All Forum Posts by: Brock Hoffman

@Jeff G. Separate metering would definitely be an option. I plan on joining a REIA as soon as I graduate. Thanks for the feedback!

Is there anyone that is familiar with the Jackson, Michigan market? I am trying to analyze small multiunit properties, but I am having trouble with utility costs per unit. I think my numbers are coming out way wrong because I don't have accurate numbers. Currently I am attempting to call owners of small multiunit properties to see if they are willing to share what their expenses run.

@Jeff Greenberg Wonderful. And I'm planning to stick with it for quite some time, so I will consider it as an essential expense. Thanks for the feedback!

Should you hire an attorney during your first deal? Not sure if they are super necessary at the start of your investing career.

I have a question for you all where I would like some feedback. Friends and I are renting a house for my last year of college, and we decided to sublease to two of our other friends. They paid all the rent for their time there, and one of our friends decided to pay for all the utility bills and then have the subleases pay him back at the end of the summer. It just made things easier. They are very trustworthy friends and we had no doubt they wouldn't pay him back. Well, they just moved out (not quite the end of the summer) and my friend wants them to pay him for the utility costs. What is the right approach to go about this? Should you just ask if they can send a check by a certain date and then move on with it, or should you send a very strict and "professional" email? The email that he sent is below:

There is no contract that can make them pay the "fee of $10"

This was just a friend to friend sublease that has gotten slightly out of control.

I appreciate the feedback. This will be good for the future when I actually have tenants to deal with ;)

Perfect! I am investing in my hometown by the way, but I haven't bought a property yet, so I don't really know what utility costs and other expenses will be. I appreciate the feedback @Jason Chen and @Chris Mason

How should you go about figuring out utility costs / taxes and other expenses for a particular property in your area? I am currently looking at a 4-plex, but I am having a hard time analyzing it because I don't know what accurate utility costs will be on the property. Is it okay to ask for a schedule E form / income statement / rent rolls and bank statements? Who do I ask for those documents / where do I get them? 

Thank you, @Riley Kuranishi and @Jason G.! This helps :)

Can you / Should you put in offers on different properties even if you don't have the funding lined up yet? Will it ruin your reputation if you don't fall through and actually purchase a property if your offer was accepted?

I'm nervous to make offers because I don't want to have to back out of a deal that got accepted if I can't find the funding. 

I want to house hack when I graduate college, but I will need to use the FHA loan in order to do so. Do I need a W-2 to get qualified for the loan? If so, how should I go about house hacking directly after I graduate?