All Forum Posts by: Garret Hohn

Hey BP community! I need some advice on how to pitch a deal to a family member who is very successful in commercial real estate. I 25 and fresh out of college and just recently got pre approved for a mortgage loan. I’m looking for a property to rehab and house hack. I have a potential deal that’s gonna need $50k in rehab. Do y’all have any advice on how to pitch a deal for him to cover the rehab? Should I offer him an higher interest rate? Maybe interest and some equity in the property? Anything would help. I just wanna make sure I’m make a fair and intriguing offer. This property has potential to sell for $385k, so there will be a lot of equity in the deal. 

@Garret Hohn

Now for my question. I wondering if I should look at houses with 4 or 5 bedrooms? I ask this because how likely will I get 3 random tenants that would live with 2 college kids and other random roommates. For those of you who have house hacked and rented out your bedrooms, did you run into issues with this? Or maybe even a 3BR and just rent out to my friend and one random tenant. I'm just having a hard time deciding what would be my best option and narrowing my focus, as I only have 1.5 months to find a deal. Any advice will be greatly appreciated!

Hey everyone! I'm a 22 year college student trying to get my first deal. Before I get to my question, I would like to provide some background information. I start my senior semester in late August and I need to a place to live. I plan to buy a house, rent it out, and live in it for free. I'm looking to create sweat equity and sell when I graduate (unless it cash flows an adequate amount). A family member will be funding my deal since the local banks were not willing to lend to a college kid, understandingly, which was an awesome break for me. I for sure have one friend from school that will be renting from me. I live in a town of about 75,000 people (Rapid City, SD) and the area just created a new air force base, which bring in over 2000 families. So the market will likely stay strong for the next year. 

Hey everyone! I'm a 22 year college student trying to get my first deal. Before I get to my question, I would like to provide some background information. I start my senior semester in late August and I need to a place to live. I plan to buy a house, rent it out, and live in it for free. I'm looking to create sweat equity and sell when I graduate (unless it cash flows an adequate amount). A family member will be funding my deal since the local banks were not willing to lend to a college kid, understandingly, which was an awesome break for me. I for sure have one friend from school that will be renting from me. I live in a town of about 75,000 people (Rapid City, SD) and the area just created a new air force base, which bring in over 2000 families. So the market will likely stay strong for the next year. 

Now for my question. I wondering if I should look at houses with 4 or 5 bedrooms? I ask this because how likely will I get 3 random tenants that would live with 2 college kids and other random roommates. For those of you who have house hacked and rented out your bedrooms, did you run into issues with this? Or maybe even a 3BR and just rent out to my friend and one random tenant. I'm just having a hard time deciding what would be my best option and narrowing my focus, as I only have 1.5 months to find a deal. Any advice will be greatly appreciated!

@Scott Bossman yes, I’d really like that! It’s crazy you say that because I was at a rodeo stock show a few months and I met a rancher. We got to talking and he told me about investing in land and that I should buy a single head of cattle put on that land. You get a lot of tax benefits and write offs. And he said he you need to know a single thing about cattle. But I’ll connect with you, I’d love to learn more.

@Scott Marshall thanks for the advice! Unfortunately, I’ve already filled all of my electives and all I have left is engineering classes.

@Kevin S. With the money I make from internships and my painting business, I’d be able to pay at least half of my college before I graduate. I’ve already paid off one loan for $2000. My highest interest rate range from 3-7%. And I’d be able to pay off the remaining pretty easy in under a year.

@Taylor Roeling Yes, I’m am going to School of Mines! What a small world haha. And thanks for the advice. I love talking to people. Should I read more books and learn more before doing that? I feel like I hardly know anything about it to bother someone with all my questions.

@Kevin S. Awesome advice! Thank you for taking the time to reply. What do you think would better me financially for the future - paying of my college debt right away or saving up for a down payment for my rental property after college? If I pay off college, I’ll more than likely have to rent for living. If I save up a down payment I’ll be starting early with appreciation for my rental, but I’ll have less working money due to college loans.

@Brian Gerlach Do you think getting my first rental property immediately after I graduate would benefit me more versus paying off my college right away? I know time and starting early is the best component for financial success, especially with the appreciation factor in real estate.