All Forum Posts by: Jaston Robinson

 Hi Presley, 

I'm a New investor also. I'm currently living in a house hacking but actively looking for my second deal. I'm very interested in your Airbnb situation. I'd love to follow up with you & view how its going. I ask because I want to venture into at some point. Hope to connect!

Ps. Miguel you are definitely in the right place! I suggest starting off with a house hack. It's put my girlfriend & I in an great position to save money for our next purchase!

Best, 

@Christine Villarosa Welcome to BP ! & congrats on your second deal. I'm currently looking for my second deal. I've found some success with properties that are for sale by owner on craigslist's. Maybe that's where you'll find deal #3! Good luck. 

I'm very interested in this topic. Does any one have any suggestion on where I can increase my knowledge on this? 

@Blue Rybo-LoPresti Welcome to BP! I would agree about going to a mortgage broker. Such a great idea. In addition, I suggest applying for a first time home buyers program to help with the down payment. 

I just closed on my house hack in October 2020. The combination of the first time homes buyer and a low FHA down payment is very powerful. I was able to purchase my home for only $1,600. If you have more questions please reach out!

Best of luck.

 Hi Matt, 

It's nice to hear from you--it's been a little while since we've last connected. It's helpful that you've confirmed the rents are below market and there's definitely room to increase. To increase this rent, do you suggest we have the current landlord increase to market value before we buy? Or secure the deal, and then increase the rent? 

Thats a great idea--will be following up with the utility company to get a more accurate number. 

In regards to the garage, the current owner stated that he's had businesses approach him about renting out the space since it's large enough to fit commercial sized trucks.

Hi Nathan, 

Thanks for your response! I'll definitely message you privately--I'd love to connect further on this. 

Hi Emiton, 

This garage is a non commercial space, however the doors and driveway are big enough to fit industrial-sized trucks (ideally for contractors, landscapers, businesses of that sort), so I'm assuming that's where the $1,000/month came from. 

Hi all! I may have a deal on my hands in Rhode Island, but need some advice before I submit an offer on this "seller by owner". A quick low down on what it is:

1. 1. Four 1 bedroom units, currently renting out for a total of $3,200/month (all utilities included, also $200 below market rent), with the possibility to convert a finished basement into a legal fifth apartment (2 bedrooms). The problem with the finished basement, is that there is not a second form of egress. We looked up the town's codes for converting a basement to a legal apartment, and according to what we found, we need to increase the size of one of the windows (and probably much more). 
   2. Three door garage. Currently is not being rented out, but owner has had previous offers to rent out the garage for upwards $1,000/month.
2. 3. Solar panels, in addition to a 2017 installed roof. Current owner says the rebate for the solar panels is an average of $100/month.
   
3. 4. Billboard on property. Currently rented out to neighboring business for $400/year, with potential ability increase. 
4. 5. Some other features/notes: Large, newly paved driveway, units may need some slight cosmetic updates, property located on main road, property kept in great condition. 

I ran the numbers with an asking price of $360k, but being that the rents are fairly below market value and includes all utilities, this doesn't scream your typically "deal". BUT with the potential for the extra income with the garage and possible fifth unit, what are your thoughts? Am I trying too "hard" to make this a "deal", or is there actual potential here? This would be my second investment property--so I haven't come across something of this caliber yet. 

I'm also interested in exploring privately funded options when it comes to purchasing this--any suggestions on how I should go about that? 

Thanks in advance!

Jaston

@Anthony Vaiana Congrats on a successful house hack! I moved into my first house hack in October and its been a great experience so far. Not paying rent is really helping boost my investment career. I noticed you said a lesson you learned was to never buy a home without reserves. I agree! I avoided eating up my extra capital by submitting an offer including first time home buyers assistance. I received $7,500 towards my downpayment, which helped me have more capital for the rehab. I think the combination of a first time home buyers assistance and a FHA loan is best way to buy your first property. However, the bright side is you have some equity in your home which is always a great thing.

Best,

Hi! My unit did need the floor resurfaced, new painting, patching and other minor cosmetic things done to it. We did all of this to make it move in ready, with future plans to update the bathroom & kitchen. The house however, does need a little more TLC.