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All Forum Posts by: Phillip Lewis

Phillip Lewis has started 3 posts and replied 5 times.

Post: Moving out of a House Hack

Phillip LewisPosted
  • New to Real Estate
  • Toledo, OH
  • Posts 5
  • Votes 1
Quote from @Allan Smith:

 the question seems misplaced to me. You buy a house hack to reduce living costs and start collecting rental income.

refinancing doesn't change the mechanics of the deal. Is it a good deal or not?

and as for if it makes sense if you sell, if you buy a good deal, the sell will take care of itself.

House hacking will change your financial future. Get on that train as soon as possible!


 I agree that  definitely getting into a house hack is important, and the sooner you do so the better. My thinking and why I posed the question is that you hear how important it is to think about exit strategy before you get into any deal. So i'm trying to see how others who have house-hacked in the past evaluate their potential exit strategies when looking at house-hack deals. Hope that kind of clarifies what I was trying to achieve with my original post. 

Post: Moving out of a House Hack

Phillip LewisPosted
  • New to Real Estate
  • Toledo, OH
  • Posts 5
  • Votes 1

I'm looking at potential duplex house hack deals and they make sense from a buy perspective as they will be cheaper than renting and really decrease expenses when a tenant is in place. My issue is trying to evaluate if it will still be a good deal if I decide to sell or want to refinance. My plan is to use an FHA loan (potentially an ARM) and would want to refinance into a conventional loan once I move out. What should I be considering to know when the right time to refinance would be or if a house hack would be a good deal?

Post: Getting a tenant to leave so you I can occupy a unit

Phillip LewisPosted
  • New to Real Estate
  • Toledo, OH
  • Posts 5
  • Votes 1

Hello, 

I'm interested in house hacking for my as my next real estate venture. I've been passively looking at properties so far and have been noticing a lot of them are fully occupied even though the listing will have FHA as an acceptable loan type. I'm early on in the looking phase and want to have some strategies in case I come across a great deal, but it is fully occupied. Is there any strategies I can use when negotiating the purchase of the home for the seller to ensure there is a spot available for me to move in? (ex. In the contract stipulate one unit must be vacant upon closing?) Also if I cannot negotiate it in the contract what are some other strategies people have used? Appreciate any feed back and recommendations!

Post: New BP Member introduction

Phillip LewisPosted
  • New to Real Estate
  • Toledo, OH
  • Posts 5
  • Votes 1
Originally posted by @Lauren Juarez:

Welcome to the BiggerPockets community, @Phillip Lewis! How did you hear about BiggerPockets?

I originally heard about it through a podcast I listen to called "How to Money". They had David Green on (I think can't remember for sure) as a guest and he talked about Bigger Pockets so I decided to check out the website. 

Post: New BP Member introduction

Phillip LewisPosted
  • New to Real Estate
  • Toledo, OH
  • Posts 5
  • Votes 1

Hello BP community, 

My name is Phillip I'm a 24 year old recent graduate currently in the learning more about real estate investing phase. I currently live in Cleveland and was hoping to network with other real estate investors in the area, I would love to attend real estate investment groups suggested. I currently don't own any properties but hope to invest in my first within the next year, mostly multi-family properties. I look forward to hearing from you all.

- Phillip