All Forum Posts by: James Matuschka

I wanted to give an update on the house hack I went under contract on. The inspector said it was basically a dumpster fire and that he would refund my money and not write the report if I wanted to. I was so grateful and backed out of the deal. Even though I didn't find my new investment property, I have found an amazing inspector that I trust. Apparently there was mold, asbestos ceiling texture, lead paint falling off the ceiling, and foundation problems due to drainage issues. Also the fact that the utilities opened into a bedroom made it not up to code. And he said he recommended a methamphetamine test because there were holes all in the walls. Wow. I just learned a huge lesson: don't let your emotions get in the way of your objectivity. Before the inspector came I had my contractor friend telling me I could just replace the screws in the leaking metal roof and that I could just pour some concrete in the sunken kitchen floor. Man I dodged a bullet on this one. There is no way I was going to "put lipstick on a pig" and rent the thing out, potentially putting my tenants at risk for health issues. I would have had to pay all the premiums to get professionals to do all the remediating, killing my business before I even got started. WHEW!! On to the next...

 well maybe we can  collaborate one day after I get a couple under my belt!

 Yep Rifle allows it currently

 I'm definitely not opposed to that idea lol. I assumed it would be hard in this market right now with the interest rates climbing. Especially for a Newb. No?

 Thanks man. I agree. I know the market around here already and I am convinced it will trend upward long-term. I'm from Baton Rouge and it's getting rough down there crime-wise compared to when I grew up there. Just went under contract in Colorado on a house hack. It's insanely easy to rent out your properties around here because there is nothing available to rent. I have been here 5 years and that has been a constant.

Thank you. I just went under contract on a house hack. I'm using the HELOC as the down payment on a traditional loan because it will be my primary, making my current primary the investment property. Right now the HELOC is 4.4% with a cap of 18% and minimum payment of 1% of the total balance. I plan to put all of my w2 earnings and the cash flow on both properties towards paying down the HELOC because I imagine it wont be beneficial to re-finance for quite some time. Literally nobody is buying anything around here right now so I figure this is my chance to get in. I almost didn't get the contract because somebody had a cash offer. I had to bring my offer to 40k more than the cash offer before the seller would consider taking bank financing, but it will be worth 500k once I turn it back into a duplex. The planning department already said I can do a duplex

Thank you for your insight. I am using part of the HELOC as the down payment on a traditional loan from my loan guy that got me my current home. I just went under contract on a place in Colorado that I will split into a duplex and use it as my primary residence. After a year or so he said I can do it again up to 10 times.

 Thank you. I just went under contract on a house hack that used to be a duplex. the planning committee said I can convert it back no problem. Fingers crossed the inspector doesn't talk me out of it. I think I hit the jackpot on this one

 Thanks for the tip! I have been listening to the current episodes recently. I would love to discuss some things with you. Thank you very much.

Me too! I have finally convinced my wife to buy a smaller house of her own that we can live in, maybe somewhere near rifle, co. At that point I could rent out my home in GWS. I have a tenant in the basement paying 1200/mo. The mortgage is 2100/mo. I can rent the top floor (3bed/1bath) for at least 1900 I'm guessing. I got approved for a 177k HELOC and I am going back and forth between House Hacking another place around here vs. trying the BRRRR strategy in Louisiana. I think you have to be grandfathered in to do short term rentals in Glenwood Springs.