All Forum Posts by: Sean Graham

Hi! 

My sister and I are on the leading edge of our investor Journey. We have done the gamete of networking events, obtaining agent, credit/loan approval, insurance brokers ect. We even went to the "Guru" Seminar! (sister @Brandi Graham posted separate thread about that, went BP Viral).

We are now ready, with a couple strategies for our first move! 

For this discussion, I will talk about an opportunity which JUST popped up.

BRRR - In Arlington, TX 5 minutes from Dallas Cowboys Stadium. 

1. This ppt is listed as a Duplex at a good price. 
2. But, my loan contingencies need the have a higher income from the other door. 

I WASN'T demotivated. I instantly thought of converting both side to 3 bedrooms. 

=> NO-GO on that one. Not enough sq-ft.

Upon clicking away from this listing and moving on, I noticed on Google Maps Street View, there was a hidden GEM! 

• Well first, lets call out that both sides of this duplex are full rehabbed, like Chip & Joanna style! ;-) 
• New high end fencing around the LARGE backyard. 

"Wait, What is THaT! " I said to myself...

There is a dirt gravel driveway leading into the back yard (this is the corner lot) which upon looking at a map, before the large fence was built. I saw that there is a small building backed right up against the house! 

1. Straight to the point. 

Looks like a garage which was added to the back, with a nice size patio awning going into the large back yard. 

NOw THis would fit GREAT into our House Hack opportunity!

I would dwell on the property (make-**** efficiency from back house/garage) and rent the front two units out, as is. 

BRAND NEW! 

FUll rent and this would more than cover PPTI then some. 

My question is: 

Is it possible for me to do this? Would I be able to convert this duplex into a triplex during the time which I am house hacking? Woulo I still qualify for the FHA loan, even though upon purchase this isnt actually a tri-plex. Wold I have to occupy one of the current rooms, or could I literally be living in the GARAGE on the PROPERTY and still qualify for the FHA loan.

TOTALLY loaded post. I know! LOL! 

Well I am surely excited and wanted to wait until I thought I had something good before I posted, and sourced Y'alls knowledge! Let me know if you have ANY advice. 

Tangled in Texas, 

Sean B. 

Awesome read. Thanks Joseph!

Awesome! Documented on my Personal Notes and THANK YOU! ;-) Brandi and I will discus! :-)

@Ashley Kehr super great info! So next level, lol, how did that work for taxes?

Did she claim, you claim or the "property" estate claim the residual income?

I guess that's my second/hidden question lol!?

We're going to set up an investment account for the"properties".

And does that property Investments still count for both of is with leveraging loans?

You might see where I'm "tip toing" to here...

Is that our best next step?

#LevelUp

Nepotism ...? Isn't that what they call it in the big corporate world? My sister and I have swiftly produced a couple of beginning strategies for our business. We are thinking about our options as far as getting financing startrd AND long-term financing.

One QUESTION that came to mind is, "Would we be able to utilize our individual credit basis to increase our leverage for financing down the road within the first year".

Being that we are not married, yet would you use 1 investment account, if anything would limit us from being able to avoid that debt to loan limitation for us individually.

We are hoping to shuffle the deck as best as possible, and wondered if anyone knows of any issues which might present itself in the great future.