All Forum Posts by: Forester Tesche

Good to know! Thanks Christopher. I appreciate your response! 

Hi Everyone!

My friend is hoping to purchase a shop on some property for his business. Because he is 1099 he can't qualify for traditional financing. Is there any way that he could purchase the property with a DSCR loan and have his business rent the space back from him to satisfy the requirement?

Thanks

-Forester Tesche

Awesome insight!

Thanks Jon. I appreciate you clearing that up for me! I am super excited for them and will relay your message. 

Hi everyone!

My buddy just scored a super awesome property that has the potential for some serious value add. it is a 3000 square-foot 2 bed 2.5 bath house they want to turn into a 3/3. To do everything they want is going to take a couple years but I was curious if they could shorten the timeframe and do part of the rehab now, get it appraised, and then take out a line of credit on the place to fund the rest. Once it is done they would refi and pay off the line of credit. Do you know of anyone doing this? 

Thanks :) 

Hey man!

I started off house hacking in Salt Lake a year ago by living in the basement and renting out the top. If it was me I think the only time I would get into a house that wasn’t going to cash flow was if it was a House Hack. I would live there for two years while I saved money from cheep rent and purchased properties that cash flowed ideally above 200$ a month. At the end of the two year mark I would assess if it was cash flowing due to rents increasing. If so I’d keep it.. if not I would sell without paying capital gains and roll the appreciation into cash flowing rentals and a new house hack. Hope this helps! I would love to chat more if you get the time. And as others have stated in here… go to the REIAS! SLREIA is the one I attend monthly and it is an incredible way to meet people and learn.
 

I just finished my first house hack and have spent the past three months renovating to get it rent ready. My goal is to reach 50 doors in four years thru the brrrr method and know that in order to do this I need to start positioning myself In higher dollar per hour rolls and build up a team to help make this happen. I intend to I hire a contractor next time to do the rehab and will move Into the position of deal finding until I can train somebody to take on that role. Does this sound like the appropriate next step? What path of progression did you take when building up your portfolio?

@Andy Jenkins should have tagged you earlier.. seems like your area of expertise. 

I was In this same situation about half a year ago. I decided to purchase instead of rent and I am really happy with my decision as salt lake is seeing some great appreciation. Andy Jenkins is an agent from SLC and contributes a lot on BP. He helped me get into my first house hack and has extensive knowledge on the market. I would look him up and try and get into a house hack situation ASAP. Lots of finished and unfinished basement apartments out there that are great for house hacking in addition to duplexes! Hit me up when you get to SLC if you want to connect. 

Thank you all so much! I spoke with my lender we worked out a way for me to cut back my hours and still qualify for loans. This will allow me to continue to buy properties while having enough time to develop my business. I appreciate you all helping me come to that conclusion!! 🚀🌙

@Russell Brazil thank you for the Information! It’s good to have some perspective.