All Forum Posts by: Sean Snider

@David Boroughes, I hope all is well. How did things end up with the rented out garage? Coincidentally, I’m having a similar problem and am looking at possible solutions. Fingers crossed that you got the situation handled! Best, Sean

Mitch, Welcome! You’ll find everything that you need in the forums and, to echo Michael, in the Marketplace. Study hard and have a blast! Best, Sean

Tyler,

Welcome to BP! Thanks for contributing to the community with your first post. I like your idea of "house hacking" a duplex or larger multi-family complex (i.e. your "live-in-one-unit-and-rent-out-the-other(s)" plan). I think the best place for you to start is to continue to educate yourself through the different programs/blogs/articles on the BP site relating to house hacking, including the different financing methods (e.g. FHA, etc.). It seems like you've already started doing your due diligence, so keep it up!

Next, I would try to determine which market you want to be in (if you have the choice).  Check out BP's "Marketplace" for leads on different investment opportunities (https://www.biggerpockets.com/forums/517-real-estate-marketplace?property_listings=true).  I've found this website very useful, particularly after filtering down to my geographical area and investment type.  In conjunction with your own searches, network with a local agent (you can probably find someone on BP) by e-mailing them or taking them for coffee.  With a good agent on your side, you're well on your way.

I stress the importance of teeing yourself up for success prior to swinging, because if done right, house hacking can be one of the best ways to launch yourself towards financial freedom.  You'll be there before you know it.

Best of luck!

Sean

@Robert Feinstein,

Thank you for your post. And congrats on post number one!  You've detailed good advice, and I will be sure to follow up if I come across specific questions.

@Steven McCutcheon,  that's an interesting perspective -- appreciate you sharing!  I will be keeping this story in mind going forward!

Best,

Sean

@Sean Carroll and @Mike Reynolds,

Thank you -- both responses are very helpful.  It appears that, other than Mike's tip regarding audible noises from the floor, most major issues with the foundation can be spotted by a careful, naked-eye inspection.

As a follow-up, do both of you (or anyone else that joins the thread subsequently) rule out properties at that point or consult first with an expert to see if the issue is a deal breaker?  I would assume that any fix to a foundation is either expensive or impossible (unless you consider a tear down a "fix").

Best,

Sean

BP, Happy Hump Day to you all! Here’s a question for the brilliant BP community’s investors, contractors and experts: “What are the common signs that a property has issues with its foundation, and, when scoping out a potential property (likely a fixer upper) what are the tricks/techniques that you use to quickly spot-check/eyeball those issues?” Thank you in advance! Best, Sean

@Robert Richardson,

Whoops! Apologies for commenting on an older post.  I'll get up to speed on some of your other threads.  Sorry to hear that the duplex has been a shaky one, but keep powering through.  Good things happen to good people!

Best,

Sean

Jose, While there are many different benchmarks to compare an investment to in order to gauge success (excluding subjective meanings of success), an easy comparison is one made against the stock market (i.e. S&P 500). To determine whether an investment is worthwhile, one might consider the opportunity cost of putting money into a real estate investment instead throwing that money into the stock market for the same period of time that you’d be invested in the real-estate project. Historically speaking, the market returns around 7% year over year (when averaging the ups and downs). A good rule of thumb is that if you can “beat the market,” it’s probably a good investment. If you can’t win that battle, then you’re better of just investing that money until another opportunity arises. (This is known as an “opportunity cost.”) That being said, it sounds like you’ve knocked this investment out of the park. You’ve outperformed the current market, which over the past year has brought in returns much higher than 7%. Keep up the great work! Best, Sean

Andrew Fredrickson , best of luck to you, too! Let’s knock out our second properties soon and keep each other posted on the progress. (Insert un-funny lawyer response here)

Mindi Rosser , you read my mind! Looking to join my first meeting in June or July. Thank you for reaching out. Best of luck getting rolling in NWI. Please stay in touch!