All Forum Posts by: Taylor Cave

Hey @Michelle Simoni! I actually help run the sales team at Backflip! Would love to chat more about what you’re looking for and how we can help! 

Hey Dallas - Love that you’re already thinking about this so young! House hacking a multi-unit is the best way to get started since you’re, if done right, paying minimal to potentially no monthly payment out of your pocket. 
Down payment on FHA is 3.5% so you're not wrong there and safe to assume another 2-4% for closing costs BUT you can negotiate seller assist to cover bulk of the fees if not all. I believe they changed the guidelines years ago on the amount of seller assist you can receive on an FHA loan, so I'd look into that with your mortgage company before making an offer, but definitely use that to your advantage when writing an offer! Out of pocket is closer to 3.5% than you think!

You’re definitely not wrong @Stuart Udis. I was just under the impression this was a 2 unit. 4 bd 2 bath that are all over down there and he said in the original post it was a multi unit. All of my assumptions were based on that 2 unit residential and are fairly accurate between rental rate and ARV.

Is cashflowing necessary? How long do you intend to live there? If you’re approved for the mortgage they assume you’re qualified to pay it on your own so if you can afford the monthly don’t overlook the power of equity. Current rates make it tough for any house with a new mortgage on it to cashflow. 
Where in Philly are you looking? There are definitely some pockets of fairly priced duplexes to at least cover some of the mortgage, but tough to actually come out in the green monthly if you’re living in the other unit. Happy to chat more with you as I’ve owned a few multi families all over Philly. 

@Connor Castillo I was just about to post on this. I have 3 on Temple University campus for about 6 years now and usually post on Zillow late September and have it leased within a few weeks. Unfortunately, seniors are moving out of the newest/nicest 6 bd I have and actually covers 2 full mortgages in rent, I am just getting significantly less hits on Zillow even with premier. 

I realize different markets/ schools but I’d imagine they’re all looking at the same time. I think I’m going to lower the price a bit after Thanksgiving, because I really don’t want to go into Christmas without it leased. Most students from my experience, are locked up with housing by that time and I can’t afford to go a full school year without it leased 🤣😭

Very tough to do. Made this mistake when I lived in the top unit years ago and looked to rent the bottom. Had 4 people randomly knock within the first 3 days.

That being said, one of the walk ups ended up being a great tenant for another property I had, so definitely not all bad assuming it’s in a decent neighborhood. 

Take the good with the bad I guess. Test out a tour fee or small application w no credit pull. I also due to all the walk-ins put a sign with cards by the front door with my number that way I could kind of verbally take an application when they called. 

Welcome! Greater Philadelphia as in northeast Philadelphia? Definitely a great spot to have a multi unit these days!

Hey Aditi - I have 3 right off of Temple campus as well. Definitely want to stay west of broad st. East of Gratz. South of Edgley and north of Cecil B

Thats where the students typically are looking as outside of that radius is rough. 
Think you’re also undervaluing the cashflow. You get anywhere from $500-$650 per room down there so an 8 bd could definitely bode well. Without knowing too much more about the property, fair ask is probably $520k-$580? Happy to chat more on this as I’ve been in there area since 2018. Amazing area to cashflow! 

What’s the reason you’re specifically looking to house hack? If it’s move out of the beach house that’s one thing? But if it’s money out of pocket for down payment (primary vs investment) there are definitely ways around that. Either way, with your liquidity you can definitely find a nice spot in Philly that hasn’t already been flipped and overpriced ! 

Yea of course! @Jim Rivell