All Forum Posts by: Mike Lukach

So I received an estimate today for a whopping 34k and will be backing out of the purchase. The work to be done includes gutting the downstairs floors and replacing the main beam, joists, subfloor, and hardwood floors - at the minimum.

It's really in bad shape and glad I found all of this during the inspection period w/ contingency.

 I will reach out to him - thank you! Time is of the essence with this one.

I am looking for a general contractor for a home that I am pursuing as my first home purchase. Attached are pictures that I have taken today. The crawlspace pictures show water puddling and some of the beam(s) damage. The one picture showing the hallway inside the house is where I think the main beam crosses from point to point.

My goals are to be able to move in, fix the water issues promptly with a deeper sump pump and french drain system, and then have the main beam and joints repaired. A deal breaker would be if I could not live in the property while the work is being done since I would have to move in at the time of purchase.

I have signed the agreement of sale with a contingency to back out or renegotiate by January 30th where I am hoping to obtain an estimate as soon as possible. Please let me know if anything else would be helpful and I greatly look forward to hearing back from you.

Thanks!

Mike Lukach

I am interested as well.

Whoops

@Thomas Sutton Yes, I am definitely keeping an eye out for duplexes and might have to comprimise by obtaining a duplex rather than a triplex or quad. 

My long term goals at the moment are to move into a place I can call home, and then start saving for a small multi within an hour drive away inside the city. After that I would like to get into commercial properties if they provide a better cash flow but I still have much to learn.

I have recently read a book called "Straight Path to Real Estate Investing" by Kris Kohn, and that makes me think to consider single family homes with lease-option strategy.

Thank you very much for the warm welcome and helpful replies Thomas and Patti!

I am having a hard time finding any 4 plexes in my area, with triplexes even being rare. Duplexes seem to be listed enough where I'd have a chance at finding a deal. 

I have reached out to a broker via loopnet as an attempt to take initiative to ask for deals as they may come up, but from the looks of it it seems like my choices will be mostly between SFH vs duplex and MAYBE a triplex.

I can find many other multifamily units outside of my living radius where I will be looking into after my first purchase to live within a property. I feel very stuck with "the 1st deal" since it will be a home, and not just a house.

Hello, new member here and am very interested in starting out in REI as I have been reading books, this forum, listening to podcasts, and scouring the market in my area.

My Situation:

• I am 29 years old with an income of around $100k/yr, but it requires a moderate amount of overtime. 
• I will have $25k saved for my first down payment and my credit is good at around 730-740 range. 
• My current apartment rent payment is $975 a month (like a bleeding wound). 
• I am single without any pets or children.

My Thoughts / Considerations:

It really is coming down to either purchasing a single family home, or multi-family home where I am stuck on deciding. 

I don't mind doing some rehab to the properties since it will force me to learn how to fix things which I will need to know for the future.

• Decent single family homes are within 120K-135K.
  
  • I have the option to put down 20% to avoid PMI.
    
• Decent multi-family units that are either duplexes or triplexes are 180K-200K.
  • This would invoke using either FHA or conventional with PMI, and unsure of cash flow stability vs vacancy % as my first property.

I will continue to research these options to see what would be best for me, but am wondering what you think about house hacking vs SFH for my particular situation?

The goal is figure out the best calculated risk balanced with velocity toward my second property. Thanks in advance!