All Forum Posts by: Ray Hage

@Jonathan Baptiste thanks for sharing your house hacking experience. I have been househacking on and off for about 4 years. Yes there have been some dramas here as but for the most part it's been pretty great. I was able to turn my place into two units so no shared spaced helped a lot. 

Some high and lowlights:

- I had one tenant that brought German cockroaches in and then blamed it on me

- Same tenant asking if her daughter can visit but failed to mention it was 5 more very noisy people

- another tenant having constant loud arguments with his gf

- tenant saved some of my stuff when the house flooded due to a pipe burst and another time during a monster rain storm. I was out of town for both of those. Just my luck haha.

- >65K in rent collected

- having someone to bring in Amazon packages when it is raining outside

- generally having someone to watch over the property when out of town often

I think the headache is worth it.

@Gabi NA I agree with this. House-hacking is often the easiest way to start! It is also will allow for experience in managing tenants, repairs, accounting of the expenses etc...plus you get to keep a close eye on the property. I still house hack by splitting my house into two units. I don't need to but it is worth it as I have my own space. Good luck in the journey

Looking forward to it. Great venue too

Congrats on the remodel as I imagine it is done by now. Did you manage to find a renter? I have been looking into that market a little bit. I know the entry point is low but is the cashflow there?

Congrats on the newly built duplex. @Ash Hegde might be able to help out with this one. I don't think it should be too difficult to get a 15 year mortgage on it.  Why not 30 though?

I believe that MF will still be solid in 20 years or so but specifically. Cap rate will be a bit harder to predict. I expect rents to go up a lot because less and less Americans can afford a house over time plus folks are far more mobile now so they may be inclined to rent vs buy. We will see. 

@Jackson Hanssen and @Alex Olson. Thanks for your advice. I am not sure I will go through with it due to it bing a bit complicated and you never know with a buyer not being able to seal the deal a year or two later.

@Dave Foster thanks for getting on the phone with me and explaining some details that i had no clue about. 

Hi BP family. I put up one of my properties for sale and I received a verbal offer that I liked but the agent is asking if would be willing to accept 20% and interest only financing for 2 years. The buyer would then refinance before the 2 years is up. Frankly, I would be ok with that except for one thing that I am unsure of. Am I able to 1031 exchange any of the money (the 20% down payment?)  into another property to avoid the federal capital gains tax? 

@Dan H. I am somewhat familiar with Polk county but I don't believe the rental demand is super high in that area in general. That's the main reason why I wouldn't worry if there were no hits in the first two days. Now we are 4 days along, so if still nothing, I would start to worry and do something about it.

 @James HarrytonAny update for us?

@Tri Tran To be fair, you ignored a lot of red flags! However, I am not here to beat you down. I am also a Florida Realtor. Below are websites for the Florida's DBPR. I would collect all the details of the transactions you made with her and then make a complaint to the DBPR. This would at the minimum get her to speak with you as it could put her license in jeopardy if she is found guilty of fraud. Brokers lose their licenses all the time for doing shady things within the RE business and even sometimes outside of RE. There's no way to be sure you will get your money back but at least make a strong effort. Maybe she will give you the money back.

Search by her name (she's the only one) to get her license info:

https://www.myfloridalicense.com/wl11.asp?mode=1&SID=&am...

Then file a complaint here with all the evidence you have: https://www2.myfloridalicense.com/file-a-complaint/