All Forum Posts by: Keenan Fitzpatrick

I agree with @Don-Carlos Moniz. If you were to house hack ( I see people using that term 2 ways) you're either going to find a house with lots of rooms and rent them out or get a multi family. A traditional house hack will be hard to manage from a distance. If you switch that over to a LTR when you leave it will probably not be worth the cashflow.  A multi family house hack could go either way. A 4plex is doable but you'll need some systems and a team in place. A nice duplex will be less work, and probably less cashflow but is more doable. I've seen people do both. It just depends on what fits you best. Shoot me a dm if you want to chat on the phone and I can help kick things around for you. Thank you for your service!

There is always more 4plex's for sale in Mt.View because there is a really high concentration of them there and they take longer to sell. Their prices have softened a little over the last few years as have the rents. When rents were higher, we had less inventory there. Outside of Mt.View there is less inventory than normal. 

I was just wondering if any of you ninjas had some super awesome strategies for representing list/sell clients when there is such low inventory. In the market I'm in sellers have a pretty valid concern that when they get an offer on their home, they may not be able to find something that meets their criteria for purchase. I just looked for a 2,000 sq/ft home with a traditional floorplan in a chosen school district and there was only one. 

My way of handling it is to use a 30 day automatic extension or rent back and to proactively prospect for a listing for them even more than I normally would. I was just wondering if anyone else had some creative ideas to address this issue that is more of an issue than it's been in the past. Thanks!

The finished product looks great! 

What's the next move for you? 

Did you consider using a renovation loan?

Yes, it most definitely will unless you have a bunch of assets. A hard money lender worth anything is going to want to see your financials and experience. I absolutely wouldn't trust a lender who didn't. 

I recommend getting a job first. A job as a carpenter, plumber or electrician will pay decent and give you good experience to wholesale and flip. A job at a brokerage will also give you a lot of experience in the real estate industry and give you a lot of good contacts of the players in the biz. 

I hope that helps. Feel free to shoot me a message if you want to chat more.

I just called AWWU to get updated numbers. The average for one of my 4 plex buildings is $97. This is a fully remodeled building with one bedroom, one bath units and W/D added to every unit. The building right next door is a total of 9 bedrooms, 4 bathrooms, common coin-op W/D, and is not remodeled and averages $147. 

@Gabe N. Lot's of great info! 

I'm not sure if you need to look into your building for a running toilet or sink but I have 3-4plex's, and a 5plex and I run numbers on buildings constantly and water/sewer is usually much less than what you're experiencing. I dunno tho, maybe you have lot's of bedrooms and bathrooms. Just tryin to help. 

@Greg Ranjitsingh I think there is even a BP podcast that talks about exactly that. :)

@Greg Ranjitsingh welcome to BP! I think that you’ll find that the skills you’ve learned will translate really well. There’s a lot to get lost on but if you focus on taking the next right action then you’ll get to where you want to be. Best of luck to you!

@Chris S. is spot on and always has really good insight. 

If it were me, I wouldn't have a preteen staying home in most of MV and some of FV. I live in Fairview, own another property in FV and have sold plenty of property in MV. 

My preferred method is to find a value add property and buy it using your FHA 203k renovation loan. This will allow you to buy in a better area, force equity and cashflow into it, keep maintenance down and attract more desirable tenants that stay longer.

Inventory is pretty low but I know of a couple deals that are not on market. Let me know if you have any other questions or just want to chat.