All Forum Posts by: Isabella G.
Isabella G. has started 1 posts and replied 4 times.
Post: 11k saved for an investment prop... NEED A CONFIDENCE BOOST
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Originally posted by @Account Closed:
@Patrick Crehan what's this house hack going to cost to purchase?
House hacking gave me a free place to live for the last 7 years! I would say it's worth it if the cost of your mortgage after house hacking ends up being a good amount cheaper than your rent cost if you just lived with roomies. Don't worry about the whole "debt paydown thing" for the first few years. It's all interest paid to the bank at first anyways.
Hi, I'm in Sacramento too and wondering how it's possible to house hack in this market given the price of multi family units here. I have found a few good deals and a possible owner financed deal up near Eureka though which is about a 4.5 hour drive. I'm a little wary of trying to be a landlord though from a distance and not being familiar with the rental market up there. And i wouldn't be able to move. Do you recommend or have any experience with seller financing? Thanks
Post: How to Offer Affordable Housing
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Originally posted by @Dennis M.:
That’s good that you’re making this a nonprofit because single moms and pregnant women never pay their rent anyway !
Thank you for the vote of confidence. (Sarcasm)I'm a single mom unexpectedly and was in a similar situation living in a transitional program while pregnant due to being left with nothing after escaping abuse. Every resident there worked and paid their rent. I'm a business owner with a degree. Not everyone fits your stereotype. I'd like to give back. I see people as assets with great potential and worth investing in and pouring into. Not just making a profit from.
Post: How to Offer Affordable Housing
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Originally posted by @Greg Scott:
Isabella:
You have a noble goal. I encourage you to find others in your community who provide affordable housing and get their thoughts. They are more likely to be able to point you in the right direction.
Have you considered looking at apartments instead of houses? Even if you get a house for free, $500 per month is unlikely to cover the long-term operational costs of a house (taxes, insurance, repairs, management, vacancy, etc.) Another challenge with single family homes is they cost a lot more to operate. For example, they have higher utility bills. Someone also has to mow the lawn and plow the driveway. People who need affordable housing may not be able to handle those extra bills.
Yes I've definitely thought about multi family units. I am connected with organizations that are doing what I'm looking to do on a smaller scale with properties that were provided to them, they weren't seeking them out. I want to actively seek out properties with the goal of improving the community and providing housing to people in need. In my example i was referring to 500/room so 1500 total for the house. And i partner with an organization that hires the residents and they do things like landscape, maintenance etc. Those are all great points. Thanks for your reply.
Post: How to Offer Affordable Housing
- Posts 4
- Votes 4
Hi everyone, I'm looking for properties to buy and hold. I also have a desire to use my units as a type of affordable housing for single moms or pregnant women. (I.e. a 3 bed 2 bath rent each room out to a woman for 500/mo. And have someone on staff to make sure house rules are followed and the properties are cared for.) There's a huge need in my city with many homeless mothers and children. There's an area that Is in the process of being transformed by investors from a poor inner city to flipped homes for professionals. Does anyone have any idea how to structure a business to offer affordable housing and/or what benefits are there? Would i need to form a non profit? I want the properties to still belong to me so i can pass them down to my children. I was planning to form an LLC but then realized I want to do something with a purpose. Any help would be appreciated.