All Forum Posts by: Guido Sanchez

Thanks so much for the input! The listing agent showed me comps at close to 500k on 3 family houses and there are 2 families properties at close to 400k. The property is in Bloomfield NJ where I don't believe you have to register your rent as you would in other Essex county towns. I am being conservative with the numbers. I know that during the inspection more things are going to come out because the house was built in 1925, but it seems like they renovated in 90s. I'll see how things move forward during inspection. 

All the best,

Guido

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*This link comes directly from our calculators, based on information input by the member who posted.

@Jim K.

Love the take no bull**** attitude. People complain and forget or don't know how good we have it. Fortunately, there are alternatives to the carnage and bloody mess that was in our homo sapiens,(wise man) history. Too bad it's taking more than a century to finally, kinda, sort of figure out, lol. Most of it deals with technology, we are all fat and happy because there's an abundance of food. Technology is only going to get better and faster and eventually there will be breakthroughs that will make clean water accessible to all and energy free or very cheap. I am not a communist, I love capitalism. Capitalism is going to create the solutions to fix these pesky problems, it will take time, (hopefully not another 400 years). The problem investors will face at the end is the last "fools" holding the debt. I need to flex my capitalism muscles and get stronger. FAST!

One of my favorite quotes is "Power tends to corrupt and absolute power corrupts absolutely." By Genghis Khan (I kid, I kid)

@Oladapo Otesile

When I find the property, I use trulia.com to see the crime zones and it helps me determine which areas to concentrate on.

Happy house hunting and good luck!

@Tamarra Jean What Every Real Estate Investor Should Know about Cash Flow... And 36 Other Financial Measures Flow by Frank Gallinelli

I was told about this book a few days ago when I asked a question about understanding the importance of Cap Rates. Really enjoying it.

I am interested to learn what other investors mention as well.

All the best to you.

Here is an article that just posted on the levels of house hacking.  

https://www.biggerpockets.com/renewsblog/house-hac...

Hope this helps.

@Corby Goade, thanks again for sharing what has worked for you in the past. Having multiple exit options is one of the reason I prefer to go slow and do the BRRR

Thank you @Dave Foster for that information. When the time comes I look forward to using your services. 

Good Evening @Skyler Flintall I am new to BP but I did house hack my first property. It's super exciting as long as you do it right.

- Find a mortgage broker and get pre-approved for a mortgage loan. (Make sure they run your Credit)

- They will provide a range amount you may qualify to purchase a home. DO NOT purchase a house with the full amount you can borrow, you don't want to be house poor. Aim for 25-35 percent of your take home pay.

- Since it's your first loan you should qualify for an FHA which will only require % 3.5 percent down payment.

- Find a realtor and let them know what your criteria is for the home your looking for. 

- Run the analysis on the BP calculators. 

That is the simplest I can write it. Search for YouTube videos and get more informed. 

Best of luck to you and keep us posted on your progress. 

@Corby Goade

That was the hunch I had, I just couldn't put it into words. My strategy is to use the BRRR method to buy and hold. If I need to sell anything I intend to 1031 exchange them to another market. Get a snow ball going.

Which metrics should investors focus on when applying the BRRR method on 2-4 residential properties?

Any books or websites would be greatly appreciated.

Thanks for the clarification, it means a lot.