All Forum Posts by: Caleb Brown

Did you walk the property before offering? Missing ductwork and the A/C not working right could have been quickly tested during your walk through. Would have saved everyone's time. As others said send a cancellation and go from there. If the contract was sketchy at 3 pages I wouldn't have faith that they will play fair. 

Foreclosures aren't a super big source of leads though and most end up on the MLS anyways so they many people will see them. Is there anything you can switch up strategy wise or do you need to expand your search a little outside Boston? Boston is expensive just as any other major city so you might have to pivot outside of it.

I am a big fan of getting rid of consumer debt as it puts a constraint on your income and savings. I would first look at your budget and what you spend. Make sure that is tight. Can you sell the car and buy a junker for a year or so? Any way you can make extra income to throw at the 40K CC before selling? I do think selling, paying off the debt and use the rest to invest would be a good idea. With 100-120K left over after paying debt and selling costs that should give you enough to reinvest. VA loan on a 2-4 unit is a great idea.

 20% of a 115K rehab is 23K. That should be enough. I don't see it going a ton over budget with the bid size and what's estimated. It can be ate up quick so the more the merrier. 

Agree with Chris, get 2-3 bids. With a project this size you want to 100% verify before diving in. The good thing is you won't have a bunch of surprises since you are already assuming most of the mechanicals need done. If it checks out then the numbers seem good. I would also make sure you have a good amount set aside if something hits the fan. 

For KC Tyler Shirk owns Bear BnB and they do wonderful for MTR/STR. Happy to connect further

Happy to chat if you look in Kansas City

If you wanted to house hack I would stay where you are at and find one there. Houston is competitive but a strong market. If you look in another location I would stick to the 2 you are already investing in and expand your footprint.

I like the idea above about trying to do MTR. In my area it is 1.5x the LTR(give or take). Selling a house with furnishings doesn't really add value and many buyers won't want the furniture. I would clear that out if you sell, keep a little to "stage" it. Agents can quickly run comps so that would be helpful for you. Selling costs would be 8-10% of the sales price but there should be an estimated proceeds sheet that would show you costs.

As a newbie I would not go into this space without money. You need to save money, learn and network. Once you have a financial base then invest. House hacking is the easiest way to get into the door. If you had experience, capital and deals then it'd be different.