All Forum Posts by: Account Closed

Hey Preston thank you for replying and for the advice. I have had some success doing a couple single family house hacks by the bedroom in the past, and still own them but would definitely aim to add a 2-4 unit if I did this again. Mainly just want to apply the capital I do have to scale and not sure if taking on another house hack since I don’t have a primary would get in the way of that just to eliminate my current living expense, or if I should pursue a different strategy that can potentially help scale a bit quicker, If done right, and if successful would also in a way eliminate my housing expense just by proportions of income to expenses.

@andrew thank you for the insight and I appreciate you replying. I feel like I should rephrase my question a little. I have purchased two single family primary houses with conventional financing over the last 5 years and house hacked them using the other bedrooms as midterm rental spaces while living there. I still have them as long term rentals and they each net around 500/mo after all my expenses, cap ex, maintenance, vacancies, but are self managed. Between the two I have about 250k in equity, however they are in an LLC now, which looking back, I think I would have not done without trying to utilize a Heloc or cash out refi first. Ive recently decided to live with my partner (current situation), and don't have a primary at the moment. The last five years have been pretty slow paced for me, and although I'm in in for the long haul, I am wanting to utilize the capital I do have to scale a bit quicker, and wondering if getting another primary house hack even makes sense or would just potentially get in the way of scaling by going after more lucrative brrrr and flip opportunities to generate enough cash flow and more active income to reach financial freedom.

This seems like it would be deal/opportunity dependent but say you have limited accessible capital, say 40-60k, which strategy would you pursue?

I currently live with my partner and contribute 500$/mo (all included) to her housing expenses. Which is a pretty good deal as far as rent goes. 

-Look for a single or multi family value add property that would work well as a “brrrr house hack” (light cosmetic rehab) or a turnkey house hack that cash flows while living there, and after the fact.

(Currently approved for 5% down on single family or multi family up to 250k-260k. I was given an estimate of bringing 23k to the closing table roughly after all expenses (everything estimated on the high side)

Or

-keep my current situation as-is and use the have the 40-60k accessible to put towards a HML or DSCR loan and build my rental portfolio this way or use towards a flip if a fix and flip deal arises?

Or

A combination of both?

All constructive, straightforward advice and insight, and things to consider are appreciated!

thank you