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10 December 2024 | 6 replies
The only way to answer that in general (whether house hacking in today's market is still a good option) or for a particular property, is to learn how to run the numbers and analyze a specific property to see whether it will be able to stand on its own as an investment when you move out someday.There are a lot of resources here on BP for doing that but I'd just say, make sure the assumptions you're putting into your spreadsheet or deal analyzer are realistic.Make sure the rents (especially for vacant units or pro-forma #s) are realistic by doing your own rent comps; make sure the mortgage rate is realistic by doing some research online and/or talking to some mortgage folks; make sure insurance #s are realistic by getting a couple of quotes for the # of units and zip code / area you're looking in; etc.I hope that helps, and good luck 😊
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29 November 2024 | 2 replies
Go to Etsy and search for "rental property tracker," and you will find hundreds of nice spreadsheets to track 10-20 rentals, usually for under $10.Software has extremely helpful features like online payments, marketing syndication (click a button, and your property is advertised on multiple sites), electronic document review/signing, maintenance tracking, and owner reports.
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7 December 2024 | 1 reply
We use DealCheck to underwrite deals and QuickBooks Online for everything else post-closing on the purchase.Quickbooks Setup:- Classes allow for separate P&Ls for each property. - Products & Services enable us to track each 'phase' of the rehab. - Projects give us visibility on my projects- My CPA can easily access the reports for tax preparation.
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11 December 2024 | 12 replies
I just can't find ANYTHING online that isn't from Chris or his team.
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8 December 2024 | 19 replies
You are dealing with 2 immovable objects in HUD and Chase and you would be better off with a mortgage broker that would have options.
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7 December 2024 | 11 replies
Asheville has just recently started to feel like it's beginning to come back online, but a long ways to go for a full recovery.
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17 December 2024 | 86 replies
Your objective- Learn, learn, learn.
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10 December 2024 | 104 replies
Sometimes these types of deals require that you purchase a software to help search for lots,so we'll see.Most of the time,established people in industry are not going to come online and scam people,why would they ruin their own business in the offline arena?
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5 December 2024 | 6 replies
Start with your primary, rent out any spare bedrooms "house hack"Use that to practice upgrades, kitchen, bathroom, curb appeal... etcNow you have experience as a landlord and flipper, use that to buy a distressed propertyAdd 40% equity to the property through home makeover, refinance into a low cost mortgageNow you are cashflowing a healthy margin on a second property, use that to build equity over time, cashout later and buy your duplex/quad.If it's going to take you 10 years to save up a down payment for a small apartment building, yeah it makes more sense to start growing your portfolio with cheap SFR flips instead.Every market is different, every borrower is different, every property is different, it would be ill-advised to recommend anything without recognizing the individual's nuanced goals and objectives with their next acquisition.
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2 December 2024 | 35 replies
GoalMy objective would be to go with a MFH, 2-4 units, higher would be better.