All Forum Posts by: Patrick Dean

@Lore Postman no that’s a perfect response; thank you so much!!

Would you get an umbrella policy for your first property? I’ll be living in it for at least a year.

@Merle Brubacker unless I got an offer accepted at $200,000 you are correct

Hi guys. I just finished reading the book on house hacking and would like to get your thoughts on a deal I've come across. I've been pre approved by a lender of up to $300,000 using a 3.5% FHA loan. I would live in the smaller unit of this duplex. It is newly renovated and in a great area. There is hardly any inventory for multi families where I live in louisiana. And 95% that you do find are in horrible areas of town.

Listing Price: $244,000

House type: Duplex

Main House: 3 bed 1 bath

Smaller unit 2 bed 1 bath

Estimated Monthly Payment:$1550-$1650

Rent from main house:$1,200

Obviously this does not break even or cash flow with me living there. But paying $300-$400 to live is very cheap while I can start building a portfolio. And obviously once I move out after a year it will begin to cash flow. I have cash reserves for at least 7 months for this property after the down payment.

@Bradley Babineaux

What type of properties will you be looking to acquire ?

Have you considered a low money down house hack ?(buy a duplex and pay 3.5% down)

This is not to sound mean but many people won’t be willing to lend you their money if you don’t have any experience or a real vision of what your goal in mind is.

@Randy Bloch yeah I almost committed to fundrise but if you don’t leave it in for at least 5 years you get penalized. So I wanna keep it liquid.

@Nathan Patterson have you used Fundrise if so what’s your experience with it?

I’ve read some forums and mostly everyone seems happy with the returns

@Conn Gerrard absolutely man, I can tell you exactly where and where I wouldn’t buy a home in my city lol

@Jonathan Bombaci yeah this one is online through Wealthfront. It's FDIC insures up to 1 million as they put your money into 4 separate accounts

@Conn Gerrard yeah it seemed high in relation to my .002% bank savings account I have right now lol. But I didn’t even consider inflation; thank you!