All Forum Posts by: Brandon I Garcia

I tried searching up these key words but couldn't find much of a straight answer... if any BP members have 'owner pays' properties how do you/did you do the pros and cons analysis? 

I'm currently thinking of house hacking. On the market for 280k. Rents are currently $650 and the owner pays water/trash. Any tips? I'm trying to not let a deal slide for something small like this.. i don't think it is a complete deal breaker and i'm trying to get my foot into the door already instead of waiting on the sidelines.

Any advice is appreciated.

Can you tell the difference when looking at a policy or is that something you ask for? I'll be living in one of the units if that makes a difference. 

Sorry for the late reply! I see you said try several commercial carries... even on a multifamily property? Not commercial property? 

Hi all,

Pretty close to closing on my first property. I'm going between different quotes for insurance. What is it you guys/girls look for when shopping around? Personal property? Liability? Etc?

All opinions and help is appreciated!

Any insurance recommendations on getting insurance for the property? Thinking of going with the lender's recommendation but just wanted to see what anyone else's experience shows.. any advice is appreciated!!

I see what you guys are saying... I'd definitely want to help in the process. Those tenants had been there since 17/18. I'd be the new landlord though. I was thinking of saying I was going to do some renovations and such. I'd try to help them out with moving to a different location but i've started trying to tell myself the whole "business is business" line and it somewhat takes away the guilt. 

Hi guys! I like to consider myself a nice guy... but my question for others who own real estate properties is how did you guys get over the hump / guilt trip you'd get when having to kick someone out? Have a situation where my parents will actual move into a property (pay like normal tenants) and 2 of the units are month to month. Someone will need to go. This pretty much only applies if you were someone who felt guilty doing so.... but how did you get over that hump? What needs to click or what can I tell myself to not make me feel like this family is going to end up living on the street because I'm kicking them out? 

TIA

Hi Chris,

I am actually about to be doing the same thing. Currently got a 4-plex under contract on Friday! I believe the guidelines are it has to be your primary residence for a year. I've heard of some ways to get around it but better safe than sorry so a bank won't come and take the asset away or make you pay the remainder of the loan if they called upon it 

Personally my goal is to pay as a normal tenant (i'd be paying rent somewhere else regardless so what better person to pay than me?). I'd be paying on the principal to try and build some equity and maybe after the first year i'll have built some equity and the FMV of my soon-to-be complex will allow me to use that equity into buying an additional unit.

Thank you Stevan,

Do you usually always advise an S-Corp? That's what i've read people suggest.

Why is the BRRRR so useful though? That would be the same even if they just buy rental units? Basically house hacking but to a larger degree.

I will look during my lunch today Michael! 

In the RGV currently (McAllen, TX area)