All Forum Posts by: Dan Keefe

Quote from @Benjamin Sulka:

Dan, 

I'm in the Cleveland area but I don't have any particular knowledge about Clark-Fulton. 

An Ohio map that I reference has areas of Clark Fulton anywhere between C- and B grade. 

Here are some resources that I've looked at when considering Cleveland neighborhoods: 

https://www.biggerpockets.com/member-blogs/4704/42419-clevel...

https://www.google.com/maps/d/u/0/viewer?ll=41.4530959396804...

Just have solid criteria for tenant screening so you make sure you get it right the first time! 

Thanks Benjamin for the map! That is a big help. I Appreciate it!

Hey everyone,

So my first prospective property is going to be a house hack via a triplex (205k) in the Clark Fulton area as close to Metro Hospital as can be without sitting in the ER waiting room.

With my lenders quote (I'm using FHA loan) on interest rates and mp as well as the BP rent calculators I should be breaking even with 2 of the 3 units. My plan is to refinance after 12 months to a conventional loan and rent out the 3rd unit, possibly as a MTR for greater cash flow d/t proximity to the hospital.

For people in the Cleveland metro, is there any red flags with the Clark Fulton area that are more under the radar? Head aches with triplexes? Any red flags with this plan that more seasoned investors can point out is greatly appreciated. 

Thank you.

Quote from @Tyler Bushey:

Quote from @Dan Keefe:

Hello everyone,

I'm a traveling physical therapist but grew up in Maine and am looking to purchase multi families in Biddeford using an FHA and subsequently to house hack in.

My question to the Southern Maine community is in regards to the rent data in Biddeford and Saco. I know there is a huge shortage of housing and that has driven up price in the past couple years (along with other factors such as the pandemic, population growth, etc) so, I see listings for 2br-1bth for up to 2200 on places like Zillow, Redfin, etc.   and these places are not luxury apartments but more older half of duplexes. But then i look at general rental data from  rentometer or rent cafe and I generally see averages around 1600. 

Was wondering if any PM or investors can shed some light on what they see as realistic rents in the Biddeford/Saco area, and maybe why there is such a gap in the data. 

thank you!

 Hey man, welcome to the area! I own a bunch of properties in Biddeford, feel free to reach out with any questions!

Thanks Tyler! Will do my friend!

Quote from @Tanner Pile:

@Dan Keefe

Did you pull data from BP on rents too?

I typically look at Zillow, centimeter and BP to get a full understanding of what rents are in the area to get the best estimate of what a property would rent for. 

I always check active rentals to see what the competition is currently looking like for if a rental were to go live that month too. This is what active renters look at too which is why I believe it tells a better story of what rents are currently at compared to other sources. 

Hey Tanner,

thanks for the response. Yea the thing that was confusing was that the listed rentals on Zillow or Redfin had pretty big discrepancies in price while they appeared to me to be of similar quality. 

I did not use BP but I think that’s a good idea going forward. Thank you!

-Dan 

Quote from @Dan Weber:

Hey Dan, shoot me a DM, I'd be happy to jump on a call and shed some light on the rent data. It's tough, the rents have gone up so quickly over the last few years that rentometer has had a tough time keeping up. Frankly, many landlords have also had a tough time keeping track of what market rents are. This is common throughout Southern ME, not just Biddo/Saco.

Will do Dan, thank you!

Hello everyone,

I'm a traveling physical therapist but grew up in Maine and am looking to purchase multi families in Biddeford using an FHA and subsequently to house hack in.

My question to the Southern Maine community is in regards to the rent data in Biddeford and Saco. I know there is a huge shortage of housing and that has driven up price in the past couple years (along with other factors such as the pandemic, population growth, etc) so, I see listings for 2br-1bth for up to 2200 on places like Zillow, Redfin, etc.   and these places are not luxury apartments but more older half of duplexes. But then i look at general rental data from  rentometer or rent cafe and I generally see averages around 1600. 

Was wondering if any PM or investors can shed some light on what they see as realistic rents in the Biddeford/Saco area, and maybe why there is such a gap in the data. 

thank you!

Hello,

I'm a travel PT and was wondering if either of you two had an update as far as traveling while using an FHA to home hack?

I’m interested in doing something similar but obviously don’t want to do anything that someone might see as illegal. Thanks!

Quote from @Brad Hammond:

Hey @Dan Keefe, in the PDX market assuming you put down 3.5% and will need to pay mortgage insurance, your monthly payments would be more than if you paid market rent. However, I predict we will see a 10% increase in sales prices this year, making your ROI go through the roof. I think it's important to analyze how much you would gain by cash flow and appreciation in different markets.

 All great advice! Thanks y’all!

Hello everyone,

Long time reader, first time poster! Wanted to get the community's thoughts on house hacking using an FHA in more expensive markets (Portland, Denver, etc) to raise funds for small multi family in lower price point cities (Cleveland, Birmingham, etc).

I understand that I wouldn’t likely be able to have all my monthly expenses covered in these more expensive cities but it seems like a good way to get my foot in the door while raising funds to eventually switch to buy and hold multi families.

Was wondering if anyone is doing anything similar? Should I start house hacking in cheaper markets? (I’m a traveling physical therapist so location is flexible) If anyone finds this strategy too beyond a first time investor etc. 

thank you!