All Forum Posts by: Sarita Scherpereel

 Yes. It's harder to find. Especially in a house hack. I love this article because it really highlights how the rule came about. Most of these books on investing are already out dated by the time they publish. Buyers are reading concepts on investing that we haven't seen in years or decades like in Rich Dad Poor Dad. 

I constantly preach about attending meetups, staying active on blogs and following local investors on instagram. It's a great way to keep up with the market on a real time basis. 

Hi @raniamutumhe House Hacking is a wonderful strategy to get start into real estate investing. Since I cannot speak to your market in St. Louis, I can only share my experience. I am currently house hacking in Chicago. The area I purchased in, in Chicago is very expensive. It was my goal to live in a nicer area and target properties that would cash flow after I moved out. While I live in the home, I required my portion of the mortgage to be lower than were I was renting (and the market rate for renting my unit). Which I was able to find. Some areas of Chicago people can live for free- or live for pennies. 

Every market and even neighborhoods in cities are very different. Real estate is street by street. Your analysis, goals and purchase should reflect that. I recommend finding a realtor in your market that specializes in house hacking so they can help you take your goals and assemble them into the market. They should also have good local recommendations for lenders to talk to. I think it's a great idea to have a few in your pocket for when the time comes. 

Dave Meyer- from bigger pockets wrote and interesting blog a few years ago about the 1% rule being deal. https://www.biggerpockets.com/blog/1-percent-rule-dead

It's pretty fascinating. Such a reminder that these rules are not the standard for investing. As @theresaharris mentioned these are just guidelines. I'm from Sugar Land but now live in Chicago. I'd say if you find inventory to buy in Houston that is close to these guidelines, I'd go for it. Houston isn't making 4 unit buildings regularly. It should appreciate...depending on your area. Definitely ask your realtor about appreciation in the area you're looking to purchase. 

 Best of luck! 

Thanks for sharing @Alexander Szikla.  "probably mismanaged by an “out of continent”  made me laugh quite a bit. This was such a significant purchase in our history. It's interesting to Thomas Jefferson as the original distressed real estate investor... because he was. 

That's awesome. I've really like the guests I've had from Furnished Finder. My unit is licensed for airbnb but since the Holidays (and before) it's mostly been MTR guests. 

Interesting. It was 60 days on my loan. And I moved in on day 59 :) 

While looking for my own house hack and with other clients, we have to make sure their is a unit that will be available for the buyer to live in. Most seller's will not give out cash for keys under contract (in my market of Chicago). They don't want to risk loosing good tenants in the event you can't get a loan or back out. But it still happens from time to time. Or there are kick out clauses in the current tenant leases. Sometimes that is listed in the Private Broker remarks online. So if you're interested in a place definitely tell your realtor so they can look into the details for you. 

Hi @Jimmy Jarjour definitely ask your lender and realtor about 5% programs. In Chicago, that is now becoming more of a standard to a low down payment program. The FHA loan has an inspection requirement and the self sufficiency test that scares a lot of sellers. 5% is more common here at the moment.

In my area of Chicago, I live 10 minutes away from the medical district. I have used furnished finder to market my rental. My property is a legal three unit. I live in one of the units, keep one as a classic rental and one as a mid-term rental. I mostly get nurses due to my local. Furnished finder has been the best place for me to market the listing. 

That's awesome Anthony. Are you using furnished finder to market your MTR? What's a common place to market that rental in your area?

In most places, you will need to bring the garage up to a livable code. Depending on the area you purchase in. If you'd like specific answers from the market you're looking in, it might be helpful to mention that in your next post. Or attend a meetup and see what your local experts say.