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2 January 2025 | 6 replies
Getting the federal return correct is the most important and with owning two properties, there could be some positive tax benefits.
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3 January 2025 | 10 replies
Most mentors are more oriented toward the positive mental attitude of slugging through finding a property, which can be trying to a lot of people.
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31 December 2024 | 11 replies
Pretty much any regular bank / lender is going to require themselves to be in first position on all the properties... so I don't think a HELOC type solution is going to work across multiple properties with multiple lenders.
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4 January 2025 | 23 replies
That’s absolutely great and wonderful for the investors who are in the position to stabilize that!!!
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31 December 2024 | 418 replies
I do have positive cash flow.
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6 January 2025 | 9 replies
While it's positive after expenses and has potential for improvement in year two, it’s been a bigger hassle than anticipated and taking attention from other priorities and areas of our life with not enough return.
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8 January 2025 | 11 replies
I was in a similar position a few years ago, but fortunately got married and our combined incomes helped us qualify for a larger house hack.We're on our second one in NOVA, Alexandria to be exact, and instead of rent by the room, we are renting out our walkout basement on Airbnb to monthly guests.That said, we have a number of friends doing well with rent by the room across NOVA, though they're purchasing homes with 5+ rooms or finding homes that can be renovated to include that setup.I'd recommend attending meetups such as the one I cohost, NOVA REI or Cashflow Breakfast Club or any of the others to meet those who are house hacking.
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8 January 2025 | 10 replies
My other positive is the money that is generated from taking out the loan can be used now vs. locked away until you are 59 1/2 years.
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27 December 2024 | 27 replies
:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.
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4 January 2025 | 11 replies
Do not ask for their copy of the lease; act from a position of strength and give her the two options.