All Forum Posts by: Luke Trovinger

Hey @Kyle Begner! A book I recommend/give to folks as they graduate college has been Set For Life by Scott Trench. It's an awesome introductory book to encourage sound financial practices as people start to make additional money. The House Hacking Strategy by @Craig Curelop is another awesome resource for anyone looking to get into house hacking, and was a big paradigm shifter for me trying to find something in an expensive market and learning about renting by the room. I'm also about two hours into the Multifamily Millionaire audio book, super solid so far!

Hey @Jorge Rosales! Is there any room to raise the rents, or are these market value rents? This would be a negative cashflowing situation, where you'd still want to account for maintenance, vacancy, capex, etc. in the numbers which would push your expenses even higher than the $1400. If you plan to live there for an extended period of time and it would lower your current cost of living that would be an improvement, but this would be a negative cashflow investment and I'd personally pass. Would you be able to put a larger downpayment down to lower the mortgage payment? Maybe your goal isn't necessarily to cash flow and it's in an area where you anticipate high appreciation?

Hey @Emily Ellis! Check out your county's public trustee office, they should be able to get you what you're looking for but will likely still be a cost, just hopefully lower :)

Thanks for sharing @Lawson Cronic! Always fun to see different perspectives from different investors. Do you do all of your investing in Georgia?

Hey @Annie Johnson congratulations on the deal! Really cool story given the uniqueness of having 10 lots and still making a BRRRR work so well! Are you planning on selling the lots individually?

Hey @Kevin Paynter! The programs that allow a lower downpayment of 3-5% are going to require that the property be owner occupied for one year, and would also require PMI until 20% equity is achieved (conventional) or for the life of the loan (FHA). An option that you might want to look into would be a HELOC, this would allow you to tap into the equity you've gained on your townhome to use as desired. Best of luck!

Hey @Chris Battaglia! I'm a fan and personally keep my liquid funds in a high yield savings account. Rates used to be a lot better, but at least you're earning something and have immediate access. I use Ally and their rate is 0.5% right now, there may be slightly higher options out there. I think it also boils down to personal risk tolerance, I personally want to be able to access those funds ASAP when opportunities arise and know that it's going to be ~the same dollar amount. Although I know from hindsight keeping those funds in a brokerage account would've had a better yield, it wasn't worth the potential risk of the current market conditions. What are your thoughts on keeping liquid funds?

Hey @Khalipa Oldjohn! Comparable sales is one to pay attention to, so that you understand what homes are selling for in the cities you're looking at. If you're renting by the room, check out Facebook Marketplace for "room for rent" listings to get an idea of what rooms rent for in your area. Taxes will also vary in the different cities, so make sure that you take that into account when running your numbers. Hopefully that gives you a starting point, best of luck!

Hey @Andre Crabb! A lot of builders will list their projects as "new construction" on the popular sites like Zillow. You could also reach out to a local Realtor to get on a list for new builds. Best of luck!

Congratulations on the deal @Jake Lilly! That's an awesome investment rate with a lower down payment! How has it gone so far?