All Forum Posts by: Steve Balinski

 not sure what you mean, the property is +$500 with me living there

 in the hypothetical every unit was empty, many investors wouldn't be able to afford their properties.  But with 3/4 units filled, i'd still cashflow

 income of the property (this is only for 3-4 unit) x.75 must be higher than your mortgage with taxes and insurance included

 What do you mean they saved me a lot of money?

income is 2700/month.  Mortgage would be about 2100-2200.

 It wasn't the forums, it was the podcasts.  I was so motivated to get my first house hack, and 2nd 4-unit property (1st one was 25% down conventional)

I'm just disappointed that all the podcasts i've listened to, i've never heard them mention this self sufficiency rule... completely changes my plan, and reduces the income I was hoping for dramatically.

For the last few months, i've been VERY eager to start my vision of becoming financially free through the house hacking method. I've listed to MANY BP podcasts explaining how people buy a duplex or 3-4 unit property with an FHA loan, 3-5% down.... NOT ONCE have I heard them mention the "self sufficiency" rule!!!

The last few months i've been searching for a job in a specific area of my state to make sure i'm putting myself in the best potential area to make a house hack work on a 3-4 unit property. I found an excellent 4 unit... Cashflows $500 a month with me living in the 4th unit....still doesnt pass the self sufficient test per FHA rules....can't find much better around here. VERY frustrated i've never heard of this in all the hours of podcasts on house hacking i've listened to.

Hello

I'm interested in renting out a single family home by the bedroom. I'm curious how you find several strangers who want to live together in the same home. Also how do you determine the rental price per bedroom. I'd imagine its different pricing because they are sharing a common space with others. Brandon says he likes finding SFR with the most bedrooms so he can rent them out.

I REALLY want to start house hacking, but there aren't any (mls listed) in my area, im in between homes (and jobs) and need to find a place sooner than later.  Also, i can't buy off market because it would be my primary to start with and can't get hard money for the purchase.

 thats the hard part, getting *accurate* crime stats is hard to find.  The Trulia map seems pretty good, but its still not even that accurate.  I've tried a few other sources as well but.... mehhhh.  Need an investors experience

Hello,

I'm looking to start house hacking and need a 2-4 unit in the Northern IL towns, North of Mundelein, East of Fox Lake, and West of Waukegan. I'm looking for some direction in regards to which towns I should stay away from, which towns have higher rental prices, better appreciation potential, etc. Any help would be great (I am already working with a broker, looking for an investors knowledge, brokers lips are pretty sealed these days)

the reason I want to partner with a contractor is being new to fix and flip, it'd give them more incentive to do better work and not just disappear, be cost conscious, focus on "our" property.  They'd have sweat equity in it, and time is money.  I have to imaging finding a GOOD contractor to partner with can lead to great things.

I also have a full time job, this would allow me to NOT have to visit every day and give me more peace of mind (assuming things go well).