All Forum Posts by: Jason Anderson

@Calvin Kwan. If you have a Home Depot card they put out 0% financing coupon for 24 months if you spend over 2k. Then your new renters can pay for them, you just have to pay them off before the time runs out or they charge 24% interest for the entire time.

Some great advice, I find myself in a similar situation as Zach and this conversation really helps. I really liked the comment about a house hack being a safer bet going into a questionable economy. If there are a lot of foreclosures your equity from the first house hack can be pulled out at that time to get a deal.

I’m going for a fha house hack on another 4 plex or a duplex that’s a good Airbnb.

@Stone Jin

I appreciate your input, I never thought of it as dead equity if I don’t touch it but that’s what it is. I tend to put the blinders on, especially when my place is close to being paid off. My plan was to go to the bank in March after taxes which will show income from 2 more apartments for the year.

I bought a 4 plex in 2014 for 65k with a 15 year arm (3/1?) currently at 4.1%. It’s down to $31,000, I also have a heloc at 6% with 5 years remaining $32,000. It appraised for after renovation $240,000, it gross’s $2600 a month my loan payments total $1000 and I’m left with $800 cash.

This is my first house hack and I’m going to buy another one in March, I work construction making 40k a year. I think I have 3 options

A. Brrr it take the equity and buy another

B. Get an fha loan on next house hack while not touching my other loans

C. Get an fha loan on next house hack and refinance the 2 loans for a lower interest rate but leave the equity alone.

I feel that leaving this first property alone and start brrrring from property 2 would give me a big safety net. Basically I lack the knowledge and am overly cautious, plus this property is next to my favorite hang gliding site Lookout mountain flight park so I need to always keep it!

@Frank Patterson

Chris is right do it yourself, installing windows is easier with two people. Hire an experienced carpenter for the day or two to teach you and make sure they are installed correctly. Also helps you sleep at night, meanwhile your savings will pay for your kitchen and bath remodel.

@Andrey Y. I just moved out of my first house hack 4 plex that I’ve owned for 6 years. I had great renters and became friends with most of them, I didn’t try to nickel and dime them and shared my internet. I remodeled the apartments, with everything being new I didn’t have many problems.

I’m about to house hack another 4 plex, I think pretending not to be the owner is more complicated than it’s worth. You’ll have to keep track of lies and you’ll run into them on a weekly basis and they will probably be asking questions about the owner. Good tenants are your income if you provide them a great place and don’t tack on fees your going to have loyal renters who will be long term renters.

Someone posted about a separate mail box, I used a P.O. Box

@A. Maldonado

I would do it, you and your wife can examine your finances together and come up with a plan to be leaner. If both of you are doing this all that money going to the banks in interest will turn into monthly investments! I only use debt on rental properties, if it doesn’t make money then I don’t finance it.

It’s pretty cool she wants to do this and a great time to come up with a budget. It might sound strange but aggressively paying down debt is weirdly fun. So there’s that...