All Forum Posts by: Zach Wright

@Steve Pizzarella

Hey Steve! Congrats!

I would highly recommend the house hack strategy.

I bought my first house hack in Western MA 9 months ago - It has allowed me to live for cheap, get some investing experience, and set myself up for a cash flowing rental when I move out. Definitely a great way to get your feet wet.

Get pre qualified and start to analyze some deals!

@Charles Carillo

Hi Charles,

This is great info. Asking around to local banks and credit unions sounds like a good place to start and agreed on the seller financing, especially with banks requiring higher down payments as you mentioned.

Hi Everyone!

Currently house hacking a duplex and searching for a larger (5-10 unit) investment property. 

What is the best way to structure commercial lending to reduce the amount of cash needed to close? Looking for lending tips, specific loan types / lenders, and recommended resources to learn more about creative financing. 

Also how can a good relationship with a seller benefit with low money down?

Thanks in advance!

Zach

@Nathan G.

Nathan these are some issues that I hadn’t considered, but will definitely occur when renting by the room...

Seems like a detailed sheet of expectations would be helpful to provide tenants during the screening process.

Have you had experience included any of these “behavior” clauses in the lease to be explicit? Trying to think about the best way to make clear expectations while being able to hold tenants accountable if there’s an issue.

Thanks

@Kevin Sobilo

Thanks Kevin! Didn’t think about the added benefit of getting eyes inside of the units for scheduled cleaning, but this is a great way to make sure there are no “issues” while also keeping the place clean.

@Jaysen Medhurst

Thanks Jayson - great point. Seems like having consistent cleaning will definitely keep tenants happy with the condition of the property. Appreciate the reply!

I currently have my first deal under contract (duplex w/ 8 bedrooms and 4 bathrooms). 

I will living on the first floor (bedroom 1 and 2) and renting the other 6 bedrooms by the room. Does anyone have any experience with maintaining the cleanliness of common areas? I understand that the expectation is for tenants to clean up after themselves, but what about periodic deep cleans (ie. scrub bathroom floors, toilets, mop floors, vacuum hallways, etc)?

 Thank you!

@Joe A Warner

Hi Joe

I currently have my first duplex (first ever deal) under contract with a closing date December 27th.

I used an FHA loan and plan to rent by the room while living on the first floor (8 bed 4 bath total).

Sounds like we have similar goals! Feel free to message me as we both go through this process.

Zach Wright

@Nathan G.

Thanks Nathan - this seems like a good way to hold consistent rent while making sure those expenses are covered. Appreciate the break down and examples!

@Artem Belayev

Thanks Artem! This is definitely a good strategy to consider and seems like it would help offset some of the utility and wifi costs.

Do you experience any seasonality changes to your rent structure? For example, increasing utility payment during winter months due to increase heating costs?

This seems like something to consider, especially with seasonality in the Northeast