All Forum Posts by: Marquez Griffin

@Lee Stephens

Hey Lee! Are you planning on living in one of the units while renting out the other units? Just fyi I am not a tax professional, an attorney nor a lender. I am a Real Estate Broker. With that said I believe you can't get an FHA loan unless you live in one of the units. Will they check to see if you live there? It's quite possible and if you get caught not living there they could demand you pay the loan in full (the escalation clause). Is it a risk worth taking? I wouldn't unless I lived in one of the units. Hope that helped!

@Andre Pinheiro

Hmm. Personally if I found a really great deal I would go for it if it is cash flow positive and could help boost you towards saving more or paying the HELOC more quickly. However, my gut is telling me that if you pay off the HELOC 1st then invest you'd be better of because then you could get a HELOC again once it's payed off, buy a property, BRRRR it, pull the money out of the rental you just bought to pay off your primary home HELOC then repeat. I will tell you that I do own my own property, I don't have any rentals yet, but I am working towards getting a little more equity in my home to do a HELOC and I'm going with the BRRR strategy. I hope that helped!

@Robert Jones

I personally rent out my single family home that I live in (House Hack). You are able to live for free/ a much cheaper rate if you follow these guidelines: 1.) Find a good deal on a home! 2.) Make sure you put a decent amount of money down on the home so that your mortgage payment will be lower, so when you rent out the other bedroom(s) they are paying for more of the payment. 3.) Make sure and screen tenants before they move in! There are tons of horror stories out there. Hope that helps!

@Andre Pinheiro 

Hey Andre! Are you saying you owe 168k on a Heloc and have no mortgage on your property? How long would it take you to pay off the 168k? What price range of homes are you looking to buy and where?

@Bryan T. 

I would say it is possible for a market to have an over supply of rentals if it is in an area of low demand. I have a friend that I met on BP that lives in California but is renting homes in Houston and he seems to be having no issues. Instead of looking for properties that are already built, he is actually working on building homes from the ground up and using BRRRR to cash flow right after they are finished. He may be able to help he is @Jess White. Good Luck!

@Manuel I Contreras

That sounds like a rough situation Manny! I have a few questions. 1.) How long before she has to move out of her home? 2.) Is it due to her not being able to pay the mortgage or is it a different debt company that is trying to collect on her home(like credit cards or something)? 3.) What repairs for the home are needed? 4.) Do you have any Cash, Equity in your home or do you know any hard money lenders that you could take a loan out to potentially buy the home? 5.) Is the market where she is living worth it to invest in? These are some things to think about. If you could purchase the home for way less money than the market you could benefit everyone. If she owes 100k and that area is selling around 270k you could get a hard money loan quickly, buy her home for say 150k which gets her out of debt, you put 30k into renovations, list the home for 270-300k getting you around 70k+ after closing costs and everything. Hope that helps!

Myia! I would suggest doing both if possible. Make sure you are tracking your income and expenses completely. Personal Capital is what I use! Give all of your money a job if possible. A really good book that I will refer you to is I Will Teach You to Be Rich by Ramit Sethi. He was just on BiggerPockets money podcast #73. I don't agree with his views on real estate too much, but his other financial views have benefited me greatly! Message me if you have any more question. Good luck!

Kevin! Sorry for the late response. I actually didn't do a background check because I knew that they were working at the airport which has extensive backround checks and trusted their judgement. They have lived with me for about 4 months and we have had no issues so far. I did create an agreement with them through eforms. I bought an agreement through eforms that I can use over and over again (I think it was $40) and it spells out all the rules, guidelines and had them sign it before they moved in. Hope that helps man!

@Kevin Santos

Hey Kevin! What I did when I was looking for roomates for my house hack is:

1. I started talking about it with everyone. I told friends, family, my finacial advisor.

2. Post ads on Craigslist and screen and interested roomates.

3. Facebook has groups that have people looking for a place to stay all the time.

My finacial advisor actually referred me to a brother and sister that still lives with me and it has worked out great! Good luck!

@Ryan Wamsat Hey Ryan! If you are no longer losing rent on your place after all this time I would just stick with it of possible! Free and clear us nice as mentioned above. Or if you have enough equity in the home and can find a deal or 2 that would be better than the returns your getting then I'd just sell it and go with some other home(s) that would be less of a headache. I wish you luck man!