All Forum Posts by: Patrick Pierre

I would also be interested as well.

@Benjamin Davis yes the goal is to live in the house for one year to meet FHA standards.

@Shawn Ackerman that is correct this property is "on market" property.

@Twana Rasoul thanks for the advice.

So to update, it was three particular properties I was looking at. Out of the three, I started pursuing one that I really liked. My agent just informed me this morning that the property that I liked would have to be cash-only and it would not qualify for bank financing. So I'm just going to continue looking.

But this was a great experience. I visited the locations, I ran the numbers, and did other due diligence. I'm probably not going to find a place for about a year. At least that's the timeline I'm giving myself. 

The meth lab gags always crack me up. Is this like a REI inside joke or is this an actual thing people in BP have dealt with? Is there a meth lab SFH subforum? Hilarious.

Thank you for that website. I will definitely add it to my resources and utilize it. Also, I never thought about using the police department as a resource. Sometimes it's the obvious things that are in front of you that you never think of. I wonder if they'll be honest though? But it's worth a shot. (no pun intended). Thanks for the wonderful advice Karl.

 I haven't had any communications with anyone who lives there. I don't know anybody in the area but someone mentioned I should go around and talk to the neighbors. I think that's a good idea.

I was using the google street view. It just shows the normal stuff we're used to. It's pretty cool. But yes obviously not the same as going there in person. As far as data, I'm only using two. If you know of any more and are able to share please do so.I'm using Schooldigger & Neighborhoodscout.

I'm far from an experienced member and I'm sure the experienced folks will chime in soon.

But what I've been doing so far is treating this website like a school. I set reading goals every day. Also start analyzing deals, Zillow Redfin, and many others are great resources. I would also try to look for a local agent in your area and try to meet up for lunch. While you're starting out, an agent is an incredible resource.

I was lucky enough that I found one and he's been so wonderful. I would also recommend you attend the weekly webinars here. Those are just a few tips.

All solid advice, thanks for weighing in. I wasn't quite sure if a property had to cashflow no matter what. But taking into account that I'm building equity and eventually when I do move out, the numbers do show it will cashflow if both units are rented makes me realize how the numbers work.

I think I still have a while to go until I own my first property, but I am actively looking and running numbers just in case a deal comes sooner than I anticipated, that way I can be ready.

Hello all, I'm looking at 3 Duplex properties and running the numbers using the Biggerpockets rental calculator.

The rent from unit 1 doesn't cashflow by itself after running the numbers. But if I add the rent from unit 2 then it will cashflow.

But the problem is if I want to house hack I would have to live in one of the units. And if I live in one of the units then there's no rent coming in from the unit I'm living in, therefore no cashflow.

Would you still house hack even though it doesn't cashflow? Once I add my job income into the mix then I'd be okay. Just wondering for those who house hacked before, how did you cashflow when you only had income coming in from only from one unit?

Thanks.

Thanks for weighing in Joseph. I'll visit in the day time as well as night and see what it looks like. Before I visit, I also did a google street view just to get a rough idea. But I know nothing's better than actually setting foot in a neighborhood.