All Forum Posts by: Joe Black

@Eric Johnson conventional with 5% down. Used the rest on renovations. I'd love to use 203k for the next house hack.

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Oakland.

Purchase price: $725,000
Cash invested: $95,000

I purchased a small multi-family home in Oakland to house-hack. This was a great opportunity to complete a RE transaction with low risk. I have pretty much eliminated my housing expenses as a result.

@Matthew H. I'm looking to do the same in San Antonio in the near future. Looking forward to hearing about the deals you come across.

@Karl McGarvey great question. I too plan to invest out of state with some partners and will likely form an llc. Im interested in hearing how people have gotten traditional financing on their llcs.

@Torre Samonek great updates on your journey and I love where your mindset is at! I'm a newbie house hacker like you and connect so much with the frustrations that you've shared so far. As you mentioned, yes you're probably making "mistakes" but ultimately you are taking action which will yield huge benefits to your long term success. Keep up the great work!

@Max T. All great info. Thank you for sharing.

I'm hoping to form a JV and take lead role as the deal finder, reno project Mgr, etc. We are planning to invest out of state which means that I would need to fly in to oversee/sign-off on certain aspects of the project. My question is, who pays for these travel/room expenses? Should these expenses be paid from the capital from my investors?

Welcome. Have you considered house hacking to get started? Last year I was in the same boat as you and decided to house hack in Oakland while I continue to define my criteria and identify an ideal out of state investment strategy.

I was able to upgrade my living situation and vastly increase my monthly savings as a result of the house hack. Also it was a great way to dip my toes into the real estate game with reduced risk.

Hi BP community.

I'd love to hear your experience partnering with a local investor before making your first out of state investment. I'm a rookie investor who hopes to start investing out of state but would like to mitigate some risk i take on due to not having feet on the ground who are invested in the property. Some questions i have include:

How was your overall experience partnering with a local?

How did you identify your partner?

How did you vet your partner?

What's a typical partnership look like?

Any pros or cons from your experience?

So I just bought my first house hack in the SF Bay Area. It's a single family house with an ADU. The main house has a finished basement that I am living in and so far so good as I'm paying approx $300/mo toward piti.

My issue: in the future, I may want to move out of this basement unit and rent it out (legally). I estimate that this would allow me to cash flow approx $1500/mo for this house (the basement unit is spacious and recently updated).

I haven't confirmed but I'm fairly certain that the basement isn't considered "habitable space" per city guildlines since it only has windows with proper egress in the kitchen area.

My question is, how should I go about having an evaluation done to determine what I would need to complete to have the space permitted for renting without drawing unwanted attention that could have city inspectors knocking out at my door doling out violations? Can a contractor be trusted to provide this evaluation?

I

Greats points. I do plan to keep it as a rental so low maintenance is definitely a high priority. I'd like to spend no more than say $2K on upgrades. What are you thoughts about artificial grass on top of the brick area with patio furniture?