All Forum Posts by: James Bradin

I am just over a year into my house hack.  I am from South Florida (Bradenton/Sarasota area) but unfortunately have to house hack in New Mexico due to work.  It has been one of the best decisions that I have ever made.  

I would stick with the 1% rule referenced above.  Be sure to run your numbers as if you are not living there.  This will help when you eventually move out and are no longer house hacking the property. 

I just purchased a quad-plex in FL.  Be sure to look into Insurance costs.  My insurances numbers went up after Irma.  This was a rough Hurricane year and as a result insurance premiums will be higher than average.

 Awesome! Thank you so much for the quick response and recommendation.

Hey everyone,

I am looking for any recommendations on CPA's in the Tampa/Sarasota region on FL.  I just purchased my second multifamily (first in my hometown in FL) and I know that my tax situation is going to start to  get interesting come February.  Any help with this would be greatly appreciated.

I just finished finished a deal with Kim Martinez (see link below).  She is an investor herself and personally sent me listings within Manatee and Sarasota for months, every week, until I found the deal that I wanted.  I purchased the property while out of state, and she was always responsive to emails, texts, and phone calls.  I have nothing but incredible things to say about her guidance and help through the process of purchasing my second investment property.

http://www.kw.com/kw/GetAgent.action?personId=5457...

I checked with Florida building codes.  "Minimum ceiling heights. Occupiable spaces, habit- able spaces and corridors shall have a ceiling height of not less than 7 feet 6 inches (2286 mm). Bathrooms, toilet rooms, kitchens, storage rooms and laundry rooms shall be permitted to have a ceiling height of not less than 7 feet (2134 mm)."

I am really glad that you all brought this up.  It definitely is not something I had thought of/or had heard of.

@Jay Hinrichs and @Jim Adrian  Thank you for bringing that to my attention.  I had no idea that was a code requirement (potentially).  I will look into and get an accurate measurement for the ceiling height.  

I am 6'2" as well, and I know that I would never rent a place with a low ceiling.  I appreciate all of the advice.  You have all been awesome with the response.  Thanks.

I am looking at making an offer on my second investment property.  It is a 1920's built unique 2/1 upstairs, 1/1 downstairs, recently renovated, and in a good neighborhood.  It just got back on the market after the deal fell through.  The previous buyer backed out because the downstairs unit has ceilings that are "about 6 and a half feet high".  I have yet to see it in person, but other than this I am very interested in the property.

The property has tenants in place already, and both units were rented out in 3 days (according to the selling agent).  Should this be a concern?  Has anyone dealt with low ceilings (or something similar), that made their property harder to rent?

I am house hacking a duplex I purchased this fall.  $1000 mortgage with renting out the other side for $1000. I recently had to move for my job and I had no intention to purchase property here.  Then I found bigger pockets, discovered house hacking.  It has been one of the best decisions I have made thus far. I am "living below my means", yet I am comfortable, learning to be a landlord, and saving for another property.  I cannot recommend this strategy enough.... 

Close on my duplex tomorrow, which I will be house hacking.  Once I get it rented I am going to start looking for my second property.  I love the Rich Dad Poor Dad line. This motivated me to start looking for deal number 2.  Thanks for the awesome post. 

Thanks, yes the owner was a very motivated seller.  It sat on the market for two months before we agreed on a price.  I knew that the owner and selling agent were asking for way more than it was worth.  I was also able to work with an incredibly helpful agent on my end.  I explained to her my plan and showed her where I was getting my numbers from.  It seemed like she had little to no experience with working with investors.  I think she gained a little understanding about working with investors. 

The appraisal didn't come in until after we agreed on a price.  One offer had been made prior to me (for $40,000 more than my offer) however, the financing fell through for that buyer.  After that the seller was even more motivated to sell.  Based on my numbers that I have run myself and numbers from the Property Analysis Tool here on BP I should have a monthly cash flow between $200-230 per unit.