All Forum Posts by: Daniel Fitzroy

@Cole Simpson

Yes that is correct, I was going under the general assumption that while living there the other unit(s) would provide enough income to get my total expenses as close to zero as possible. My girlfriend swears it would be cheaper to buy a single family and live in it for a couple years while fixing it up as a live in flip. But I’m still pretty sure a duplex/triplex can work too but I guess it boils down to analyzing the two in comparison to see what the numbers look like. Ide rather move into a paint/carpet multi family and quickly fix up/rent out the other unit than to do a live in flip but I will if I have to. Just trying to figure out as much info as possible and you guys are helping me think of things I haven’t considered.

@Griffin Schermer

Ok awesome thanks so much for this advise it makes sense.

@Dan Weber

Furthermore you’re right we don’t plan to be here long we are using the extra income from this rent hack combined with my 500 a month truck payment I no longer have to dish out to purchase our second duplex.

@Dan Weber

Thank you for pointing this out I’m being super conservative perhaps even too conservative. I’m factoring an estimated 200 a month bill for trash (3-4 yard dumpster) or something because I forgot to mention I’m hoping to find a duplex out in the woods ish. I’m buying a plow for my truck so I will manage snow removal myself but I am adding a lot, say 10-15 percent for maintenance because the price point for these duplexes around here just on a quick glance appear to be around like 250k for an old home needing some updating and minor repair. So my point was I’ve added in all these estimated monthly expenses and wasn’t even close to zero a month in bills however it does look much better once I look at it your way this helps a lot thank you. I’m anxious to find out if a bank will even loan us that much (250k) between my girlfriend and I earning 30,000 a year estimated each. I think it’s possible. I’m super excited about it. Can’t wait. What else am I missing?

@Jerome Jackson

Thank you both for the advice I really appreciate it! I do think I’ll be in a better position when we buckle down, pull our credit/get pre approved in a few months or so. So waiting it out a bit is an option but I’m also willing to hustle and I’ll be super motivated to be more creative. So I’m also not against being creative. I’m not able to do the rent by the room option as my girlfriend and I have a 7 year old so the only option for a single family home would be a house with a mother in law. Also I could put down 20 percent in order to do a rent by the room single family If we weren’t living there but again I’m pretty dead set on a duplex/triplex somehow.

Hi Bigger pockets! I’ve recently began practice analyzing potential house hacks for my girlfriend and I to purchase with a year. We are almost ready as my truck is almost pd off and my credit card with a 2k balance is the only other debt I have. My gf is saving up for a down payment and I will be hustling to make all this happen.

My concern is this.....what happens when we look on Zillow/realtor and can’t find any cash flowing duplex’s in our area for a first time house hack? I understand we aren’t going to need a home run deal but just a decent deal to get us started in real estate. What would you guys do? My girlfriend is considering we should just settle for a single family house and do a live in flip. I think it’s still possible to find a better deal perhaps I should look off market for a duplex or send out mailers and learn to market? Idk just looking for opinions thanks!

We are located in Dutchess county NY about two hours outside of New York City has anyone else house hacked around here? I know someone who owns a trailer home and only pays like 600 a month for a lot fee and pd cash for the trailer itself. I guess that’s an option too but ide like to try for a duplex/triplex

@Ethan Brown

I’m struggling with this problem too! My girlfriend and I are literally a year or less away from buying our first house hack multi family home. But after I looked and found nothing on Zillow or realtor.com that cash flows even close to zero , She thinks we should buy a single family home in our market to live in flip. (dutchess county ny) it’s outside of nyc by a couple hours....so aside from starting a marketing campaign to find motivated sellers I’m not sure what I can do.

@Julien Anaya

This is the first post I’ve seen like this and it really fascinated me because as I build my knowledge and prepair to invest I’ve wondered the same thing. From what these guys are saying I guess it seams like it may be a headache with the pandemic however I personally wouldn’t mind seeing it through and going for it opon more inspection. I think it’s a great idea to find out more about why the tenants aren’t paying. Like someone else on here said. And always treat them with respect when/if you meet them because they may have had issues with past landlord but may be ok with you. That’s just my thoughts on this so take it with a grain of salt but in my opinion “where there’s a will there’s a way” and it sounds like you want the property. So don’t be afraid to at least keep doing research on it! Please keep us updated as this is very interesting stuff, goodluck!

@Steven Kassler

Goodluck! Hope your first deal goes well get out there and crush it! I read David’s book on long distance real estate investing and ide recommend it if you haven’t already.

@Dathan Nunn

Sounds like an awesome goal! Goodluck and be sure to let us know how it goes! This will no doubt help you be more productive and focused on real estate or anything you’re pursuing.