All Forum Posts by: Jon McCarron

hi @Maddie K.,

Like many others on the thread, I would suggest house hacking first. Everyone needs a place to live, so why not eliminate that housing expense for yourself (or make some money while living for free!). House hacking will give you a perspective of what being a landlord and property owner is all about. Also, you will be able to save up more money faster which could be used to expand into the St. Louis market, or dive into other investments.

Good luck!

Hi @Mark D.,

Pretty late response for this post, not sure if things have changed, or if your deal ever went through. For section 8 rent raises, from my experience, you have to give notice of any increase with in 2 months of lease anniversary. So, if you bought in November, but their lease ends in July, you can't try for an increase until May. You can see where their voucher comes from, and give that city's housing authority a call. They are usually friendly and happy to help (in my own experience). They may not approve a full raise to market value, but you can put in for a raise every year at anniversary.

Hope that helps!

@John Deyrup

I believe you can send them a statement of the account, showing the interest accrued. Then you can return the interest at the end of their lease term.

Hi @Timothy Walsh,

after some sort of rapport is built, Maybe start by asking why they are selling? If they something like "retiring/downsizing" or something along those lines, maybe then float the idea of seller financing. If they own the house free and clear, then they might be more open to the idea as well.

Hope that helps, good luck!

That's awesome, congratulations!

Hi @Natalia Soares

You mentioned you refinanced into a conventional mortgage for your current residence. I believe you should be able to do another house hack with only the 5% down payment

@Bonnie Rhodes

Closed on my first rental property the day after my 26th birthday

Hi @Vika Bha

As a note for condos in general, you typically can't control the HOA fee, especially in a larger complex. That can ruin your numbers if you end up renting. They can be raised , rarely lowered. Also, special assessments can be damaging to your cash flow as well.

In this specific scenario, like others have said, you may need to elaborate on the numbers.

Good luck!

Jon

@Brendan Dwyer

Hi Brendan,

That’s awesome you want to get started at this age! If you are considering a first purchase, I would suggest house hacking, (low down payment, lower interest rates, and you can buy up to 4 units). If done right, you can live for free in one of the units while your tenants pay your mortgage, and you can maximize your savings. It is a solid way to get started!

If you choose that route, definitely look for 3’s and 4’s. It will be easier to achieve living for free, and it will help you scale you portfolio quicker. If you started doing that now, and bought a new house hack every 1-2 years, you could probably retire by 30-35 depending on your goals.

Have a great day, and welcome to BP!

Jon

@Andrew Freed

Hi Andrew,

Welcome to BP! I invest in small multi family on the North Shore. I own a 3 family in Salem and a 2 family house hack in Beverly. Happy to chat anytime!

Have a great day!,

Jon