All Forum Posts by: Anthony Simboli

 Hi @Maura Silva I've had a few duplexes now at this point and neither "cashflow" as I house hacked them. I did however get to live in them while I was fixing them. You likely will never cash flow if you're occupying one of the 2 units. When you're doing your analysis, do the numbers as if you are not living in it. If your plan is to eventually move out, then those are the numbers that will mean the most. That being said, make sure you have money coming in from another job or another resource to cover you while you're house hacking and can afford the remainder of the mortgage. 

Also, keep in mind if you're hacking your unit and tenants are living in the next unit, you may want to confirm with them what you're doing. A lot of folks work from home now so if you're doing significant construction/demolition/rehabbing you'll want to make sure it is not affecting them. 

We all define wealth differently however the ideas and fundamentals in this book will be true for all. Worth reading in my opinion, whether you're new to investing or not, it's great to brush up and use as a reminder. 

 Thanks @Charles Carillo. I'm targeting a property right now that has been purchased within the last few years, I may reach out to see if one was already completed. If so, maybe I can use that as a starting point? 

Thanks for the info!

Hey BP,

Wanted to start a thread and hopefully gain some insight into folks who have purchased large automotive garages or garages with store fronts. I've only dealt with multi families at this point but I'm currently in the process of working a business deal to start an automotive shop. I have already found a few properties that I could potentially be able to rent out extra storage/garage stalls/rentable living units. Any specific things that you may have run into along the way that you wish you knew/learned more about before diving in? I haven't made any deals yet in the commercial / mixed residential/commercial space yet so any advice would be appreciated.

Current NEEDS for the business

- 2-3 stall commercial garage (i.e. 10-12 ft. + doors), space for lifts etc.
- Zoned properly for operating that type of business
- Land / ample parking for 15+ vehicles

Current WANTS for the business property

- additional rental opportunities including but not limited to:
     - mixed residential rental units (livable)
     - extra storage bays / garage stalls for rental income
     - store fronts for additional businesses on site      

Location - TBD (NH / MA)

Thanks!

Correct, you do not have to add anyone, nor do I recommend you adding anyone to the current lease without also putting them through a background check etc.

If they are already problematic the last thing you want to do is add more people to the lease.

Hey guys 

I'm in the process of writing up a new lease for my first tenants in Manchester NH. I've had plenty of lease agreements for when I was investing in MA but I want to have a New Hampshire specific lease to make sure I'm covering local and state laws. Any recommendations on where to go/who to contact? I'm in a good situation where I already have a tenant lined up, however I want to send them a formal lease agreement as soon as possible so I can have it reviewed and signed.

I've used standard templates as starting points in the past but not sure if I should head down the RE Attorney route or not. 

Any info would be great!

Thanks!

@Reed Rickenbach thanks for the reply. I think that out of anything has been the most important thing I've learned in this post, making sure the rent has been realized each month before using it for future investments. Thanks!

@Celine Crestin Thanks for your response. I appreciate your point of view on this. I think one thing that is very common across all of the responses so far is continuing to make sure I follow my processes setup for screening and lease agreements etc. I'll keep all of that in mind moving forward. Appreciate your response!