All Forum Posts by: Michael Glaspie

@Fred Hess I think @Joey Sargeant makes some good points. So, quick down and dirty here are my insights on your questions:

1. Friends or not, have a lease. It needs to lay out expectations upfront. Unfortunately things do happen and it is always better to keep business as business, no matter who it is with. 

2. Rent ranges like Joey said can be a simple search on craigslist to determine what market rates are. Otherwise, you honestly can charge what you want. But again, to keep it as good business I would not greatly exceed market rates. 

3. Have everyone purchase their own food. Individuals might treat it like dorm rooms and keep snacks and personal items in their rooms in order to "safeguard" them. 

All in all, this is an extremely smart idea to do for quite sometime. Even when you move into another home down the line house hacking is a proven way to continue to perserve capital for future investments. Best of luck to both of you. 

If I was just starting out, I would do a short term gap funding or flip funding to watch and learn the process while securing my funds in a semi-safe environment. However, now...I would find another multi-family 15-30 units and partner on taking it down. 

But I have been looking more and more into self-storage......so I guess if it was a free $20,000 just given to me to invest I may consider just attempting to secure a self-storage facility with a partner instead. 

So my two cents is that number in passive income does not have to be achieved only in real estate investing. You can get your real estate license and focus on referrals. That way you can collect 20-25% of the commissions without actually working with the clients. Some agencies actually have profit/revenue share options as well that promote passive income through the collaborative success of sponsored agents. So, those two alone can get you well above that amount monthly. In this entire thread, there are some really good ideas about the investing part so the only thing I will add on that note is Airbnb. I didn't see that yet but I could have missed it. The real point I am trying to make is you have a clear idea of the $ amount so I would suggest entertaining ideas outside of pure investment. Because you will need a significant chunk of change to put in to immediately see $3-5K a month. 

@Greg Dickerson is correct. Most general use contracts have verbiage that makes it assignable. Some sort of clause in there that states it. Depending on the size of the deal, you may approach the offer with with a Letter of Intent (LOI). This will lay out all of the terms of the contract prior to having a lawyer draft it all up. In that instance, be sure to put the assignable clause in the LOI.

@Ryan Peach I just sent you a message

@Ryan Daigle we are out in the Fayetteville area and have quite a few meeting. My team and I personally host one a month, but there are several more. In the Raliegh area there is the TREIA meetings that take place but they arent really tailored towards commercial. There are a few commercial broker meet ups in Raliegh as well. You may do well to find a commercial broker in the area and see if he can bring you along as a guest. 

@Jake S. is right. A commercial broker would be a good bet. If you need a qualified one in the area I can reach out and find one on your behalf. They can at least get it in front of a much larger audience. You can also try to post it on BP Marketplace

I agree with @Tim Herman in the fact that the best bang for your buck would be a residential small multi-family (2-4 doors). With that property you can qualify for a very low down payment on a home owner occupied loan. This will reduce the amount of capital you need immediately.

On the back end, even if the market was to crash, you would still have another unit (or 3) to continue to pay you rent every month. This will cover your mortgage payment through the down cycle. Then when you are ready to move or purchase your forever home, you will have a cashflowing asset that you can hold onto or pass down to your children. 

Best of luck, and let us know if we can help in any way. 

Local/Regional banks and credit unions are your best bet. I've gotten my line of credits from a regional bank in my home state. A simple process that is fairly flexible. 

@Chung Cam I have two national brokers I use for myself and my clients I will send your way.