All Forum Posts by: Sarita Scherpereel

Whenever I see properties that are being sold by an owner who did SROs they are usually in rough shape. The better ones seem to have a dorm room structure of cleaning and caring for the units with chore assignments. It does seem like the owner is less of a landlord and more of a glorified RA. 

If you can find the right tenants and live there as long as possible to make sure care is given to the space, I believe that will go along way. 

Just be careful about the lease structure when you get ready to sell. Having leaving leases line up so that any future owner can easily move in or even get financing is ideal. It will help with your exit strategy...down the road. Definitely ask your realtor in your market about that. Please give advise on here based mostly on the thing they see in their market and experience. I'm in also in a large city- Chicago. It's wise to think about these things even if you're 10 years away from selling. Best of luck! 

I just sent you a DM

Out of state investing is not for everyone. More people on BP post about successes than the lessons they learned. Sometimes it's better to start in your own back yard to mitigate rookie mistakes. If you do invest out of state make sure you have a solid team lined up that gives brutally honest feedback on the numbers from day one- BUT ALSO THE EXIT STRATEGY. Often people fail to inquire deeply about because no one can see into the future. If you have to sell quickly or hold for 10 years what do those locations do for you in the property you pick? Very important to ask your team about that. 

You can refinance out of the FHA loan or use a 5% down loan product. If you have enough equity in the property or if the market has appreciated enough. Rates are high right now, so unless you have something immediately ready it might make more sense to hold. Until you have something picked out. Then I would HELOC (if you have the equity) into the next house hack.

Hi @Mason Griffin Thank you for your service! VA Loans are a wonderful way to get started. Especially, if you and your brother can both use your VA benefits individually. That way you can collect more doors. You need to find out how much of the VA benefits you qualify for with the certificate of eligibility (if you haven't already checked).

I have been lucky enough to work with several VA house hackers in the Chicago market. VA loans are wonderful but you MUST MAKE SURE YOU HAVE A GREAT REALTOR FOR THIS. This loan product has a VA inspection during your appraisal (nothing scary). But if you're realtor is not pointing out issues that could get flagged during this inspection you might have some surprises on the deal. Sometimes owners are unable to fix or update these issues prior to close. It's ideal to know these in advance before pursing the property.

I have had another odd issues with airbnb reviews showing up positive on my side but not on the consumer side. As long as you stay attentive to the emails and keep bugging you they will fix it. 

I don't typically comment on the numbers on properties that are outside of my Market of Chicago. I think for the best insight talk to local experts. Like @danweber who mentioned the insurance being too lo and the accuracy of the rental projections. BUT I love the eye-catching spreadsheet. Did you create it?

It sounds like you're owner occupying the property. Insurance companies cover that. 

Are you renting by the room on rotating leases? Meaning not all leases start and end at the same time?

Thanks for Sharing @Garfield M. so many people still have no idea the map is still in effect.