All Forum Posts by: Jesse Holshouser

@Judith Sullivan Yes, that's what I meant by lease to own! Right now, I think this looks like my best option. Do you have any tips for listing and advertising the property as a lease option? Thanks!

@Wayne Brooks  That's what I figured. I just wanted to make sure. I'm having trouble getting answers to certain questions from the sellers agent

I'm looking at a triplex and I know that the owner lives less than half a mile from me. I've spoken with the sellers agent but would it be appropriate to knock on the owners door and ask him questions directly? Thanks!

I've posted a few times about a potential house hack which leaves me with the question: What do I do with my house? When I bought the house, I didn't buy as an investor. It was a few months after buying that I started reading seriously about REI and found bigger pockets. My mortgage payment is $780 a month and me and my realtor figure I could get $1100 a month for rent. If I'm lucky, this ends up being a break even rental. I would be okay with this I could assume the property will appreciate and I can sell in a few years (I know I can't count on appreciation). Another option is to sell as is right now. I would lose several thousand, especially if I list with a realtor. The third option is to do a small rehab and sell. The basement is partially finished. It is framed and sheet-rocked and has heat/air. It would need carpet and a drop ceiling. This would increase the square footage of the house by about 600. I'm not sure exactly how much that would raise the value of the home, but it could be done with about 5-6k. Should I ask my realtor for an estimate of arv? Another option is a lease to own. I welcome any and all ideas, criticisms, etc. Thanks!

There are obvious benefits to both and many have named them here on this thread. I think the key here is that you mentioned wanting a passive style of investing. Flipping house (especially as a newbie) isn't remotely passive. Even with everything contracted out, you're going to be intimately involved in managing the project and managing your contractors. To me rental properties make the most sense for building long term wealth and for lifestyle design, if that's what you want. You can make it as passive or active as you like. 

@JeffBrower Thanks! My second question then would be, does having a roommate who pays 400 a month count as rental history/income or is that different since I wasn't renting the entire property? I should qualify either way, I'm just curious.

I have a traditional loan on my current home. I want to use an fha to get a triplex and live in one unit while keeping my home as a rental property. Will I be able to obtain an fha loan while having a traditional loan on my house?

Thank you everyone for the input! I am definitely leaning towards just tearing to pool out and finishing the deck. Even if I were to stay here, that's what I would want. In the first 6 months of living here, I put about 1000 dollars into the pool. I could've built the rest of the deck for that! 

I'm considering buying a triplex with an FHA loan and moving into one of the units. If I do this, I will be keeping my current home as a rental. My biggest concern is the pool. I understand there can be some liability concerns, but I also know that there are people who successfully rent homes with pools. Is there anything I can do to shield myself? Should I remove the pool and deck it over (it's an above ground with a wrap around deck) If anyone has some experience, feedback, or advice, please let me know. Thanks!

@John Leavelle @Account Closed My numbers are taking into account 7% vacancy. 5% maintenance, insurance, and taxes. I would be managing the property myself. The property was built in 78 as a SFH and remodeled in the 2000s into a triplex so there are no major updates needed. The only CapEx it may need in the near future i replacing the stairs leading to the upper unit on the outside of the house. This is a fairly inexpensive project I can do myself. The rents are definitely under market rent. I haven't spoken with the owner about this yet, but I don't think rents have been raised at all. I also think it is definitely over priced which may be why it been on the market over 200 days. I wouldn't pay more than 130-135k. I also am capable of paying 20% down now, which would make the number look even better but lower my COC ROI, and why would I when I can invest the extra elsewhere while I live there. I can always refinance later.