All Forum Posts by: Spencer Kraus

Quote from @Nicholas L.:

yes, exactly.  house hacking is the best way to get started, period.

So what about doing that and living in one room and renting out the rest out individually? That would eliminate my current ~$1100 monthly cost of living renting and pay for the house itself with rental income

Quote from @Nicholas L.:

just buy a turnkey househack with a low DP loan instead

Can you elaborate on turnkey househack? A place that doesn’t need a ton of work?

I'm new to real estate investing and have been looking to buy my first property for the past 3-4 weeks

I have roughly 120k (not all of that I would like to use) to put towards an initial investment

I found a property that I would like to get for 325k that is in ROUGH shape, basically every room and property needs a lot of TLC.

I'm getting a 2nd GC to come and look at it but I'm estimating anywhere from 75k-100k in rehab costs to really get it updated.

It's a 4/2 with the potential to be a 4/3 or even 5/3 with some creativity of the attic space. 2750sqft with a beautiful pool area and big backyard in Central FL, 15 min from Disney.

The girl that has the property wholesale is saying the ARV could be anywhere 550k-600k but honestly, I don't see that number being accurate looking at comps around within a mile or two, and I really need an expert evaluation on this deal but don't know who to go to.

I would love someone who has experience doing BRRRR or fix and flips to look at this property/deal and be able to say "this is a no go" or "you have plenty of margin to make this profitable"

Any help would be super appreciated! Thanks BP fam