All Forum Posts by: Daniel McDonald

 Totally agree! I’m on my second one in MASS. And it’s been a game changer! There’s a book called the house Hacking Strategy, it’s pretty solid. 

Looking forward to this! 

Hi Simon, what area are you looking to buy in? Is it an investment property or house hack? 2x house hacker in the North Shore area. Happy to help where I can! 

No right or wrong answer here but I do like the House Hacking option. In my opinion I think house hacking is the most forgiving strategy especially these days. You don’t necessarily need a home run to make it worth it. In fact, you likely won’t hit a Homerun on your first deal, but that is totally fine, I also like the learning experience that comes with house hacking when you’re living there. You’re learning the ins and outs of what it’s like to own a property, what it’s like to start a business, and how to fine-tune all of that. I think it will create a lot of valuable lessons, but like I said, I don’t think you’re necessarily wrong either way, the only thing that would be wrong is to never get started.

EVERYONE will doubt you in real estate until you prove them wrong. Everything is just noise. Everyone thought I was crazy for buying the two duplexes I did and now they all tell me how smart I am. Don't let others' fear control your destiny.

If your house rents and you can cash flow after reserves then I would keep it. My guess is you probably have a good interest rate and with how hard it is to get offers accepted these days I would try to work with it as much as possible.

No, absolutely do not waste your money on a PM with one property when you are that close. I promise it's less work than you think. Once you start to scale then reconsider. A realtor could be helpful to get it rented just create clear guidelines with them and stick to it. 

Hey everyone,  

I haven't done any commercial deals before but have always been interested in self-storage units. There is one, in particular, I have had my eye on due to a connection to the location and potential for value add, but I'm not sure how to really even analyze it and approach the situation. I am fairly confident I know where the owner lives. Do you recommend writing a letter? And if by some crazy chance they're actually willing to talk to me what is the best way to conduct the situation? Is this too much to handle for a rookie? I have a couple duplexes but again haven't done anything like this. Thanks! 

With an FHA you can do 3.5%. Obviously the more you put down the more cash flow you'll have but really depends on deals in your area. What matters more to you? Getting the most cash flow possible or getting a property with the least amount possible? Not necessarily a right or wrong here.

Being 21 and saving that much is going to set you up big time. House hacking has been so powerful for me I wish I started esrlier. Where are you located? Always happy to chat about my experience. Feel free to connect. 

It is ABSOLUTELY normal to pay part of the mortgage. Yes, you want it to cash flow when you move out but paying part of the mortgage is not the end of the world. The internet made it seem like it’s so easy to live for free if you house hack but it’s not. My wife and I were paying $800 a month in our first house hack. This was a big difference from our 2k rent and a much nicer place. People that are living for free are usually sacrificing more. I could have covered that 800 renting out the guest room but my wife and I didn’t want that. If you’re really willing to commit then ya buy a duplex and feel it with as many people as possible. But that may not be the move you want.