All Forum Posts by: Bridger L Logan

@Dave Spooner thank you Dave!

My wife and I currently have parcel with two single family houses that we are house hacking.

We are renting out the 3 bed 1bath and living in the 2 bed 2 bath. The tenants have been there much longer than we've lived here and they treat the place like it's their own with seasonal decor, lawn care, and family get togethers.

I wanted to structure a rent to own scenario for them but am wondering do I need to subdivide the parcel into 2 separate parcels before I can do that?

I've always had that as an idea for a potential exit strategy and would like to see what's possible.

Any input/ advice appreciated!! Thanks

@Brandon Sturgill

Thanks Brandon, looking forward to the future!

@David Pere

Thank you! Means a lot

@Dax Candelario

Thanks Dax! Cool name too.

I'll surely be documenting the whole journey.

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Missoula.

Purchase price: $351,000
Cash invested: $689

This property currently serves as a househack. It was purchased using a VA loan. It is a separated duplex consisting of a 3 bed 1 bath (rents $1400/mo) and a 2 bed 2 bath (I'm occupying, rents $1300). Long term plan will be to occupy the 2 bed 2 bath until a cash out refinance can be utilized. Upon moving out (to another househack w/ VA loan hopefully) the rental will cashflow roughly $350/mo.

The immediate and surrounding area as of 2020 is seeing rapid development and gentrification.

What made you interested in investing in this type of deal?

Low initial capital and a low cost of living (househack). The deal was meant to fill the wholes in the bucket, rather than trying to fill the bucket faster.

How did you find this deal and how did you negotiate it?

Found from my buyers agent, Justin Daymude from Bannack Real Estate Group. The first full price offer was accepted. No negotiation necessary.

How did you finance this deal?

VA loan product by Envoy Mortgage from Scott Lucier

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Justin Daymude
Scott Lucier

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Missoula.

Purchase price: $351,000
Cash invested: $689

This property currently serves as a househack. It was purchased using a VA loan. It is a separated duplex consisting of a 3 bed 1 bath (rents appx. $1400/mo) and a 2 bed 2 bath (I'm occupying, rents appx. $1300). Long term plan will be to occupy the 2 bed 2 bath until a cash out refinance can be utilized. Upon moving out (to another househack w/ VA loan hopefully) the rental will cashflow roughly $350/mo. This will be in addition to the tax benefits, loan paydown (equity), and appreciation.

The immediate and surrounding area as of 2020 is seeing rapid development and gentrification.

What made you interested in investing in this type of deal?

Low initial capital and a low cost of living (househack).

How did you find this deal and how did you negotiate it?

Found from my buyers agent, Justin Daymude from Bannack Real Estate Group. The first full price offer was accepted. No negotiation necessary.

How did you finance this deal?

VA loan product by Envoy Mortgage from Scott Lucier

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Justin Daymude
Scott Lucier

@Tyler Hallman

Thanks for you input and welcome to Missoula!

I am glad to be getting started in the real estate game! And as for my VA loan, PITI is $1871/mo.

There is some potential upside to renovate one of the units definitely, and that will happen down the road. I purchased the Duplex with cashflow in mind. I am never going to bank on appreciation. I want to be able to survive recessions and thrive in booms. The cash flow will allow that and the appreciation will just be icing on top someday!

@Brady Potts

That's great! Ya the process wasn't too bad (even for 1st time buyer using VA) and I will return for deals down the road.

@Brady Potts

We have ran into some issues do to that very reason. The VA took some nudging and pushing for them to consider it. I worked with Scott Lucier at Envoy Mortgage. He and the team with him are relentless and have been very helpful.