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All Forum Posts by: Jason Tassinari

Jason Tassinari has started 5 posts and replied 37 times.

Post: FHA / House Hack Question ?????

Jason TassinariPosted
  • Posts 38
  • Votes 14
Originally posted by @Rick Albert:

If the Sellers are tight on money, after you have released all contingencies, you can authorize the escrow officer to release your deposit to the Sellers early so they can use the money to buy out the tenant.  

 Not a bad idea. I'm taking notes lol 

Post: FHA / House Hack Question ?????

Jason TassinariPosted
  • Posts 38
  • Votes 14
Originally posted by @Rick Albert:

I would write in the offer that one unit be delivered vacant at the close of escrow.  With the political climate of COVID (and I don't know your market), it may be more difficult to get them out than you realize.

Look for properties that have been sitting on the market where the Seller may take care of that for you for the right price.

 That is a great point. Put the burden on the seller to get them out.

Post: FHA / House Hack Question ?????

Jason TassinariPosted
  • Posts 38
  • Votes 14
Originally posted by @Grace Wang:

@Jason Tassinari you may want to check with your lender to confirm, but I believe you have 60 days from closing to move into your property

Yeah, I have heard the same. 

Post: FHA / House Hack Question ?????

Jason TassinariPosted
  • Posts 38
  • Votes 14
Originally posted by @Grace Wang:

@Jason Tassinari If there is a lease of the 4-unit that will be expiring soon, you can always offer cash for keys to get them out a little sooner. This may be the path of least resistance. Maybe consider 1 month's rent + a bonus cash amount for extra incentive? Congrats and good luck

 Thanks. I had that idea as well. I know that the one year clock doesn't start until we actually occupy the unit, correct? So I need them out asap so that I can hurry up and get the year over with and be able to rent the unit. 

Post: FHA / House Hack Question ?????

Jason TassinariPosted
  • Posts 38
  • Votes 14

Good morning everyone. I am a brand new rookie working my first deal.... (I can hear the roar of the crowd and thunderous round of applause lol :-) 

I am taking the path of least resistance by looking at house hacking a 4 unit property with an FHA .. HOWEVER! .. the unit is currently fully occupied. We all know that we are required to live in the house for 1 year when house hacking an FHA, but my question to you my trusty group of experts, is what happens when the property you are looking to buy is currently fully occupied?

Thanks,

Originally posted by @Jon Kelly:

@Jason Tassinari Did you finish the stack of books you already have? I'd start there and then start taking action and analyzing deals. 

As you gain experience with analyzing, making offers, buying, rehabbing, landlording, etc. you may find other areas you want to dive deeper into. I wouldn't flood yourself with too much information before you take action. 

 Jon, that's strong advice. I have read most of the stack and always have new books showing up each day. I am addicted to reading lol .. But i couldn't agree more with you when it comes to taking action. I am analyzing deals and currently looking for the right deal. So I think I will be pulling the trigger on my first deal in the next few months. 

Originally posted by @Bob Stevens:

@Jason Tassinari its not rocket science, Its all about numbers. In my 1st month  I flipped a contract for 19k, 

all the best 

Bob, that is awesome. Who would love to make a quick 19k to reinvest. I think flipping and wholesaling is it's own art. I don't think I would dive into that with out a strong mentor or a JV with some one who has a great deal of experience in that lane.

Originally posted by @Brian Walters:

@Jason Tassinari reading on investments is good, but so is talking to those with experience.  In addition to trying to learn as much as possible about real estate I try and find ways to be better at business as a whole.

Really enjoyed the 4 Hour Work Week by Tim Ferriss.  Also reading, watching and listening to more from Gary Vaynerchuk.  Working to learn how to be better with business and more efficient with my time.

 Brian, good stuff. I am just now starting to build my network of folks to talk to and learn from. I recently joined a few networking groups. So hopefully that will start to shape up soon. I also use to listen to Gary Vee. Hes got some good stuff. But for me he has just a little to commercial for me. But I loved his "jab -Jab-Hook" theory on advertising. 

Originally posted by @Eric Bilderback:

My favorite book is Millionaire real estate Investor is my favorite which I see is on your stack.  I also liked Retie Early by @Chad Carson not only was he a stud linebacker he knows his crap.
While the millionaire real estate investor breaks down the grind of real estate investing Mr Carson helps you come up with a plan to become financially free. 

The big thing big thing you have to do is buying a deal and managing it the rest is magic my friend!

Eric, Thanks for the reply. Yeah I am already getting things ready to purchase my first deal soon and also starting to analyze deals in my area. I don't think it will be too long before I pull the trigger on something. But until then I'm trying to catch up to speed with books, pod cast and mentoring sessions to make sure that I have enough of an understanding to be successful in this venture.  I also wanted to thank you for the book recommendation. I didnt have that one on the list, but it is now. Thanks. 

Originally posted by @Doug Lovett:

@Jason Tassinari what kind of investing do you want to do? I’d read The Millionaire Real Estate Investor by Gary Keller and then start reading books in the area that you want to start in.

A common path is to start wholesaling, then do flipping, then buying rentals. If you’re going to be a wholesaler then you need to learn how both flippers and landlords evaluate deals so you can learn how to make offers that are appealing to them.

I’d get The Book on Flipping Houses and The Book on Estimating Rehab Costs by J Scott for flipping.

If you haven't already you need to find a your local REIA or other networking group and start going to those.

Beware of reading too much though. You just need the basics and then start evaluating deals. You will learn WAY more doing your fist deal than you will reading a lot of books.

Doug, Thanks for the reply. I am going to just do a simple buy and hold model with multi family units. I don't think I will do much with wholesaling or flipping, however I want to have a basic working knowledge of the strategy as I am always open to opportunities that may come my way. I have joined a few local groups for REI and am going to start networking there. I also secured a great mentor who has committed to working with me once a week teaching me the ropes. He may consider partnering with me on some beginning deals as well. So that is a HUGE head start as well.