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28 February 2024 | 3 replies
Right now the rental income covers most costs and I’m going to be paying 600 a month of my own money.
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28 February 2024 | 7 replies
I think you may have very well narrowed down my strategy choices down to one of three; the BRRRR method (although this might be too much to start with for a newbie), the live-in flip that you mentioned (probably the most practical as I've been part of many different projects in the construction industry), and a combination of house-hacking/live-in flip (probably the most rewarding with a potential to swap between units as I finish one in order to bring better rental income).
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26 February 2024 | 5 replies
Remain dedicated to your objectives and keep learning as you go, regardless of whether your emphasis is home hacking for passive income, using the BRRRR approach to generate wealth, or flipping houses for rapid cash.Please feel free to join in conversations and ask questions on BiggerPockets—the community has a plethora of expertise.
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27 February 2024 | 4 replies
Following is the income for all the unitsRentsNew Rents Expenses Unit 1: 1800 sqft $ 975.00 $ 1600Insurance $ 6,000.00 Unit 2: 1100 sqft $ 900.00 $ 1100Taxes $ 2,728.00 Unit 3: 1100 sqft $ 925.00 $ 1050Sewer Charges $ 4,800.00 Unit 4(Apartment): 700 sqft $ 700.00 $ 850Vacancy $ 4,000.00 Total $ 3,600.00 $ 4,600.00 Repairs $ 2,000.00 Yearly Revenue $ 43,200.00 $ 55,200.00 Total $ 19,528.00 Mortgage Interest Only/m$1,460.00$1,460.00Mortgage Interest Only/y$17,520.00$17,520.00Current Income Projected Income Net Operating In $ 23,672.00 $ 35,672.00 Cap Rate4.30%6.49%Cash Flow With Int Only $ 6,152.00 $ 18,152.00 Cash invested $200,000.00$200,000.00COC3.08%9.08%What are your thoughts on this deal?
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28 February 2024 | 10 replies
House hacking is for sure the best way to get into real estate investing (in my humble opinion)If you combining your incomes puts you where you want to be, I'd do that.
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1 March 2024 | 97 replies
If someone is making millions to tens of millions a year in income WHY are they going to spend 50 hours with a new person that knows nothing in the field for 10k?
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26 February 2024 | 5 replies
1st off- Kudos for your enthusiasm to tackle a difficult problem; adopting new materials and building science understanding on really old structures.Success levels for energy retrofitting will be directly tied to the level of "gutting" you do to the old house, especially trying to add a vapor design and passive ventilation retrofit.
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27 February 2024 | 4 replies
I was considering being an agent because it would put me in the community, while potentially honing my skills and relationships while earning a solid income to invest pending my results.
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25 February 2024 | 7 replies
Here is his 2 cents:"If you manage the properties yourself, then yes, it is subject to KC income tax.
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28 February 2024 | 21 replies
Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with zero or negative relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560, little to no good tradelines, lots of collections & chargeoffs, recent evictions.