All Forum Posts by: Mary K.

@Nathan Goff When they talk about "cash" in a brr situation it's not always cash like in a savings account.

Some other options are:

Hard Money- Google Hard Money Lender

Private money- your parents, friends, people you know

Line of credit- If the purchase price is cheap enough, sometimes you can get a LOC from a local bank

Construction Mortgage or 203k FHA Construction Mortgage- this can be done through most banks, just start talking to local banks and let them know what you are trying to do.

Cash- from a savings account

Hope that provides some value :)

@Paul Latendresse

I guess my question is: what would you do with the proceeds of the sale? Is it possible to get better returns for your money where you want to invest? Could you do a cash out refi on the duplex and use this money for the investment you have in mind instead?

If you have a game plan of how the money will be used then I would sell. Otherwise it seems like taking action for the sake of action. 

Just my 2 cents :)

@Donald S.

Thanks for sharing! It sounds like you still came out ahead and learned some valuable lessons for the next brrrr.

Congrats on selling the SFH!

I personally would do 3.5% down, live in the multifamily property, and keep the rest in an emergency fund. After a year, you could move in with your parents or buy another property with 3.5% down. 

@Jamie McCauley That is awesome!! Congrats, I will check out your video.

I am trying to get my first flip going as well. Hopefully I will be as successful as you were :)

Hi!

I will be in Harrisburg PA this weekend. Does anyone want to meet up for beer/dinner/coffee and chat about real estate?

Hi! 

I personally would hustle and get rid of the credit card debt. After that, get a cash emergency fund for 3-6months. Last is buy the next place and house hack. 

Let's say you drive for Uber, dog sit, hustle with other jobs and are able save and pay off the credit card in a year. You will be in a much stronger place to weather any storms the rentals bring.

Just my 2 cents :)

I would split the bills evenly.

The rooms should be rented at fair market rent.

You can find roommates via Craigslist, Facebook, other roommate search apps. Make sure to run a background check, credit check, and require 1 months rent as a deposit. There are lots of books out there about how to house hack and rent rooms. Reading= good :)

FHA minimum is usually 3.5% of putchase price. Closing costs are usually 2% of purchase price.

I recommend you go to a mortgage bank and ask them exactly how much you will need. There could be more or less fees depending on your state.

You can rent out a room in your house. What leads you to believe that would be illegal?