All Forum Posts by: Brian Faust

Are you looking to create a business plan as a means to help obtain financing from private lenders and/or local banks?

I'm thinking of utilizing 203k financing and living in one of the units, but have a couple questions.  One of which I'm waiting to hear back from the broker about but maybe others have come across a similar scenario.

There is a listing on MLS in my area for a triplex AND a detached single family home. Both are included in the listing, but are on separate tax parcels. They share the same sewer and the listing agent says they should be sold together because of this.

I figured we'd live in the SFH and rent the triplex, but my concern is if this will qualify for 203k financing due to these properties being on different tax parcels, even though they are being sold as a package, so to speak, on the MLS.

My other concern/question is, when house hacking, do you approach the financials a bit differently? Initially, my cash flow would be in the negative, ~($375)/month. Typically, this is an obvious no-go, but since I'd be living in the SFH, I'm looking at it as if that is my mortgage/rent payment until I can refinance. At that point, we'd move out of the SFH and rent that, cash flow would then be around $450/month.

How do you approach the numbers/financials to a multi-unit when house hacking?  Is the initial negative cash flow ok to overlook knowing I can cover the difference AND that the deal will eventually lead to positive cash flow in excess of $100 each unit per month once I re-finance and move out of one of the units?

Hi @Shanna Bechtel thanks for the heads up about the group & meetups!  Keep in touch when you find some wholesale deals you're looking to execute and let me know if there is anything I can do to help with your wholesaling, being a realtor an looking for deals for myself and others, I may come across something that may be of interest to you?

Thanks @Andrew Bosworth 

I'm not sure what my first deal will be, I'm putting such a large emphasis on this first deal to launch my business off the ground. I keep flip flopping between a multi or purchasing a large run down SF and converting to a multi. Then I change my mind and tell myself that a turn around flip would be the better first deal as opposed to implementing the BRRR method on a buy and hold property but I'm apprehensive about listing a home in the dead of winter. This is my version of paralysis analysis & is main reason why I'm looking for a mentor and some advice/direction, lol.

Most of the places I'm reaching out to the absentee owners about are neglected single family homes that I'd intend to rehab and relist should I find an owner with enough equity an inclined to sell at a price that fits within my system.

I wanted to introduce myself to the community after lurking and reading for a couple months. My name is Brian, I just became a REALTOR® (primarily for investment purposes) and I'm finally getting close to the point of being able to pull the trigger on a deal when I find one that fits within my system. I did say "close" as I'm tying a few loose ends up as far as funding and contractors go. I'm looking to build a portfolio of rentals to create a stream of passive income in addition to flipping a home or two each year. I work as an accountant full time but am looking to become more active in this venture, primarily during the "off-season" portion of the year (June-December). If anyone nearby (or wherever, for that matter) is interested in being a mentor of sorts, I'd absolutely appreciate it. Being an accountant, I tend to suffer from analysis paralysis and an extra set of eyes or an extra "push" might be needed at times!