All Forum Posts by: Eric Sipe

Hello all,

I am going to be buying a small multifamily in Florida not too long from now. It is going to be my first property. I want to partner with someone I trust and value (it will be his second property in addition to his own home he has rehabbed) but am unsure how partnering really works. He and I have already discussed it and have very similar plans and values and are committed to building a successful business.

My question is: how do we handle a partnership with a property? Do we both own the place or will just one of us own and both of us split profits according to a contract? If someone could walk me through how a partnership works (or if what we want is even possible), I would be very grateful.

If any other info is needed, please feel free to ask.

Thanks,

Eric

@Charles Soper

Thanks for the addition! I would have forgot all about including pest control. Also, would you suggest flood insurance on any home in FL or is it area-specific?

I'll give the calculator a shot! I guess I just didn't know they were so specific.

Thanks again,

Eric

Hello all,

I am in the process of preparing for my first purchase. While I am in the property analysis phase, I want to verify that I have all of my expenses accounted for. A little background that might be necessary: I am "house hacking," so I will be living in one of the units and renting the other one or two units (in a duplex or triplex); I am eligible for a VA loan with 0% down.

Here are the expenses I currently have listed to account for: property taxes, property insurance (any specific kinds?), utilities not covered by the tenant, vacancy, repairs, CapEx, mortgage payment, and once I move out, I will add lawn/snow and property management.

So, are those the only expenses I need to account for (other than down payment, closing costs, rehab, and pre-rent holding costs) or am I missing any? I just want to make sure that I don't screw up by using the wrong numbers and then getting the wrong cash flow amount and CoCROI.

Thanks!
Eric

@Victor So

I forgot about FHA loans! I'll have to read more about them. I know that I am eligible for a VA loan (I think about I can get one every 3 to 5 years or so), so I can supplement on "off years" with the FHA loans to get new properties.

Thanks for the clarification!

Eric

Hello,

First of all, I am new here; thank you all for being part of this community.

I have recently started my journey in real estate. I am committed to buying a small multifamily property (duplex or triplex) in/around St. Petersburg, Florida. I am going to house hack (live in one unit of the property while renting out the other one or two units).

My question is this: how do I transition from house hacking a duplex/triplex to having a real house of my own and also expanding my RE portfolio? I obviously want to have a house (but would be fine living in another small multi-family for a while) but also want to keep buying other rental properties. Is there a good way to achieve this? I have read multiple articles and watched many videos about house hacking, but none say what to do AFTER your house hack. 
Thank you,
Eric