
7 November 2021 | 3 replies
Hello All,I just got the 2nd unit of my first house hack duplex ready for tenants and am using a realtor to lease the unit.I am using a realtor to fill the unit as I have limited time and also wanted to learn from somebody else doing it.There has been interest in the unit but only a couple of people have filled out the application.We dropped/discounted the rent to be inline with whatever other similar apartments are available in my immediate area.And I believe that my unit is the best one available due to its location and the quality of the rehab/upgrades.The realtor has listed the unit on all of the usual sites and has held an open house.It looks like there are not a lot of people looking to rent apartments in my immediate area at the moment.Question:Does anybody have any advice as to what else we could do to get the unit filled with a quality tenant?

17 November 2021 | 29 replies
My assumption and do not take this personally if you are just looking for ideas on what to do with $100k vs actual guidance my guess is you do not have much time to manage a project or a short term rental so that limits your choices.
6 November 2021 | 3 replies
Purchase Price: $369,000Rehab costs to date (Cash/0% Credit card): $22,000Additional cosmetic rehabs: $6-8kAs-Is Appraisal: $420,000 (April 2021)Current Rental Income (friend living with me): $800Mortgage: $2000Comps in the area: $490-560K but average sqft price $264 with prop size of 2450 sqft, so could be more.Rentals in the area: $2.5-2.9K a month, not including additional living space.My financing/current capital methods:Personal Income: $129,000 a year.Rental Income from above: $800Student loans: $340 a month.No other debts other than CC payments for rehab and personal debts: $12,000.Savings (does not include investment accounts, 401k or IRA): $12,000Cumulative CC Limits: over $50k.My questions include:What are my best options to get this thing to cash flow while adding as much value as possible for a refinance (pay off CC and have cash for another off market property I have in the wings).
6 November 2021 | 0 replies
Purchase Price: $369,000Rehab costs to date (Cash/0% Credit card): $22,000Additional cosmetic rehabs: $6-8kAs-Is Appraisal: $420,000 (April 2021)Current Rental Income (friend living with me): $800Mortgage: $2000Comps in the area: $490-560K but average sqft price $264 with prop size of 2450 sqft, so could be more.Rentals in the area: $2.5-2.9K a month, not including additional living space.My financing/current capital methods:Personal Income: $129,000 a year.Rental Income from above: $800Student loans: $340 a month.No other debts other than CC payments for rehab and personal debts: $12,000.Savings (does not include investment accounts, 401k or IRA): $12,000Cumulative CC Limits: over $50k.My questions include:What are my best options to get this thing to cash flow while adding as much value as possible for a refinance (pay off CC and have cash for another off market property I have in the wings).

17 November 2021 | 4 replies
The assignment contract should be very clear on limiting your liability, transfer recourse to end buyer.
8 November 2021 | 2 replies
I think 15k per parent / 30k total would be the limit they could give you without tax implications (gift tax).

8 November 2021 | 29 replies
The entitlement is based off of the county in which the new home to be purchased is located, the number of units (SFH-quadplex) as well as an amount that is more or less the conforming loan limit from HUD.

8 November 2021 | 6 replies
Meaning, if you take an initial loan upfront, you will have it appraised for the renovation loan (so you know the value), you can roll in all the costs (that is, as long as the value is there), and it limits your risk.

11 November 2021 | 5 replies
@Corey Duran If you are looking for lending you may be limited using an LLC instead of your personal name unless you get a business loan.

8 November 2021 | 14 replies
You will hit a limit on how much you can borrow and your down payment.