All Forum Posts by: Nick Sheveland

@Alex Craig I love that idea of 10 years worth of pay down! ~1/3 paid off is a great starting point. I will keep that in mind when I'm grinding through the CAD sites. Thanks!

How do you know the numbers you ran are accurate? Post up the results here so we can look them over to tell you if they are right. A mentor is KEY! Also, idk your market but I know in austin, MLS means 99.999% of the time it's NOT a deal. $4000 is thin! If it got accepted I would probably be terrified. If your offer gets accepted that easy then you paid too much. What if you didnt take into account or under shot the rehab, taxes, closing costs, capex, holding costs, etc.. $4000 under value could end up costing you way more, setting you back more, or even discouraging you from trying again. I'm not trying to scare you, these are just very real possibilities. Being on BP is a huge advantage IF you use it. Also having a local mentor is also such a big help. I would advise doing what I did. Find a local REI Pro on BP and spend some time looking into them. If they seem like a good fit do everything you can to become their friend, biggest supporter, and find a way to add value to them. Be genuine, open, and driven. Post up the numbers so we can take a look and help you further. We're all here to see you succeed!

Where is this SFR at?

@Lexi Teifke

I would also recommend driving around different parts of that city. For example, I live in Austin, Tx and it is an amazing city and quite safe but I do know there is one spot in N. Austin about 3 square miles or so that I wouldn't touch if the properties were even half off market. Also look into the schools and school districts in your area. Look at the major employers in your area and what average household income rates are.

I would try to structure the length of the lease to avoid it ending during the Dec-Feb months if possible. No one likes moving in the cold and rainy months. Personally I'd rather move those months then summer like most people do. I'd much rather be flexible on the rents with the tenant and have them agree to say a 9 or 13 month then say a year that ends in the dead season. At least we're in Austin where we don't have a real winter and you could blindly throw a stick and hit a renter haha.  I've heard of people offering incentives for signing a lease this time of year. Such as "Sign with us today and we'll help you move." Could offer a couple concert tickets, HEB gift card, Tv, etc. 

I highly recommend working with someone that's already doing what you're doing aka a Mentor just like @Lexi Teifke mentioned(that dude rocks lol). Also I would recommend looking for a duplex that's off market. I've seen all of them on the MLS and yes they are in a sketchy part of town for that price range. I wouldn't live there and I wouldn't want to rent to anyone that would live in that part of town. Contact wholesalers and let them know what you're looking for and your price range that way they can keep an eye out for you. Also looking at rental ads on Clist and offering to buy might work. You could always "drive for dollars" too. Drive a part of town you'd like to live in and write down the address of the house you like, go home and get on the CAD site enter the address and find the owners address. See if you can find them on FB, get a phone number, or even send them a letter. You're doing good so far being on BP. Listen to the podcasts and act on the tips they give you and you'll go as far as you care to. Let us know if you need anything!

Sounds like you should find a money partner to split the deal with somehow. Half the cookie is better then no cookie at all you know. Network network network! If I were you I'd try my best to have a coffee buzz from as many coffee meetings as possible right now. Go to meet ups and try to pitch the deal there. If it truly is a good deal in Austin money shouldn't be hard to find. You can look in the Hard Money Section here but I highly doubt they would fund all of the deal. Just for ***** and giggles what are the numbers? You should post up another thread here with a calculator or spreadsheet run and ask if it's a good deal and if there is anything that should be tweaked. If you post that up and it looks good and you ask for recommendations on how to fund it you might just get some messages on here. Speaking of meeting people, I've seen you on here a little bit and haven't yet met you in person. Care to nerd out on houses sometime? Just let me know.

I'm down to go man! I feel like that job is much better with two people. An extra set of eyes while driving is nice(and safer) and talking to people as a team will also be more beneficial. Just let me know if you would like some company. I can do weekends. 

It's called House Hacking and is extremely popular. Rent out your other rooms and collect more in rent then you pay for the mortgage and bills that go along with it. Get on the calculators here and enter the info and see what you can come up with. Your tenets could cover the mortgage and you could probably live there for nearly nothing, free, or even make money on house hacking. Good luck and let us know if you have any other questions.