All Forum Posts by: Lance Peterson

I just moved back to Nebraska so that I can help my dad on our farm and was hoping to find a small multifamily to invest in but have had no luck.  In efforts to stop living with my parents forever and driving an hour to work in Omaha, I was thinking of getting an apartment in downtown that I could live in during the week and then rent out on AirBnB/VRBO/etc. on the weekends.  Does this seem like a bad idea?  I have found a condo that the condo association is investor friendly and allows to sublease both long term and short term (condo president himself used to do STRs until he had children). I know that I will have to get different insurance, hire a cleaner, and lock up my valuables or keep some items at my parents.  Is there anything else that I am not considering that would make this a bad idea?  I can only see this as a positive for me being that it gets me (30 year old man...) out of my parents basement, closer to work, and helps pay for itself? 

I would really focus on having good high speed internets though. I lived at an apartment complex that offered "free" internets, and there was not a single month that we went for days without any internets. And when it did work it was slow. By the time we moved out I noticed that the reviews were so focused on how bad the internets was, that this was a huge negative factor that led to people not wanting to live there.

I have done almost exactly what you are proposing to do with house hacking a quad plex and I also am able to achieve $100 per door. Although, recently getting 100% occupancy is getting harder with more new cheap homes being developed. Definitely listen to Brian and his post earlier. He comes from a voice of experience and him and I have had a couple of conversations on this topic. Good luck!

Hello all, my first post so please bear with me. I've been listening to the podcast for awhile and just started reading these blog posts and was hoping for some advice. I am planning on doing a house hack on this for at least one year and then holding for as long as possible. Asking price is $175,000 and I was thinking of offering $170,000 plus seller assist on closing costs. Rents total $1825 (3/2 rents for $750 and then 2x 2/1's rent for $550 and $525 respectively) could possibly raise rents by $25 a piece in coming year. 3/2 is also vacant currently but I would occupy this unit. There are two sheds on the property rented to the tenants for storage but I am waiting on information on those. Estimating 10% vacancy, 10% repairs, $100/month for water (paid by owner), 10% management fee (I will self manage at first but not forever), and $277 for property taxes. I'm calculating my monthly cash flow to be a little light at around $205 a month which I know doesn't meet the $100/door rule. I have a loan offer for 4.5% 30 years at 20% down but I was going to shop around and see if I can do better (I have the cash for the downpayment but I also have two VA Loans counting against me for debt to equity ratio) House was single family converted to three units and is on a huge lot that selling realtor claims could fit a duplex which interests me a lot. Selling realtor also claims that a large shed on the property could be made into a 1/1 apartment but I don't see that. Income from those two sheds aside. Is this a good deal or am I just getting antsy because I need a place to live?