All Forum Posts by: Sarita Scherpereel

That's so awesome. I hope you have a minute to copy and paste this to her google or zillow reviews. I'm sure that would help her out a lot too. 

I use and hate quickbooks. I pay my accountant an addition 1200 or 1500 for the year to manage that end as well. 

The MLS. Especially right now, when it's such a strong sellers market. Most seller's get more than what they'd expect on market verses off market deals. It's obviously depends on the market you're buying it. But for non-distressed properties that qualify for owner occupied financing the MLS is a great resource. Your realtor should also be working with you to find more opportunities if the MLS is lacking. Make sure your team is investor friendly.

Hi @Jessica Eden Have you spoken to a leader about this yet? It can be a difficult conversation but that will provide you with real and transparent advice that people on BP can't really give. Of course, we can be encouraging. But a lender will let you know how far away your dreams might be. There are a lot of wonderful lenders that offer first time buyer grants too! So definitely shop around and don't just take one persons word for the full picture of what is out there for you. 

It took me a few years to buy after becoming a realtor. I didn't come from money so know one really explain to me how to put this together for myself. Slowly I was able to put myself on a better financial track to buy. 

Just remember there are people out there that are starting out further behind you and have less than you that will buy one day. It's possible for everyone...if YOU make it happen. 

If this can be done before the tenant moves in than I would go for it. Adding a bedroom in Chicago can really increase rental value and higher ARV. My concern is with the tenant already signed their lease the timeline is tight. Maybe this is a better project for the next time you have a vacancy?

Quote from @Henry T.:

Quote from @Sarita Scherpereel:

Quote from @Henry T.:

In a heartbeat. I love this thinking and creativity.  Yes! Who's gonna turn you in? Yourself?  Make sure your lease states that the landlord retains the garage (on this shared property) for his own personal use, comes and goes as he pleases. Etc. So your tenant doesn't claim you've violating his "right to privacy".  Go for it. 

Tenants. Neighbors. Just takes one upset tenant to create issues. Not to mention this is not counted as a legal area of living for owner occupied financing (if you're buying a multi unit). It's pretty risky as a first transaction. And most buyers can't trivialize such risks on their first purchase. 

I didn't see him asking about the financing question.  Tenant can complain, if he wants to create a situation where he has to move out so the owner can move back in. Neighbors? Complaining about the owner in his garage? I doubt a city would waste their time on that. "no, I don't live here sir, I just come here to work and think most afternoons, then I go and couch surf at a friends house". Prove that he doesn't.

In Chicago, this would be shut down. So I guess it depends on the city as-- I mentioned in my first comment. I can see some small town not caring but the reality is their are risks here. Bold encouragement in theses forums can mislead newbies about the risks of what they are thinking of doing. Not saying encouragement on the creativity of their situations is wrong but the bigger picture, like financing for example. The commenter didn't ask about how to obtain financing on something like this. Why shouldn't the professionals make them aware of that risk? Any updating on a non-conforming space will not count towards ARV on a refinance. If they need to do anything to the garage to make it livable- like insulation (at a minimum) that will be wasted money in the big picture.

I have seen COUNTLESS people get a head of themselves on this platform. Then post frantically about needing help due to issues that come up. That they were not aware of or evening thinking about. 

Yes, the market is slow for a lot of buyers. Creatively is a must but we are hear to to help people understand the scope of what they are doing. And how the can or cannot impact how fast they can scale their portfolio. If the intend on doing so. 

Quote from @Henry T.:

In a heartbeat. I love this thinking and creativity.  Yes! Who's gonna turn you in? Yourself?  Make sure your lease states that the landlord retains the garage (on this shared property) for his own personal use, comes and goes as he pleases. Etc. So your tenant doesn't claim you've violating his "right to privacy".  Go for it. 

Tenants. Neighbors. Just takes one upset tenant to create issues. Not to mention this is not counted as a legal area of living for owner occupied financing (if you're buying a multi unit). It's pretty risky as a first transaction. And most buyers can't trivialize such risks on their first purchase. 

Hi @Konstance McCullah Welcome to the community! Glad you're here. A great way to network and meet people in your local community is to attend in person meet ups. Especially when you want to do wholesaling. It's the best way to start and keep relationships. 

 BiggerPockets has a section just for this, Under the BUILD YOUR TEAM tab- then select- MEET UP

https://www.biggerpockets.com/forums/521

Best of luck to you!

Hi @Lucas Hannon  Love seeing Houston on here. I'm originally from Sugar Land! House hacking is a great way to get started and there's a lot you can do in this time while you're saving money that will help you with your journey. Start going to open houses see properties in person so you can start understanding how to analyze them based on what that particular home might need. Remember that books are going to be out of date to the market standard pretty much right after they publish. Books are a great way to learn about topics and how to generally do things but the real education is going to be in the field. 

It seems like every realtor and lots of local investors have podcasts and do videos on social media. Follow on Instagram and TikTok accounts from Houston. You will find people there talking about the market in real time. That will help you understand pricing trends for both the purchase but also the rental analysis. 

Attend local meetups regularly. Going once or twice isn't enough to make connections. Be there often. Even if it's awkward at first. You can push through that and because a part of the scene by creating regularity in your attendance. That's how you push past small talk to make real connections. Which helps you find a mentor! Or a really great investor friendly agent that can help you! DON'T PAY for a mentor. If you're likable and keep showing up it shows the motivation. 

These are just a few thoughts. I would say you're off to a great start by being on PBs. Keep posting and reading on here. Best of luck! 

I would look into house hacking. It's a great way to get started. Especially, if you have 2 years of employment under your belt. There are a lot of low down payment programs you can use when you owner occupy the property. Definitely, look more into it under the REAL ESTATE STRATEGIES--  HOUSE HACKING section on BP. Best of luck!