All Forum Posts by: Nathan Olds

@Tamara Cook That's great. Good luck!! Let me know if you need anything. 

@Zac Boelkow Thank you!

@Al Banfe sure thing. Here are a few of the details of my house hack: 

Duplex in Lake Worth. Both units are 2 bed / 1 bath. Well water, septic tank, large backyard. Purchase price $295,000 with no major renovations. FHA loan with 3.5% down. Interest rate 2.875%

I was able to rent the other unit for $1400 which covers the mortgage and PMI.

Congrats! That's awesome

I recently purchased a duplex in Lake Worth and am looking for a handyman for minor work. Any referrals of reputable professionals that you have worked with would be greatly appreciated. 

Some of the fixes right now include:

-broken window

-glass sliding door not closing/locking

-ceiling fans

-patching holes

-filling in a couple holes on side of house near roof to keep pests out

Thank you, everyone!!! It will keep me extremely busy this first month as i get everything set up but I am really excited and am looking forward to learning a ton. 

@Benjamin Schenk I found it on the MLS through an agent. It was $295k which is more than most duplexes in the area but that is because it was vacant, in great shape, include the lot behind it to potentially build on, and was on it's on private road with virtually no neighbors close by.

Since i play to live in it for several years, this was perfect because i really liked it. Once i move out in a few years, i am unsure if it will cashflow but it should at least breakeven which i am OK with for my first property. 

Just wanted to share that I closed on my first real estate property!! It is a duplex in Lake Worth, Florida (Palm Beach county), and I will be house hacking. 

I was able to get an FHA loan so I only put 3.5% down and got a nice interest rate of 2.875%. No major renovations needed which is what I was looking for because i needed a place to live before my current lease ended, AND I do not yet have the rehab skills or network of contractors to take on a major flip. I am repainting all walls and other minor fixes.

Unlike most properties in that area, this duplex is on a small gravel private road by a canal so there is no thru traffic and a lot of privacy. I also own the lot behind it which, for now, is just a huge back yard. 

Super excited to have taken my first step down my journey as a real estate investor! Thank you to everyone on BP who helped answer questions along the way. 

@Kathleen Contreras I am in the exact same boat! I live in Fort Lauderdale and my lease expires in June so i was looking to buy a multi family property to house hack. I couldn't find anything in Broward (most MF were in Pompano Beach and crazy overpriced) so I started expanding my search and found some better options in Lake Worth. I found a great duplex that i could get an FHA loan on (no renovations needed) and am about to close June 1. The numbers on that property look significantly better than anything I found south of there in Palm Beach or Broward.

Feel free to reach out to me if you'd like to know more details of the MF property i found in Lake Worth. 

I am under contract to purchase a duplex in Lake Worth and am planning to house hack. I will live in one unit and rent the other to a tenant. I am looking for insurance recommendations to cover both the standard homeowner side of the liability as well as the "landlording" liability of having a tenant. Any recommendations of an insurance broker to speak with or advice on the kinds of policies that I need would be greatly appreciated. 

I believe that i will need all 3: general, wind mit, and 4 point.