All Forum Posts by: Jacob Hornberger

I don’t think it’s a bad deal. Not all of them are going to be complete home runs. 

This will be a great experience to learn from, and you’ll be saving on your expenses/ building equity as you do it!

Get in contact with a good real estate agent to help you find the best neighborhoods..

I agree with sanding some of the worst spots. If you still have some really dark spots on the walls when you're ready for paint, you may try Kilz primer. It may save you from having to do multiple coats of paint to cover it.

As mentioned, it is hard to say without more details, because every deal and situation is different.

I think you are on the right track though! Practicing analyzing deals is a great way to gain some knowledge about your market.

I agree with @Kristi Kandel, it could be pretty risky to dump a bunch of money into a property that you are still technically leasing. Also, you may be hard to find a landlord that is willing to allow you to do a substantial amount of work on a property.

A similar strategy that may work better is finding a seller willing to seller finance with little to no money down and possibly interest only payments for the first year. You could then continue on with your original plan from there. 

Definitely make sure it gets listed on Facebook. You should get tons of interest from there, as long as it's in good shape and not way overpriced. Check other rental listings in the area to compare quality of rehab and price to see how close you are to the competition.

Congrats on your first house hack!

If you don't want to deal with filling a vacancy, talk to them and see if they will stay if you raise the rent. Explain to them that they are currently far under what the market rate is. Assuming they are on a month-to-month lease, you could raise the rent in small increments over time to get them closer to the market rate (check local laws to make sure there's no limits on rent increases). If they are good tenants that pay on time, it's probably worth trying to keep them. You could try to get payment records from the current owner to see if they pay on time, in full.

There's a meet-up on the second Monday of every month at the TJ Chumps in Fairborn. There's quite a few Dayton area investors, wholesalers and agents that attend.

Depending on your income situation, house hacking will definitely be able to supercharge your real estate investing journey. It allows you to live cheaply so you can save for more investment properties. It is also a great learning experience as a newbie investor. You will quickly learn the ropes of rehabbing and managing a property with less risk than a standalone investment since this is also your primary residence.

As far as getting on the same page as your fiancé. I think you're on the right track, do the househack first to help afford a single family down the road. You may just have to sit down and talk about each of your wants and goals. Also, talk about how a few years of delayed gratification can really pay off in the future.

I'm not sure where all of their locations are but I think it's mainly midwestern states.

@Natsona Cole