All Forum Posts by: Dominique Pradel-Lewis

 Just found out at someone does it.  I will let you know the details as I learn them. Looking into it as well

@Patrick Culleton what happens when the boiler and the hot water heater or fridge go in a month, vacancy? You are in for way more than the $200 you speak of. To each his own. Good luck! You will need it!

@Nick Monge I am also interested.  TIA

@Jeff Byrne I would advise you not to wait to invest.  I feel a duplex would be ideal for you.  Get a 3/3: rent one side and get 2 roommates.  If you do your numbers right you wouldn't just be house-hacking, you'd be getting paid to live there while building equity.  But make sure your numbers are correct.  Good luck!

@anthony rosa I totally disagree they are two entirely different type of debts. Your sock analogy doesn't work since the second one is not income producing making both expenses.  Since he will have to pay to live somewhere, house-hacking is the best solution whether: he breaks even, makes $400 or pays $400. 

@Gerry Lopez. Why do you feel obligated to purchase a property that appraised at 50% of purchase price. It makes no sense!!! I believe you make your money when buying but this not the case.  How do you expect the bank to finance this?   PLEASE do not buy this cash!  How much is set aside for repairs?  Or does the price include all that?  I trust that you can find a better deal in this market.  What if you have to sell in 2 years?  I personally would rather loose $2500 now than much more later. Sometimes it's best to walk away!

@Carl Evanko. Thanks. Helping one another is what the is all about.  I have Mount Lebanon in my sight but want to also focus on some up and coming area as well. Patience and quick action paid off in this situation. You have to consider opportunities outside of your parameter and it may work for you perfectly.  Always make sure the numbers work.

@Carl Evanko I am happy to share any information that I have thanks to my BP friends who have given me the support to do this. I purchased the property in Dormont because I am still learning about the areas I wanted a B neighborhood. One side is rented for $1200 and they pay everything except water and sewer I think. My side was renting for $1050 (it will go up once I move out since I plan on updating it). I didn't use the calculator from BP but from a member who runs one of my meetings. Practice the numbers as much as you can: I did my numbers based on the BRRR. In looking I decided to go to as many open houses as I could letting the agents know that I was looking without an agent. One of them called as a follow up, we clicked and she became my "boots on the ground". At times skyping the house hunting other times going with my husband. I looked at both Zillow and Realtor early morning and late at night: People would list homes at 8pm on Sunday. My property went into contract twice before I got it, so you have to react quickly: saw the listing on Monday was in contract Friday. The initial asking was $225k with multiple offers. Multi is your best bet as you generate income while living there. Don't get emotional, trust your numbers and know your max there's ALWAYS another deal waiting. Hope this helped. Any more questions feel free to reach out.

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $180,000

Side by side duplex: 3/2 and 3/1 each unit with integral garage, deck and basement

What made you interested in investing in this type of deal?

I wanted to house-hack and this size unit feels like a house while collecting rent. When I first saw the property it quickly went into contract. I was negotiating on a different property that fell thru when this came back on the market. I just knew and acted quickly.

How did you find this deal and how did you negotiate it?

I negotiated thru my RE agent after seeing both side we quickly came to an agreement

How did you finance this deal?

I paid cash with a heloc and plan on using the BRRR method

How did you add value to the deal?

I will do repairs on the roof, external walls, new windows, 1 new kitchen, power wash and paint.

Lessons learned? Challenges?

This would not have been possible without learning everything I could thru: podcasts, forums, networking with members and reading. It gave me the confidence to pull the trigger and send me on the path of realizing my lifelong dream. Since I am moving to Pittsburgh, my current home will also be rented giving me: 2 rentals. I plan on acquiring the next property within the next six months.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I worked with an agent that I would definitely recommend. She was very diligent at every step.

@Patrick Tromley @Aymen Mandil @Daniel Griffith  there is something very wrong with this 10% closing cost for a refi.  I did a heloc thru a credit union and $0 closing cost unless I sell my house within 3 yrs then I owe them $3500.  Shop around

Sorry can't make it. Currently out of state