All Forum Posts by: Sean Mills

This helps so much!

I was not aware of the 203k loan. I took a deep dive, and it looks great on paper, but I wonder what the cons of it are. I read briefly that the interest rates are higher? Ideally, I was hoping to pay off this mortgage in about 10 years. Together, my partner and I (mid-late 20s) make around $355k pre-tax but don't have much in savings at the moment. We recently paid off our debts, and assuming no mortgage, we currently save about 70% of our post-tax income, around $10-12k a month.

Would you still highly suggest getting a 203k loan, or would you recommend getting a standard mortgage loan from a lender?

 Thank you! Will check out that book as a high level overview 

Hello BiggerPockets Community!

I'm new here and looking to get into house hacking by rehabbing a duplex. The duplexes in the area of Long Island I'm looking at cost around $700-800k. I'm trying to figure out what renovation costs I should expect for this type of project.

The real end goal for the duplex isn't necessarily profit. When I move out, I plan to give my side of the duplex to my mother as she plans to retire soon and I don't want her to have to worry about how she's going to afford rent. Because of this, I'm willing to invest more to ensure it's in the best possible condition.

How should I get started with learning about rehabbing properties? Also, any advice on finding and working with contractors would be incredibly helpful. I want to make sure I don't get taken advantage of in the process.

No one in my family or immediate group owns a home, so I'm blind to the whole process and trying to learn/read up on as much as I can. I’m happy to connect with anyone here. While I don’t plan to make this a regular thing, if anyone is open to mentoring for a one-time project or just being someone I can ask questions to throughout the process, I’d appreciate it 10x. I understand time is money when it comes to mentorship, so any amount of help is greatly appreciated.

Looking forward to your insights and advice!

Thanks in advance

 Completely understand. My initial reason for wanting to do a new consutrcution was because duplex/multifamilies in my area or close to it are around 800k. I guess I am unsure on which would make the most sense to do on paper cost wise. 

- Buy an already existing duplex and do a rehab
- Buy a lot/foreclosure and do a new construction

The real end goal of the duplex is not necessairly profit, but to give my side of the duplex to my mother when I move out so if I did do a rehab, I do see myself putting more money into it to make sure it is near the best it could be. If that makes sense

Thanks again for the advice/info, I appreciate it 

Hello BiggerPockets Community!

I'm new here and excited to dive into the world of house hacking. My partner and I live in Long Island, both in our mid and late 20s, and we work in tech. Our household income is currently $320k pre-tax, but I might be getting a new job soon, which could bump our income to around $380-400k pre-tax.

Initially, we planned to buy a property and convert it into a duplex, but with houses in our area starting at $650k, we've started considering a different approach. After researching, we found that converting a single-family home into a duplex could cost around $200-300k. Because of this, we're now thinking about buying land and building a duplex from the ground up. This way, we can customize it to our needs and preferences.

Our goal is to live in one half and rent out the other for about 7-10 years, then move on to building our "dream home."

I'm here to learn from all of you and get insights into house hacking, especially with new construction projects. Any advice or tips would be greatly appreciated!

Looking forward to connecting with everyone