All Forum Posts by: Gerardo Lozano

Hello All!
Looking for advice on what to do.

I'm house hacking and generally happy living with my great tenants, however I've welcomed 2 beautiful daughters to this world and our current 850sqft 2Bed/1Bath unit is starting to get cramped (particularly with fam visits over the holiday!)
If I move out and get my unit rented out, I'd clear ~$250 after (PITI, vacancy, repairs, Capex, P.M., etc.) so not too much all said and done.
My problem is that I live in a relatively desirable Chicago suburb with good schools, high values, and ridiculously low inventory. I've send dozens and dozens of (not-even-that-lowballish [~85% of asking]) offers to SFHs in the last 5-6 weeks (it helps that I'm my own agent) but have not had any luck... 
Weighing the options of:

A) Not moving, keep living for almost free (which is awesome).. [everyone reading this on the fence about house hacking GO FOR IT!] 

B) Buying a house like a regular home buyer would and paying ~$5k less than asking

or

Secret option C) Kicking out my seriously awesome tenants who I inherited and who've lived in their 1850sqft 3Be/2Ba "main" unit for 18 years  

PROs:
A: Keep saving a good portion of income to purchase cashflowing deals on other areas.

B: Expand my RE portfolio and "settle down" for a couple of years. (A month not collecting rent on my unit is lost revenue).

C: $2,100 in gross rent to offset $2,750 PITI (Still house hacking with all the space I'd need)

CONs:
A: Space is tight

B: Taking on a big mortgage which would seriously hinder my ability to save & refinance in the future.

C: Loosing a great tenant who pays on time, does his own repairs (and carpet cleaning), and as a roofer even fix my roof for free.

Thanks for reading and for your comments!

Awesome Shiloh! Looking forward to read the full story for 2017 =)

Nice! May the next one be as good or better than this one!

 Hello Adam,
Thanks for sharing your experience, greatly appreciated.
So what happens to future liens? Assuming the owner still does not pay, more liens would be issued in the future... do you get first dibs? is it still at 1%? If someone else buys, is the 2 year redemption clock restarted?

Thx!

Great job Fay! Keep it up!
Remember to stop and smell the roses from time to time, you've earned yourself a little break. =)

Congratz Sunny!
Looking to emulate you some day. A little envious of those juicy rents/purchase ratios!
Best!

Hello All,

I went to a Renatus meeting early this year and while I don't like their pyramid-type marketing & sky high costs, I did find a good value on an all day Saturday "Intensive" last week. For me the 80 hrs video course on their entry membership plus the opportunity to be inside and network is worth the try.

If like me there is someone sitting on the sidelines, not planning on pursuing any marketing, want to share the cost for the Essentials Course ($2,000 for two) and sign up for the on-site training on Downers Grove, IL. Hit me up!

Cheers,
Jerry

[email protected]

Hi @Sam Sav
I ran into this post looking for the same thing. I'm in the exact same boat as you were when you wrote this. Did you ever find any banks?
BR,
Jerry

Joe,

Great job!

Hello all,

Looking for advice on incorporating or creating an LLC. My focus will be to self-fund and raise capital for fixing-up and holding mainly. Anyone knows of a good lawyer with RE experience near the Schaumburg area?

Thx,
Jerry