All Forum Posts by: Nicholas Morgan

Hello everyone!

What do you use for low maintenance landscaping for your SFRs?

What kind of flowers/bushes/etc?

Mulch or gravel or something else?

I'm looking for something that looks nice, but I don't have to do a lot with in the coming years and is relatively cheap.

Thanks!,

Nicholas

Hello everyone! My wife and I are looking to purchase another house to house hack. Our current house was bought with a conventional loan because it was cheaper than renting. 

We were curious, is it possible to purchase a property using an FHA loan in my name only, live in it for a few years, and then down the road purchase another property using an FHA loan in my wife's name only?

I know that we could always refinance out of the loan, but just curious if this is an option? 

Thanks!

-Nicholas

Congrats! Are you from the Dayton area or investing long distance?

Hey!

I love listening to BP podcasts and reading REI books, but those media forms don't really interest my wife. I'd like to watch a TV show about REI that my wife would enjoy and we both could learn from. Whenever I've watched flip shows and such on HGTV it often seems more about making good TV (drama of sorts) and not so much focusing on the process.

Do you have any recommendations on shows that are real estate related? Maybe a fix and flip show that discusses real numbers?

I only have Hulu, Netflix, and free YouTube so preferably something online.

I often watch YouTube videos, but haven't found a channel yet that has good enough video quality to make it enjoyable for my wife.

Thanks everyone!

-Nicholas

Hello everyone! I really appreciate everyone's input on this. I wanted to provide an update. The property went pending the day after posting this so it's not much of an option at this point. However, I've learned through this and all your advice will help me when looking at properties to rent in the future! 

In other news, I've got another property I've got my eye one. I'm currently raising private capital and have a colleague who may be interested up to 50k to invest! The property is 60k list price and needs about 15k of rehab based on my initial assessment. So, it seems to be coming together! I'm excited!! 

Thanks so much for the reply! I have decided to go with a flat 12%. I spoke with a colleague today and he is assessing his finances but said he could invest 20k and possibly up to 50k! He'll let me know by the end of the week. Which is exciting! The conversation went much easier than expected and I've setup another meeting for tomorrow with a different colleague interested in REI!

I've got a deal on the line that I need 60k for purchase and 20k for rehab so it's all coming together! 

Hello everyone! 

I'm about to start reaching out to some contacts I have to see if they'd be interested in investing private capital with me to help fund BRRR deal/s I plan to have this year.

I have never done a BRRR deal before, only a very minor live-in flip. Because of this, what ROI should I promise my investors? 10%? 12%? I was even thinking 15% to account for the higher perceived risk of investing with someone new like myself.

The contacts I will be reaching out to will be mostly friends, previous employers (who own many commercial real estate properties), undergrad professors, etc. Most people who know me know me as someone who is dependable, hard worker, and a guy who does what he says. For the most part I don't think I'll have to sell the idea of investing with *me* all that much. One of my professors from when I was in undergrad told me (and at the time I didn't know anything about REI), "one of these days you'll be wanting to start a company. I know you and that's how you are. When that day comes, I better be on the list to call for investing." Although I don't have a track record in REI, those who know me trust me and know that I would put them getting their money back+interest as my top priority.

All advice/input is appreciated!

Thanks,

Nicholas 

@Sylvia B.

For me, I think it's the larger house plus the 3 car detached garage plus the large covered deck + the large yard that makes it feel more like a home someone would purchase.

I appreciate your insight into the maintenance side of things. Do your larger properties have a lot of "extras" or are they just large houses? I think it's all the extras that make me feel likes it's not a rental.

@Robert LaPrelle

It's interesting you mentioned "too nice" because that's what I said when discussing with my wife.

Also, with the large room it has a portion jutting off of it the size of a bedroom. I feel like if I left it as is people would want to have a wall put up to turn it into either an office, or bedroom, or storage room, etc. If I lived there, I would probably do that.

If that space was still a 2 car attached garage and there was no 3 car detached I think this would be a perfect rental because then it would fit better with my idea of an ideal rental.

I know it's a great deal, but not convinced it aligns with my current goals.

@Patricia Steiner

Oh that's a good point about re-renting. I didn't think about that.

Out of curiosity, why would lawn service have to be included? My assumption is the tenant will mow their own lawn.

A part of me thinks it could work well for a fix and flip because it *feels* more like a house someone would want to purchase and not a rental. .....buuuuuut, I'm trying to focus on my goal of a BRRR property for passive income.

Like I said, I'd like to live there but I wouldn't purchase it if I didn't have a plan to rent in the future. My current home is 15 miles from this property and is a 2/1 and will rent for 1000 or perhaps even 1100 and to me is a stereotypical rental. 750 sqft, nice large yard, carport, and a shed. Small, cute house with enough "extras" to be desirable, but not enough to make it feel like a non-rental (again, just my perception).