All Forum Posts by: Jason Cook

 Yeah that's total fair! It's probably better to be the owner in that situation as you probably have more control of the dwellings. I also think it comes down to the area that it is rented at and the way the Airbnb is presented. Thanks for the reply! :)

From the title I am unsure which my next best investment should be this year.

1. Ask around the area to start Airbnb Arbitrage. Cost would be low - $10k-$15k and time up and running would be less than a month or two. Down side I have no appreciation but would get almost immediate cash flow to start looking for the next one. 

2. Wait and save up for another unit to live in for house hack and make my current home an Airbnb. Cost $30k-$45k and would take 7-12 months to save up.

Currently I have one Airbnb I purchased in Jan 22'. I have another home as a house hack that I am living in. Just really trying to figure out the best route and the way the market has been. Obviously, both are great but hoping to make the best of my wealth opportunities and continually grow as quick and effectively as possible. 

Thanks,

Jason

Hello, I just purchased my 2nd property at the beginning of this year, and will be an Airbnb. The first home I live in and house hack. This summer I would like to move out of my current home and into another home while still having my current house. By doing this would I be able to account for my roommate's income in my current home get a larger home? At this rate, I have two mortgages that would total $1,700/mth. I fear that my purchasing power will be low since I am trying to get another loan but the bank only sees one of the properties as an investment property. 

Oh, that's great to hear! Yes, I currently refinanced last year so I no longer have the FHA loan so I take it I have access to that loan again. Thanks for the Reply! :)

Hello, I am a recently new investor as I purchase my first primary home two years ago and am currently housing hacking it. I am considering moving but still within the Raleigh area. I was wondering if I would be able to purchase a new home for a low down payment of 3.5% or anything below 20% if I keep my first home and turn it into a rental while moving into the new home?

I have heard that in order to get a low down payment I would need proof and reason to move such as a change in job.

Hey, @Grayson Spittel the home is now worth around $306k and did a refinance last year. I assume if I sold I would be able to use another FHA loan when buying another? That's a smart idea. Ideally would love a multi-family deal but in Raleigh their arent many for the price I would be looking for.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $215,000
Cash invested: $7,000

House Hacking. A nice 3 bedroom, 2.5 bathrooms. Found roommates through Facebook and have been friends with them since.

What made you interested in investing in this type of deal?

Close to downtown. Close to the college to make it appealing to young people

How did you find this deal and how did you negotiate it?

On the MLS. We negotiated the inspection which saved me $8500.

How did you finance this deal?

FHA loan

How did you add value to the deal?

Added nice furniture and updated things around the house

What was the outcome?

In total I get $725 for one room and $825 for the other room.

Lessons learned? Challenges?

You have to be flexible with challenges that come up. Usually, big problems are just a bunch of little problems.

@Peter Mckernan Thanks for the reply! Yes, we both have 50 percent in our accounts. My name will be the only one on the loan and my dad would like to give me the other 50 percent of the money from his account for our down payment. Sounds like there is a letter he will need to send me or to the lender to prove he is gifting me this money. 

Thanks so much for the response! 

Hello, I am looking at purchasing my first rental property this year. Whoop whoop! My dad has decided he would like to be a part of that with me so we will do a 50/50 partnership where he will provide 50% of the money and I will provide the other 50%. 

After talking with my lender she said this is not allowed with investing. She said you need to have it in your account before 60 days so it does not show up on my account. Is there another way around this? The longer we wait the more money both my dad and I can put in and I don't want to have to wait 60 days before I put in an offer on a house.

Any advice on partnership and lending would be greatly appreciated :) 

Jason

Hello. I am looking to purchase my first rental property this year. I'm currently house hacking where I live now. I am considering investing in a market that I'm vaguely familiar with. I ran the numbers and looks to be a good deal even with having 10% in Cap-Ex and Repairs per year but the downside is the school rating is only 3/10 and higher crime rate where this location is.

Based on the numbers it would be above a 20% ROI which is fairly good but not sure if the schools and crime could be a major part of the factor when investing or end up making a poor decision just being the numbers look good. Any tips?