All Forum Posts by: Sarah Hoffer

Thank you all for the excellent tips and recommendations! 

@Eric Fernwood - You provided some really valuable tips and insight. I really appreciate the detail and experience you bring to the BP team. I decided not to accept the job in Las Vegas, but I appreciate all the input on where to purchase property and the things to consider. I hope others were able to gain value from the post! 

Thank you and best of luck! 

Hello BP Family! 

I currently own a SFH in Phoenix that I have been house hacking for 1 year. I recently got a job in North Carolina, and I would like to refinance my home to pull out cash to help support purchasing a 2nd property to house hack in NC. If I refinance before I move, are there implications if I will no longer be living in the property, and will I have a harder time purchasing another property in NC due to my recent refinance?

This is my first time refinancing, and I want to ensure I am doing everything above board and not hurting my chances of buying a 2nd property. 

I appreciate any insight and assistance you can provide! 

Thank you, 

Sarah

Hello BP Family! 

I am considering a relocation to Las Vegas, Nv for work, and I do not know much about the area or the market there. I would like to do another house hack (SFH or Duplex), and I am looking for a safe area near north Las Vegas that has experienced growth and would attract young professionals. Any advice you have is greatly appreciated! Have a wonderful holiday season!

Sarah 

Investment Info:

Single-family residence buy & hold investment in Phoenix.

Purchase price: $272,000

I am house hacking a 4bd/2ba SFH in Phoenix. I had 2 female roommates Feb-May and I was living for free. I added a 3rd roommate in June, and I have been living for free and cash flowing approximately $600/mo since June.

What made you interested in investing in this type of deal?

Craig Curelop’s house hacking story.

How did you find this deal and how did you negotiate it?

I worked with a realtor and I found the house on the MLS.

How did you finance this deal?

3% down conventional loan from AZ credit union. I locked in a 2.5% rate in Nov 2020

How did you add value to the deal?

I took the smallest room and rented out the rest.

What was the outcome?

Feb-May and I was living for free. I added a 3rd roommate in June, and I have been living for free and cash flowing approximately $600/mo since June.

Lessons learned? Challenges?

It’s important to do your research, but at a certain point you have to pony up and just buy the property. Challenges: I was doing it basically on my own with no family to guide me, my realtor was not as engaged as I would have liked. I had serious doubts of the area the first few months and considered selling multiple times. Finding roommates took a decent amount of time and effort to interview and screen.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Ben Brown - AZ Credit Union.

Hi Steven, I have put in several offers over the past several months, but given the competitive nature of the market, I have not closed on a house yet. I am still looking, and trying to shift my strategy to rent by the room/house hacking. I am looking for a SF home at this point, as it is my first property. I hope to scale to MF at some point in the future. 

I am a first time homebuyer, and I want to do a house hack in Goodyear, Arizona with a long term plan of renting. Is it smarter for me to put 5% down and get a good rate or put no money down and pay a higher interest rate on a 30 year loan? Should I be seeking out first time homebuyers programs even though I have good credit and the money to put down on a property? 

Hi Albert, I am currently looking to buy on the western side (Goodyear, Avondale or Glendale). Did you end up finding a property in those areas, and how has it been working out for you? I look forward to any insight you can provide! 

Hi Kyle, I am interested in attending the event; however, I noticed the address says California. Is it  2531 North Scottsdale Road Scottsdale, Arizona 85257? Just want to make sure. Thanks in advance! 

I have been listening to the Bigger Pockets Money podcast with Scott Trench and Mindy Jensen, and I am interested in the idea of house hacking as a way to get on the path to Fi. However, I will be moving to the Phoenix, Arizona area, and I am looking for advice on how to house hack, find good realtors, and potentially property managers in an unfamiliar area. I am not sure where to start, and I want to avoid any major real estate mistakes. Has anyone tried house hacking in an unfamiliar area, and how do you take that first step?