All Forum Posts by: Mike Hasson

@Mario Malpelli I was in the same boat when looking for my first deal, had just signed a 2 year lease, this madr it hard trying to get that low down payment from owner-occupied

Anyway, I had a talk with my landlord about investing and long story short, bought the house from him, the one that I was already renting!

Could be worth an ask, you never know what they're going through and he might be thinking the same thing "I need to sell but can't with a tenant in place"

@Marc RiceQuestion about the project manager fee - If it's, let's say, 10% of the project cost, and the project manager is in charge of choosing contractors/materials/etc, how might you incentivize them to keep costs down? Or what types of checks and balances might be in place to maintain your financials?

 I'd like that! Will be in touch!

@Marc Rice yes, I've been working with a rescue where I am and have found one to work with up in Columbus, they're going to help them find homes once their old enough @12 weeks but I'll be fostering them until then. I'll only be keeping 3 total. My old dog, mom, and 1 pup, which is still a lot for a rental lol

I'm so excited! This past year has been such a tremendous adventure working on my first property! I've learned so much - bought to flip, but then the pandemic was announced like a week after closing, so I changed up my whole plan and held, and gradually repaired the home inside and out, mostly DIY but hired out a few things also. Anyway I'm looking at around a 600% ROI so I think I did okay with managing budget and resources.

So I was going to hold it and turn it into a rental here in very unlandlord friendly California, and continue working my okay-paying job while verrrry gradually adding more super overpriced homes to my portfolio... In case I don't sound thrilled about California -FYI, I'm not.

Then I found Columbus and honestly it didn't take much convincing for me to realize that I could take my profits, and quit my job, and buy 2 homes in Columbus - one to live in and DIY fix up/house hack, and one to rehab/flip - and build a business out of that. 

But alas, the reason for my post; currently my biggest barrier in tackling the move...

Where do I live while I search for & close on my next home?

(Probably should have made that the title... but it won't let me now lol Hope you enjoyed the story)

I need somewhere to live temporarily while I work on my deal and perform and repairs needed to make the space habitable, hopefully no more than 2 months, but my first idea was renting an RV and just basically vacationing with my dogs during the process, it would be fun, but very cold and me + 3 large dogs might get cramped for that long. 

They're the same reason I might have a hard time getting some other type of short term rental, air-bnb or that sort of thing, is my dog situation... 

So a few weeks ago I took in the sweetest, kindest stray pup... and then she turned out to be pregnant... and what a joyful challenge I accepted; the responsibility of caring for this mom and her 7 puppies! So they are in my care until for another 8 weeks from today. I was planning on moving about right now anyway, and I'll wait if I have to for these pups' sake if I have to, because finding any kind of rental with a total of 9 dogs is,um.... that's a lot of dogs lol

Soooo my question is, I wonder if any of you kind-hearted, dog-loving, bigger pockets, investor folks have any short terms rentals available for me and my pups so, we can come out there sooner and get started on our investment journey, instead of waiting until the dead of winter to move after they've been adopted out. Of course there will be a bigger deposit just in case of any accidents :-) and they don't even leave their enclosure lol

Also open to other suggestions for temporary residence that will accomodate our humble dog family. Thanks!

So much good advice here! 

And it has given me a lot to think about. 

I think that the property manager as the project manager will be a good goal to work up to while I continue to fill that role myself and manage the subcontractors. While tedious, I think that the hands-on experience will be invaluable for how I will know if my future property/project manager is doing a good job!

I'll go ahead and ask for those contractors to start building my team in the correct forum ;-)  thanks for pointing me in the right direction

Hi! I'm wrapping up my first SFR deal, it has been a gradual learning process and I tackled one issue per month; it was very time consuming, frustrating, and I was more involved in every step than I would like to be moving forward. For my next projects I need them to move a lot faster and am just looking for some insight into some of the trade offs of using an all-inclusive home rehab company, vs hiring a GC to manage the entire project, VS doing what I did and self managing the subcontractors.

I imagine I'd pay a premium for any sort of all-inclusive service, so I'm curious - have any investors out there made any of these rehab companies work with their ROI? Or have you built your own teams gradually the way that I have been doing on my current project? Or some combination of both approaches? Any tips for success with either approach?

Specifically looking to relocate to get started in Columbus, Ohio, so I'll be starting with a new team from scratch, so I would also appreciate some recommendations of companies/contractors to work with

Thanks for sharing!

Yep I think this interview is the promo for his new book

@Nate R. But then you'll be unscorable and won't be able to get a loan!

I'm so excited to finally be ready to turn my first home purchase into a rental (San Bernardino, CA), but now I have the dilemma of needing to find a myself new place to live while holding this one.

I'm okay with leaving my comfort zone to break into the next level, so I had this crazy idea to build a tiny home or ADU in the back, but the numbers just didn't make sense - until I discovered the park model mobile home, basically a manufactured home that stays on it's wheels instead of getting placed onto a foundation. I can safely park it in the back, easily connect it with full hookups, and live in while I A) start generating the rental revenue B) free up more of my earned income for further investing and C) look for my next deal

> So my question is, how can this be structured into a lease where I'm renting out the main house but still able to reside on the property? It's a technically a temporary structure so I can't make it a separate unit, and the area would be separated by a fence for privacy. I don't want to find myself "trespassing" or something on my own property lol

Some random pictures of park models from the internet. 

I was surprised how clean they look with just some siding or trellis around the bottom. Mine will have better stairs though lol

PROS:

Fast, no permits needed for temporary structures, inexpensive at nearly half of the cost of the cheapest permanent ADU, can take it with me to my next property so I don't have to live in a construction zone, additional options for financing using an auto loan or RV loan (my original plan was to use fund most of it using heloc or cash out refi, which may still be better but having more options is great)

CONS:

Transportation costs $3-4K, RV hookups cost $??, doesn't add property value, will depreciate over time, potentially higher interest rate than residential loan