All Forum Posts by: Mark Hove

@Isiah Ferguson congrats on having two prosperities paid for! If I were you, I would not look back and keep those free and clear. Considering both homes are worth 225k collectively, I assume you could buy your next unit for $110k or so? Buy another unit with 20% conventional, should be able to save up for that down payment very quickly with 2 paid off rentals. Saves money on refi and HELOC fees. And gives you peace of mind keeping both those paid off. Good luck!

@Paul Burns congrats on the marriage and best of luck on your search! My wife and I bought a duplex in October to house hack. We found ours off market. As a newlywed couple, you can pull the heart strings unlike an investor. I would write hand written notes and door knock owners of duplexes you want and track one down yourself. I am fortunately a realtor so I was just able to negotiate and navigate the transaction easily but definitely get a realtor on board even if you find it yourself, you should have an agent work the transaction for you.

@Ricky Rigsbee excited you have this opportunity! If you want to be fair to your family and your family wants to continue to get income from the property like they would if someone were to rent, I would really suggest you go the seller finance route. Hire 2 appraisers, average their 2 appraised values. Subtract 6% (realtor fees they saved by not putting on market) and do 10% down seller finance at a slightly above market interest rate on a 15 or 20 year note, my guess is your family doesn’t want a 30 year note. In this scenario, you take the deed, you can fix it up, you can choose to sell or rent if you want. Gives you most control. Super fair approach from what I know of your situation. Good luck!

@Linda W.

I work with clients who routinely buy bundles. I’d be interested to see what you have! Send me a direct message if you’d like!

@Joe Pearson

As people have mentioned, in your current condition I would not buy!

But are you a hustler? Can you make 1k a month by buying/selling stuff? By picking up odd jobs? By taking on a second or third job? Can you pay off debt you have that’s draining your checking account? Can you increase your income? How long will it take to save up 10k more? I think if your busting it- 2 months? 3?

You’re close! So need to throw yourself a pity party because you’re so close but not there yet. You got this. Hustle and save, make it happen.

@Jack Edward Johnson

wut lol

@Sinil Kim

Real estate investing is ALL about finding deals. That’s how wholesalers make money, that’s how buy and hold investors make money, that’s how flippers/contractors make money. If you’re in real estate you’re in the business of finding a good deal. I know there are “tall grass lists” and delinquent tax lists and all that Jazz- those are just boring lists. If you could put together a system that stirs up deals with high regularity and precision, you’d be a genius. Ideas: find out properties that have been passed down through wills, look for divorces, vacancies, for sale by owner inventory, etc. and somehow use computer skills to identify likely deals. I’m sure it’s been done but not done well. Just my thoughts.

@Ricky Rigsbee I’m not saying I’ve got it figured out by any means... I’m a young realtor, currently house hacking a duplex with my wife. Enjoy working with investors. Would be happy to meet up. I’m in Durham. PM me

@Ross Bernard There are always good deals to be had- sometimes they are harder to find. Yes, the market is hot. My first deal in Durham (house hack duplex) preforms very well. I’m living in it now but when I move out, I’ve estimated a 20% cash on cash return, taking everything into consideration. And no, it’s not bullet-ridden, my wife and I walk out our front door for walks multiple times a week and never fear for our safety. It’s possible if you are patient and work hard.

The house is in our name, used FHA loan so couldn't have done an LLC. Use personal funds to do the rehab work. We ended up using a personal credit card for the sake of getting points but then just paid it off. (I am not a lawyer so please don't rely on my legal input) I am not sure starting an LLC or opening a business account would have been beneficial. Even if the home was in the LLC's name it would likely be pierced because after all, you're living in it. So to answer your question, no. Home is in our names, funded our renovations through saved up cash. You'll never seen me in cc debt, don't think it is wise.