All Forum Posts by: Jack Bailin

Thanks @Daray Olaleye! 

@Will Davis, Thanks a lot. That was what I was thinking of doing; having individual leases for the other two roommates which has each person individually responsible for 1/3 of the utilities, security deposit, etc. Mostly just wanted to hear that this has been done before.

I'm going to take a look at the property tomorrow with my realtor, if everything checks out upon walk through I'll be making an offer! Fingers crossed, because this property is a short sale and its listed for ~40k under what it appraised for. Some instant equity would be pretty neato on the first deal!

Alright, so I'm currently actively looking for my first deal, a house hack, and I have a few properties I'm visiting this week. All of them are multi-families, either 3 or 4 units. As I hope to have one under contract very soon, I'm starting to consider how to work out lease agreements, particularly in the case of the unit I will be occupying myself. I'll use one of the properties I'm going to look at on Thursday as an example.

The property is a triplex, 3/1.5, 1/1, 1/1. The numbers work very well, provided I live in the 3/1.5 and find two roommates to live with me, while renting out the 1/1's. Lease agreements for the 1/1's will be no problem, but I'm a bit confused on how to approach structuring a lease for roommates that I'd find to live with me in the 3/1.5.

Has anyone else out there come across a similar scenario, and if so, how did you handle it? I'm also very open to general suggestion on how to approach this situation. I figure it's in my best interest to start thinking about this now, and not when I'm on my way to the closing table! 

Thanks a million everyone, this community has taught me everything I know thus far about real estate, and I'm about to start turning my dreams into a reality!

Biggest fear as someone looking to start house hacking soon is inheriting bad tenants!

@Andrew Cosker I'm currently working on saving up for a down payment on a 2-4 unit multifamily somewhere within ~10 miles of Stratford (I work at Sikorsky), which I'll house hack! After that I'll continue saving and look to get involved with more buy and holds, as well as dipping my toes in the realm of flipping. I figure I'll try everything I can until I find my niche and then I'll dig in there!

Hi All!

My name is Jack Bailin, and I'm fresh out of college settling in to my first "big boy job" down in Shelton, CT. I live in New Haven, and I'm already making diligent efforts to live as frugally as possible in order to build a bit of savings and get started on my real estate investing journey. 

My current 1 year plan is this: Use the savings I accrue over the next ~6 months from my Software Engineering position to make a down payment on a 2-4 unit multi family property within a 15 mile radius of my workplace (Shelton, CT), and house hack it! I feel like this will give me a good introduction to the world of real estate investing and landlording, and allow me to cut out a big chunk of my living expense (rent) in order to have more capitol to invest in future endeavors.

Being a total newbie, I'm sure I'll need some time to find my niche and see what I enjoy. I plan on trying everything I can; buy and hold, flipping, using the BRRRR strategy, etc. until I find what works best for my long term goals.

I'm 26 years old now, and I am going to become financially free before I'm 35 through real estate, no matter what it takes. That being said, I'll need to start making connections with like minded investors in the New Haven, CT area, as well as realtors, contractors, wholesalers, etc.

Sorry for the word vomit, I'm very excited to get started and I look forward to meeting some motivated investors in my area!

Thanks a lot @Kris Wong! When I get myself out there I'll make sure to reach out!