All Forum Posts by: Amber Gonion

I would figure 500-750k in cash outlays, depending on the lender some will be applied to the down payment.  We ended up with a interest only loan for the first year during construction.  

@Alamin Wahila I think the city eliminated that in the 2040 plan. A phone call would be in order.

@Michael Kapla. House hacking is a great start. My husband started house hacking 22 years ago. Being on the road so much you need to almost approach it as an out of state investment and plan for contingencies while you are away.

@Brett Roach welcome, soak in as much information as you can and find your personal strengths as an investor.

@Donggie Hong bank to the question about stock market vs real estate, we tell our clients not to put everything in real estate, be sure you have money diversified. Real estate is solid, but as we have seen in the last year anything can happen so having several revenue steams is best.

@Hunter Heimer our clients find deals everywhere, but everyone brings something to the table. We of course have pocket listings within our client base also.

By bringing something to the table you need to look at what your specialty is, some of our clients make cash offers, some are not adverse to risk when it comes to contingencies, some have lots of extra dollars for rehab and they have us remove tenants, rehab and put new tenants in at higher rents. There is no one way of doing things that fits every investor, with multiple bids on most properties you need to figure out your niche to make you competitive. Having a niche doesn’t guarantee you will win every bidding war, but it at least makes you competitive.

@Samuel Lindgren if you do end up separating the water I would go with the flo by Moen water shutoff/meter. It would give the the gallons used and provide leak protection all by WiFi. We have installed a few of these and they are great.

@Shinji Pehling congratulations on the house and welcome to BP. There is lots of great information and resources here. It is much easier when you can see your friend’s success knowing that it is not a pipe dream.

@Matt Olson restrictions on over night guests to avoid the typical girlfriend gets a lease and then a week later her boyfriend with an eviction and felony moves in.

Utility transfer fines if they do not have them transferred by move in.

Limit on the number of vehicles so you don’t have a junkyard in front of your property

Limits on storage of items outside, on decks, balconies etc.

It’s kind of like all the stickers you see when you buy a ladder, every warning sticker represents something someone did and got hurt. Additions to the lease are there same thing.

@Jacob Skeen my husband started out house hacking a duplex and says it gave him his start. No matter which route you take the sooner you start the better. If an investor starts with a townhouse, sfh, duplex, or a four-plex, as long as you get in the game and don’t sit on the sidelines waiting for a perfect deal you will be fine. Each person may be better suited for a different approach.