All Forum Posts by: Joseph A.

@Justin Johnson No problem, you are headed in the right direction. You are doing better than I did when I completed my first house hack....well at the time I didn't know that's what I was doing. All I knew at that time was that I'm going to purchase a two family and have the other person pay my mortgage or at least most of it. I didn't account for vacancy, capex, repairs or any of the additional expenses. Not to mention I probably paid a bit too much for the property. As I learned all of the the things I should've known before purchasing, it helped me in purchasing my next deal.

@Michael Noto my closing date is set for next month but I was hoping to move it up as quick as I can so I can start the renovations.

@Wayne Brooks That's a possibility, but it would suck if they did because I followed up with the lawyer every week.

@Stanley Bronstein as of Wednesday they were still waiting on the results to come in.

My attorney ordered a title search on a property about 3 weeks ago and I have not received it yet. Does it normally take this long or am I just impatient?

I would start by determining your investment strategy and the criteria that makes a deal worth your while. Learn to analyze not only the numbers but the neighborhood as well. I would also suggest using your real estate agent as a resource, you should ask them if they have any recommendations for lenders if you don't already have any in mind. You should talk to a lender when you get to the point where you are ready to buy, but if you do not how to determine what makes a good deal you should continue learning as much as you can.

Paynearme may be an option, your tenant can go to a location and pay cash. There are a few places such as 7 eleven that your tenant can go into and pay.

@Darren Browne Did a contractor give you that estimate or do you have experience with renovations, if not I would double that estimate and then do an analysis to see if the numbers makes sense. Also you want to make sure the property cash flows if you were to move out after accounting for capex, vacancy, repairs, and property management. If so then it's a good deal.

That would depend on how much work the property needs as well as the the monthly rent you can get from your tenant. Can you provide more details?

If that is the route you want to go, make sure you run your own numbers and don't trust the numbers they give you. Do your due diligence on the location, turnkey company, and the property manager.