All Forum Posts by: Brian Mackey

Hello,

About to finalize a deal with a seller on a potential house hack. The seller has already agreed to cover $5500 in closing costs YAY. The home has knob and tube wiring, that I'm requesting get changed out.  I had an electrician friend of mine write me up a quote so that I could present it to the seller for my counter.  My friend never actually went to the home.

The seller, to my surprise, countered back with $5000 toward electrical replacement, paid to my electrician friend at closing.  My question is: What if I want to shop around different electricians.  Can I counter back to change the verbiage to have the repairs in escrow so that I may choose the contractor of my choice, even if I don't want to go with my friend.  I just want to be flexible, and actually want to ensure that the electrician of choice feels super solid with a whole house rewire (my friend feels 75% confident in it).

What would that verbiage look like???? My realtor is telling me that it would be paid directly to my electrician and we should go with it.  

Thanks

Hello,

I have a potential tenant. She has a good job, she is willing to put in a larger security deposit, very friendly. Her credit score is 599. My rental is a former Airbnb so I am renting it out fully furnished.

I was hoping for a 650 or better credit score. She has one item that is delinquent and has been very communicative with her situation (newly divorced). What do you guys think. I feel like renters are going to have a less than stellar credit score but is 599 unacceptable.

Brian

What is everyone using to track their daily routines, or tasks, etc.

I use a regular notepad to write down my daily tasks, but also use emails a lot to use as reminders. I’ll schedule an email to send at a later date, and I’ll use my sent box as a task tracker/reminder.

Anyone have any good strategies to help keep on track? Good apps?

@Frank Hinck

I did. I wrote a lot off on my taxes last year as ‘start up’ fees for the adu. I had to renovate it and such to get it up to snuff. It lower my taxable income which is where I think the issue is. But yeah I think I just need to get to some local banks, to see what they say. I’ve called a few and they were stating 10% down and balloons :/

Hello,

I currently house hack a home with an adu in the back.

I bought it in April of ‘19. Now I’m looking at a duplex across the street and I can only get it with 15% down owner occupied financing.

I have a mortgage broker who understands house hacking and has been working hard to find a lender that will allow me to get into the duplex with less down, but hasn’t had any luck.

What am I missing that I can’t get into my next property at a lower down payment??

Is it unrealistic for me to assume I’ll always get 5% down. I have a 740 credit score, great income...I don’t get it.

I’m hearing different answers:

Can I take a HELOC on a rental property?

I’m hearing it can only be taken out on your primary residence.

Thanks in advance.

Brian

@John Farady

Good stuff man!! Luckily a new metal roof was installed just before the flood of 2016, electrical was redone to remove the old knob and tube, and new plumbing to fix some concerns.

My inspector will give me the nitty gritty because I do feel as if the foundation is in need of work.

But I like the negotiating piece to it that you described.

Thanks for all the tips!

@Ujwal Velagapudi

Sounds good!! I’m drafting up a purchase agreement today, I have my inspector lined up, and the lender is ready to go.

Should I look at a real estate attorney to assist me on my end?

Hello,

A seller and I accepted an offer of 288k on her duplex.  It needs a bit of work, but I believe as my second House Hack, it will work out well.

My question is this: Her friend owns a title company, and she would like to go through them to save on costs.  Is it recommended to utilize her title company on my end as far as checking the documents and such, or should I use a title company of my own to check my work and run the whole process?  I will be doing this without a realtor, so I wasn't sure if using her title company would be detrimental to me, as in they would 'protect' her interests more than mine.

I've heard to hire a real estate attorney for transactions such as this.

What has everyone's experience been with doing an off market deal all on your own... this would be my first, so of course I'm nervous.

Thanks in advance BP Fam!

@Mohammad Nur

@Mohammad Nur