tell me any good rules of thumb or mention any good books or resources that can help me learn how to calculate rehab costs and ARV for a fixer upper that I would like to BRRR?