All Forum Posts by: Leslie Crosten

@Owen Dashner have you ever started to do a BRRRR, and once completing the rehab found it was more difficult to rent than intended and you decided to sell? (Still making a decent profit, so essentially became a fix and flip). Do you NOT refinance if you decide you want to sell at the end of the rehab and just stay with the hard money lender you used to purchase the property in the first place?

....I have house I'm looking at and it would be a great flip I believe (I'm new), but I've never done a BRRRR and am a little nervous if it didn't rent like I had hoped.

Thanks!

@Ryan Kelly are you able to message me as I have a question for you! :) also original poster, Jack- we are looking at house-hacking a multi-family to start out. In a very similar situation. Good luck!

Daniel- thanks for your reply. The thought is, we will be in graduate school and the thought of house hacking and saving money on mortgage is appealing. In the mean time, since we could get an owner-occupied loan for cheaper than an investment property loan, we could get the house-hack property for very little down. Save money and potentially buy and do a flip while in school if we find a good deal. The main question was, there are TWO different properties right now (one would be a flip and the other, a house-hack duplex). For a NEWBIE, which might be easier and less risky to start or if anyone has experience in such starting out? Twana- perfect! Thank you! The duplex we looking at is in decent condition and really only looks like it needs cosmetic updates, which is perfect. Would you recommend trying to take out more money in the original loan to rehab the side we are living in right away? Or only take out enough to buy the house and then over the 2 years we would be living there, slowly do rehabs out of pocket? or any other ideas?? thanks so much!!

Hey everyone! So I am a total newbie to real estate investing (minus listening to hours of podcasts and reading books). I am going to be moving back to ND this summer for graduate school and I have a couple options I am currently looking at. 

1) do my very first fix and flip and attempt to make about $30,000-40,000 on a deal I am looking at, bank it, and move on to the next one. (would be living in an apartment while in school and doing flips)

2) invest in a duplex (listed at $268,000, would try to acquire for around $250,000) that currently has one side rented and one side vacant (I would take out an owner-occupied loan and live in the vacant side for at least 2 years while in school). The duplex I believe would cost me around $1,400 a month and the one side is currently rented at $1,100 a month. It is a pretty nice building, very livable. Does not NEED renovations, but I could do some cosmetic rehab slowly myself over the 2 years of living there to increase the value and when I move out, rent that unit as well. I believe the unit I'd be living in would rent for around $1,000-$1,200 (after some slight updating). So total I could be bringing in about $2,300 or so on this duplex, paying $1400 in mortgage. After all expenses and using the rental calculator, I believe my cash flow would be just shy of $400 a month AFTER moving out and having both sides rented. This option would be appealing to buy and hold, also having most of my mortgage paid for while in grad school and MAYBE being able to do a flip within the next 6-12 months after getting settled into the duplex. 

I feel like if I go for the flip now, which DOES seem like a good deal, I would be missing the opportunity for this duplex. What are your thoughts and has anyone been able to house hack AND do flips at the same time? (I'm sure it is possible, but for a brand new investor it seems like a lot). I just have high goals and am tired of waiting! Any advice, brainstorming, thoughts are all welcomed- please remember I am newer and here to learn. Thanks guys!