All Forum Posts by: Eric McAvoy

Thank you!! I've got 2 12 month leases and just had my new tenants sign up for a 2 year lease! 

Thank you! I'ts got a 1/1 and 2 2/1's. Average rent for a unit of a multi ranges from $750-1200 depending on how nice it is a the size. I should be able to increase the $825/mo to around $1000 or so when this current tenant moves out.  

Thanks man! It's the move to make! 

Investment Info:

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

Purchase price: $228,000
Cash invested: $9,700

My First House Hack. Renovated 2 of the 3 units, increased gross rents from $2110/mo to $2675/mo with more room to grow from the third unit. Made $800/mo when living there with a roommate and it now cash flows $1160/mo!

Goal is to refi in a few months (fall of 2020) to try to see if I can get some equity generated through the two rehabs I did and rent increases.

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

I hated the idea of paying the $1100/mo I was paying on my apartment and knew that house hacking was the key to getting into REI for me as a beginner.

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

MLS, very little negotiation.

How did you finance this deal?

FHA Loan

How did you add value to the deal?

Updated 2 of the 3 units with plans to update the third. Also increased rents from $2110 to $2675/mo

What was the outcome?

Cashflowing triplex in my portfolio!

Lessons learned? Challenges?

Take the inspection more seriously, really dig into a quote to fix issues before buying, and overall, just go for it!

@Jason Kotsko

That all definitely helps and I’ll send you a message!

@Jovan Hardwick

Yes I'm definitely thinking vacation rentals, Airbnb and VRBO. I've also definitely heard that St Pete isn't the most friendly towards STR's but at the same time I've Airbnb's down here multiple times within city limits and I always see hundreds of listings on Airbnb so I have to think that people are doing it somehow. Mainly just wondering how

Hey BiggerPockets family!

I’m very interested in getting into the short term rental game and I most likely moving to Saint Petersburg Florida within the next three months or so. If anyone owns short term rentals in St. Petersburg Florida or the surrounding areas I’d love to connect or if you have any advice for someone looking to just get started in the short term rental game it would be much appreciated.

Thanks so much!



Hey BP team!!

I've got a quick question for you guys. I'm looking at house hacking a 4plex in the coming months and the one I want is priced reasonably but the rents are way below market rent. 480k purchase price and $825 per unit but the area could easily get $1100-1300 per unit with some minor renovations.

With that in mind, is there a way to use the low rents to help bring down the purchase price? I know there are ways to get a value based on the rents but I can't figure out what it is. I've been looking into cap rate and NOI but most of what I can find is telling you how to find those numbers vs being able to get the value of the property based on the current rents. I think the seller is selling it based on what it could be, but I intend to pay for what it is, not what it could be.

If anyone has any insight as far as how to get a value of a property based on the currents rents that would be awesome!! 

Hey all! With this quarantine I've had a bit more free time on my hands and I've found myself reading more and more about smaller apartment buildings and wanted to reach out to see if anyone had some insights and tips for me! 

I've found a few in my area and I'm wondering what metrics do you use to value them, how does financial typically work for properties lets say 5-24 units, and what are some major things a newbie investor in this area of REI should know. I already own a triplex and a SFH as rentals so I've got some experience there, but I want to learn more and eventually branch out into the commercial side of things.

Thanks for all the help BP community!!

@Giulia Mylla

I'm so excited to hear you're getting started in REI!! Especially with house hacking! That's been a huge life saver for me!

As everyone has mentioned above, getting the 3.5% or 5% owner occupied loan is the best way to go for the loan product. Personally I've done both and I've also done the multi family approach (a triplex) and the SFH approach. The triplex was more lucrative for me as I had 2 additional units plus a roommate. I was cash flowing $800/mo while living there and once I moved out I cashflowed $1275/mo.

In the SFH I got a 4 bedroom (4+ are the best). I covered utilities and WiFi and what not and just included that in rent. After utilities and WiFi I'm still cash flowing $200/mo in a new build.

So far it’s been one of the best ways to get ahead financially at a young age and if you’ve got any questions don’t hesitate to reach out!

Best of luck 💪🏼