All Forum Posts by: Gerardo Hernandez

Thank you so much for responding and for all your knowledge! I see on the report that the roof on the property has recently been charged over the last few years and the outside of the building was repainted over the last few month. I am glad you put some of those numbers into perspective because a lot of that I wasn't thinking off. after checking the place nothing really needs to be done right now other than just making it look better inside the apartments. I know that doesn't mean nothing can't go wrong but it was nice seeing that the property was well taken care off. 

How would I go about raising the rent? Do I buy the property and right away do that with the month to month tenants or do I have to wait till they leave and I get a new tenant? Also how would I explain to them the reason to raise the rent from 500 to 700?

I was thinking on offering 230k or 240k so that the mortgage payment is lower and maybe do an FHA loan and give 3.5-5 percent down. Or should I wait till I have the 20%?

Hello everyone! I am hoping to gather some knowledge from you guys. I am looking at a fourplex that I want to house hack in the Midwest. The asking price is 264k and the current rents are 1.500 2.500. that are month to month  3. vacant 4.595 with a year left in the lease. The building overall seems to be in good condition other than the vacant apartment that will need fixing. Taxes for 2020 were $4,696. I was looking at rents around the area and the average rent for one bedrooms is around 650-900 depending on how nice and spacious it is. I would say these apartments would definitely go for the lower end in their current condition(Not very updated or modern looking/Small overall). I am currently driving for over an hour to get to work and I want to start something with my life and therefore I want to get on a deal that hopefully gets me in the direction of financial freedom one day. I might add that there is not washer and drier hook ups but there is coin laundry which according to the paperwork brings in an additional 70 dollars on average a month. There is also small storage units the tenants can rent out too. Give me any feedback or advise from what you guys have learned over the years. Thank you all!

I Should add that I have looked at duplex but they are extremely expensive or need a lot of work. This is the most reasonable deal and mostly because its 4 units. The next price of a much bigger but spacious place is 419k for a fourplex. There is also a duplex for 450k

Hello everyone, I have wanted to house hack for a while now but would always put it aside because I couldn't find the safest property to it with. Now 4 years later there are like no properties left. Right now I am looking at a fourplex- 1bedroom units for 264,000 and Its a bit scary to jump into it but in this are the average rent is between 700-850 for a one bedroom apartment. I do see that the apartments would have to be updated since they are not very modern or even good looking. Another worry is being able to afford the mortgage in a worse case scenario. I am only making 50,000 a year and I should qualify for a FHA loan but not sure if this big a loan. Any ideas or encouragement that could help me?