All Forum Posts by: Trevor Brown

@Elliott Elkhoury I have thought about that as well! I could definitely do that in the city I have my deal closing in. My main goal is to live for free and reduce that main expense of a mortgage/rent to as close to $0 as possible.

Hey BP! I am under contact for my first deal, a solid cash flowing duplex, and should close at the end of November. I am now preparing for my next investment and have a few options, one of which is “house hacking” a 4-plex. My plan would be to live in one unit and remodel all units over a year or so, then exiting when the time is right or renting all 4 units after I can legally move out. Ideally I would like to find a city where I can find a 4-plex under $1,000,000 and where I can live in one unit and rent the other 3 units. I would like to find somewhere that the rental market is strong enough to cover my mortgage just renting the 3 units out. Once I remodel and raise rents I would like to be slightly cash flowing so once I move out of the 4th unit I can rent that out and cash flow heavily. I might want to sell it, refi after the remodel etc too. I live in Denver and the market here would not support this plan. If I am wrong and you live here and dIsagree please let me know that too! Any help here with cities or towns you have heard of that support this plan would be appreciated before I head out on this journey into the abyss. Thanks! -Trevor B.Denver

Hey BP! I am under contact for my first deal, a solid cash flowing duplex, and should close at the end of November. I am now preparing for my next investment and have a few options, one of which is “house hacking” a 4-plex. My plan would be to live in one unit and remodel all units over a year or so, then exiting when the time is right or renting all 4 units after I can legally move out. Ideally I would like to find a city where I can find a 4-plex under $1,000,000 and where I can live in one unit and rent the other 3 units. I would like to find somewhere that the rental market is strong enough to cover my mortgage just renting the 3 units out. Once I remodel and raise rents I would like to be slightly cash flowing so once I move out of the 4th unit I can rent that out and cash flow heavily. I might want to sell it, refi after the remodel etc too. I live in Denver and the market here would not support this plan. If I am wrong and you live here and dIsagree please let me know that too! Any help here with cities or towns you have heard of that support this plan would be appreciated before I head out on this journey into the abyss. Thanks! -Trevor B. Denver

I work for a property management company and what we do is pay the water bill and bill back the tenants evenly with a copy of the original bill so they see usage etc. Put it in the lease so they understand as well.

I agree with Bram. I would much rather use that 250k or slightly less (as to have some backup cash) to purchase a larger 4-6 plex or higher depending on your market. I wouldn't buy brand new and rent out a single family. Then you're paying highest prices (especially in this market) for a home that the value can not go up in for things like repairs, raising rents (on commercial) and turning a B property in an A neighborhood into an A property in an A neighborhood. I would do at least a 20% down on a commercial loan for 5+ units so that it is classified commercial and you can have more control over the price and resale of the home in the future.