All Forum Posts by: James Devoe

Hi Trevor

I'm still a noob

Right now, my biggest challenge is getting my 1st House-Hack with my wife.

The challenge is that most of our income comes from our Interior/Architectural Design business which has only been making money for a year.

I've looked into partnering up with people for a loan, but no one has proven reliable.

We're currently looking for Off Market Deals to see if we can get something Subto or Owner Financed.

This has been a very difficult thing to find as we live in New York. I've been at this for months now and haven't had a single response yet to any of my Direct Mail Campaigns.

Any advice would be greatly appreciated.

@Greg Scott

Thank you. 

What do they look for as far as liquidity? 

Do you mean for a down payment? 

Hello everyone, 

My wife and I live and work in Long Island, NY and we're looking to do a house-hack. The problem is we can't find a small multi-family that we qualify for.

I was thinking of looking for large multi-family since I know they don't care about your credit report. 

Should we go for it or would we be bitting off more than we can chew?

Hello Everyone, 

So my wife and I in the process of finding and purchasing our 1st property and we've decided to do a house hack since we're using an FHA to purchase.

We're looking to buy a multi-family and using one side as an air bnb in order to bring up our profits to help with the rehab. 

We're living in a house where we have a rent to buy option but still looking for new opportunities. 

So far, this is the best we've found for what we're planning, but we're unsure of how it will do as an air bnb.

Should we keep looking or just pull the trigger on the house we're currently living in?

Any advice would be deeply appreciated. 

Thank you @Christopher Cole,

That definitely sounds like something I'd like to do in this circumstance, especially since this is our 1st property and we're using an FHA to get it.

It certainly seems like there are a lot of different methods in managing a property 

@Joshua Randall Thank you

That was very helpful. Does it make a difference that we're buying a home under our own name with an FHA?

Hi everyone, 

My wife and I have decided to go for house-hacking for our 1st investment. 

I was wondering, a few things. 

1. How do I structure things so that we have as little liability as possible? 

2. If we get a house in the winter, do we wait until the spring or summer months to have tenants to sign a lease? Or do we have them sign a lease agreement right away?

3. Should we let tenants know that we are the owners? 

@Wayne Brooks, I agree, I definitely needed more time to close. It was actually the owner of the house that was selling privately. 

I want to thank everyone for the information given here, it was very helpful.

After much consideration, I decided it was best to walk away from this deal. It's a shame, but it doesn't seem that it was going to work out in my favor as this seller didn't seem to want to allow me time to do my due diligence on this property. I have certainly walked away from this with a lot more knowledge than I walked in with, so, it's not a total loss.   

@David Krulac, but isn't it a little extreme for such a tight schedule to get an inspection and closing on a house in a little more than a week? It seems to me like they're hiding something like a lean on the house...