All Forum Posts by: Nicolas Savvides

@Lawrence Dy thanks! I’m preparing to deep dive into my Architecture Registration Exams (similar to lawyer boards). But that’s a 12-24 month process. Definitely great things to consider 

Hi All,

Long time BIGGER POCKETS reader and podcast listener here. I recently did my first House Hacking deal - it is more like a Live-In flip where I purchased a property that I live in with my partner using all of our own cash.

I used my knowledge as a construction manager and architect in training to run the whole project and ad some value to the property.

6 months later some buddies recruited me to help them flip a much bigger property. After analyzing the deal, considering there are 4 people in on the deal - the net splits would be 17 - 25k per person (modestly, playing it safe - it can be a lot more if the market explodes). I am not putting any money down but I would coordinate the entire reno. I also have a full time job. 

I am ambitious and love the idea of doing it for the experience as it would be my first time doing something using OPM. Some more seasoned mentors have said it's not worth the returns and to walk away.

Does anyone have any advice on this situation? What margins would you walk away from? This is a 1 family house on an acre with a separate 4 car garage and 100sf shed. 

- eager yet patient real estate yellow belt 

Looking at a property,

Listing says 2 family, C of O from the '20s says 1 family duplex.

Owner seems to "not know"

How can I use this to my advantage / how can I protect myself in situations like these?

Thanks

Nick

Greetings Everyone,

I'm looking to buy some fixer-uppers - people have told me I would not qualify for an FHA for something that needs lots of work

Based on what I've heard, the government owned properties would only consider cash-only offers.

I see LENDING ONE offers loans for Fix-N-Flips - should I trust them?

I am more-so interested in a buy fix rent refinance situation,

Any other loan options you would suggest?

Thanks for your time!!

Nick

Very good feedback thank you!

@Michell P. @Zachary C.

@Zachary C. Thanks for the reply.

When I say great I mean- it is heafty in size, will cash flow once its renovated - Its on a dead end street in a mid-low income area  - But is currently vacant. I will check out the public records to see what the owner occupied rate. Is there a rate to keep in mind as acceptable etc? 

Hey Everyone,

I'm looking at a great property but I can't tell how rent-able things are in the area. 

Any suggestions or tips for confirming the rent-ability of an area / turnover periods? 

I appreciate your responses! 

I feel like I met someone today that I can see myself as in 10 years.

He's selling a property that is almost perfect. Except of course its priced for higher then the "perfect" situation. 

He's asking for  more than I want to pay for for my REAL GOAL of creating income. 

How can I make a friend out of this situation? Even if I don't take the house.

I appreciate your thoughts!

I am at the brinks of making my first deal. 

Excited to move into my new multifamily.

Rents in the area are nice.

I will live in one of the units.

I net negative after expenses including utilities mortgage taxes insurance etc. 

For about half of what the unit would rent for. 

How common is this amongst House Hackers?

Is this a carnal house hacking sin?

I appreciate your responses on my first post.