Quote from @Tanner Pile:
Hi Breonna, congrats on the two years of education you've been putting in. It seems to me like you have a good idea of what your business plan would be for the first property. They can be as complex or as simple as you like them to be. Some questions to start would be:
Do you plan to live in the property?
Will you long term rent both sides?
Maybe short term rental?
How much cash flow is ideal for you?
Once you go through these, punching in some numbers on the bigger pockets calculators will help you understand what exactly would be ideal for your first property. Ideally don't do anything too complex with rehabs. Starting simple with the first one will help you understand how to tackle your next property and teach you many lessons along the way. If you have any other questions I'm happy to help!
Thank you for your advice! I should’ve been way more specific with my OP. The business plan is for an investor for our Safe Living Space (sort of like a sober living home but not exactly). Our first house hack we are shooting for a duplex-multi-family ( with my husband/puppy/& I living inside one of the apartments. End goal- Almost or fully eliminating our housing costs; while we are still working 2 jobs to save for our next property (Safe Living Space 2x people per room).
House Hack 1 Goal: Tenants(s) pay entire mortgage (if not all-most of it) (LTR- 12 month lease) while we both work 2 fulltime jobs to save for next property within 6-8months.
House Hack 2 Goal: Safe Living Space: 6-10 beds. 2x residents per room. STL, cycling in & out. (Why I need RE business plan)
Then the cycle continues. Most likely STR after these two. We are aggressive & determined to accomplish these milestones.
Thanks for your advice. We won’t take on anything that needs a ton of work put in, I don’t want to become overwhelmed. We are shooting for Aurora/Denver area.
