All Forum Posts by: Ray Hage

Hey @George Munoz looking forward to it

@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?