All Forum Posts by: Michelle Bright

Hey BP! What are your opinions about installing a ductless bathroom fan? The home is brick and the basement bath has neither a fan nor a window. One of the more cost affordable solutions I ran across was to purchase a ductless fan. Any one have any experience. Or should I just not add a fan or a window. The tenant has been living in the unit for 15 years and the inspection report did not say anything about mold. This would be a DIY project.

Thanks in advance!

Hey BP! Got the inspection back. Do you think it is important in the Mid-West, Chicago to be specific, to ask for the fact roof to be coated in aluminum to protect from UV Rays? How much longer of a life span will I get? The roof is brand new and there weren't any other issues with it that the inspector pointed out. Thank you in advance.

Hi Chicago area agents! How often and when do you suggest to your buyer to get a radon test before purchasing? Either for themselves or as a rental property.

Congrats!! I would totally recommend house hacking!! Best way to get started in my opinion. Pick up "Set For Life". It will answer so many questions for you!!

Great question @Account Closed!! I will likely also be looking for a local contractor in to help me with our house hack in a Northwest Chicago neighborhood. Following this forum post. Sending you a private message.

Great question @Account Closed!! I will likely also be looking for a local contractor in to help me with our house hack in a Northwest Chicago neighborhood. Following this forum post.

Thats awesome @Matt Wood!!! Congrats!!! You have to love the power of Real Estate!! 

Hi @Sean Eads! 

I believe house hacking is one of the best ways to get started!! My husband and I purchased our first property/ house hack in Fort Wayne, IN during 2015. Roughly speaking we had to pay $58 towards our mortgage every month (the tenant's rent covered the majority of it) plus the shared water bill which usually averaged about $100. Other services we paid for were yard maintenance, quarterly pest control and of course any maintenance issues. So in total we roughly paid about $100-$200 out of pocket monthly. Even though we had to come out of pocket monthly house hacking dramatically reduced our living expenses!!  So much that we were able to pay off about $6,000 in debt. We also were also able to purchase our second property within 8 months and put down 25% to obtain a conventional loan. This is of course while living mindfully and below our means. 

We moved out of the property and out of state right at the year mark because we were relocated for work. We had purchased it with an FHA loan. Note you must live in the property at least one yr if you get an FHA mortgage on it. We will not be refinancing it until we can drop off the PMI payment. Once we pay down the mortgage enough we probably will. Interest rates hopefully won't matter too much because the tenant will be paying it. Upon moving out, fixing up our unit and flipping the other unit we now cash flow about $600 a month.

Our situation isn't very common but I want to share it as much as possible because we just never know where life takes us, you know? My husband's employer moved us over 100 miles from our primary residence and therefore we qualify for a second 3.5% down FHA loan. We are in the process of starting that next purchase. There are a few clauses that can get one approved for another FHA loan but I would recommend talking to loan officers (yes, plural) and discussing with them your big plan and what you are trying to do.

I would say jump into a house hack for sure! Reach out if you have any other questions. Love to help!

Welcome to BP @Stephen Warnock! I love Indiana for investing! We moved to Allen county for a while because of a job transfer and picked up two properties while we were there including a house hack. If/ when you visit Indiana I would recommend attending a REIA meeting if you can. A lot happened for my business by attending just ONE REIA meeting in Fort Wayne. I attended several meetings but attending my first meeting was one of the best things I could have done for my RE career. Good luck! Feel free to reach out if you need any recommendations or if you ever venture into Allen/ DeKalb County, Indiana.