All Forum Posts by: Joshua Mellor

I bought my first property in 2004 for a house hack. The property is a triplex with a 1 two bedroom apartment and 2 one bedroom apartments. I purchased with an FHA loan with closing costs and down payment rolled into the loan so ZERO money out of pocket. Purchased for 135k and have spent around 10k in improvements and repairs since purchase. This property does cashflow. My original goal was to just have this property till retirement with the tenants paying the mortgage for me. I came across this house because my friends mother was selling so i bought it off market from her.

@Andy Prince

100% set up a separate account I did not do this when I began and it cost me dearly. I got used to using that rental income in my personal finances and didn’t treat it as a business. I just started to separate the two in the last 6 months and what a difference it has been not only in savings but also in mindset. I don’t believe you need to set up an lox as of now. This was my hardest lesson to learn so please start from the beginning having separate accounts.

@Kyle Mathis

I’m trying to talk my wife into the fact that we should move into a triplex for a year with our daughter and Saint Bernard from our single family. It has proven to be very difficult but still working on it.

@Will Fraser

I agree he has the best opportunity to house hack maybe get a duplex or a triplex. Learn all he can while managing those units and move up from there.

Looks like a nice first deal congratulations!!

@Andres Vanegas

The cash on cash doesn’t matter as you are ideally pulling all your money out of it in the refinance stage.

I wish I would have seen this before.  how often do you do meetups?

@Alison Lee

I have had good luck with mine. I have a triplex with 2 units as 1/1 and have always had a lot of interest when they come up for rent.

@Mary K.

I agree go with the 3.5 down and do that as much as often as you can.

This property needs no repairs?  cap ex repairs and vacancy seem to be the bare minimum, I'm assuming that this isn't in the best neighborhood which would push repairs and vacancy up for sure.