All Forum Posts by: Nolan Mahoney

Lokking to buy first house hack Beggining of March. I really hope intrest rates drop by then because no residential multifamily works at 7% with FHA or 5%. This brings me to seller finance. I like the flexability that SF brings but dosent seem to comon to come across. My question is should i ditch the idea of doing FHA or 5% and strictly look for SF options? or keep waiting untill March and see what kind of situation were in?

I’m planning on buying my first house hack in March and I will be managing the property because I’m living in it. I may be going on a trip for a week while managing it by my self. Any thoughts on leaving town for a week about 8 he drive away. Should I put someone in charge while I’m gone? Or roll the dice. 

For some reason the BP website wont let me access the tennant screening tool. When ever i click on the ling i get redirected to a page that says im unable to acces BP. Anyone have any help or someone i can contact for this matter? thanks.

Do you recommend taking 10% of net income to put away for your Cap Ex. Or Stick to the 15%? Especially in this tough cash flow time. 

Any insight on keeping tennants in a 2-4 unit building you just purchased in IL? I asume that you can look at the leases and agreements between tennants and owner before you buy, but you dont like thoes terms or what they didint screen the tenant for. What should you do? request the owner to vacate the tennants? Re screen the tenants before you let them back in? 

What are some thoughts on using a hard money loan for a downpayment on a FHA house hack? Is it even possible to do?

 Not a specific suburb yet. from what i can tell is the chicago suburbs are pretty staginate right now so i am open to look around diferent suburbs. Thanks for the advice!

 I am looking in Elgin, South Elgin, Bartlett, St.Charles, Naperville, Downers Grove, and Elmhurst.

 The north west suburbs of chicacgo. 

SFH and multifamily housing in my backyard in the northwest suburbs of chicago are signicantly high, im talking some are almost at $400,000 just for a duplex in some areas witch is crazy to me, the only way to cashflow would to be buying full in cash. so this brings me to my question. How do you feel about buying multifamily housing at a discount? Obviosly id love to do that. in my opinion i look at multifamily as a buisness, the asking price is irrelivent and it should be bought on how the property operates as opposed to SFH where the home is sold at market value. What is your opinion on how i should go about offering a price at operational value with FHA financing?

Thanks