Potential 1st house hack duplex

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Potential 1st house hack duplex

Terrance Jackson
Member since 2024 · 5 posts · 1 vote

Newbie here, looking to house hack first duplex. Question is what are the step by steps I need to do for finding out what work will be needed and how much it’s going to cost, etc. if for sure needs work. 

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Jake AndronicoBusiness Member
Realtor · Reno, NV · Member since 2019 · 1k+ posts · 938 votes
1y

@Terrance Jackson

Welcome to BP!! Congrats, that's an awesome endeavor. I house hacked at 22. 

Here's what I learned and my regrets: 

https://www.biggerpockets.com/forums/922/topics/1133476-hous...

415-233-1796
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  • Daniel McDonald
    Real Estate Agent · Beverly, MA · Member since 2019 · 358 posts · 308 votes
    1y

    This is where having an investor friendly agent is going to be key. They should be able to give you an idea of what needs to be done vs. what can wait and rough estimates/recs for contractors. You can also get a contractor to go look for you and give you a verbal estimate but not everyone will do that. Or do it for free.

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  • Jay HurstBusiness Member
    Lender · Dallas, TX · Member since 2017 · 1k+ posts · 1k+ votes
    1y
    Quote from @Terrance Jackson:

    Newbie here, looking to house hack first duplex. Question is what are the step by steps I need to do for finding out what work will be needed and how much it’s going to cost, etc. if for sure needs work. 

     @Terrance Jackson   Just curious, what market are you looking to buy in?  When it comes to 2-4 units not all markets are created equal. the northeast and midwest tend to have a lot more market for these properties then do newer areas of the south and west. 

    Hurst Real Estate, INC4.987 Reviews
    WebsiteView Page
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  • Terrance Jackson
    OP
    Member since 2024 · 5 posts · 1 vote
    1y
    Quote from @Daniel McDonald:

    This is where having an investor friendly agent is going to be key. They should be able to give you an idea of what needs to be done vs. what can wait and rough estimates/recs for contractors. You can also get a contractor to go look for you and give you a verbal estimate but not everyone will do that. Or do it for free.


     Thank you. The guy I’m working with I’m nearly positive has some investments under his belt as well as one of the top agents in the state and I figured he was the main source for that but just double checking. 

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  • Terrance Jackson
    OP
    Member since 2024 · 5 posts · 1 vote
    1y
    Quote from @Jay Hurst:
    Quote from @Terrance Jackson:

    Newbie here, looking to house hack first duplex. Question is what are the step by steps I need to do for finding out what work will be needed and how much it’s going to cost, etc. if for sure needs work. 

     @Terrance Jackson   Just curious, what market are you looking to buy in?  When it comes to 2-4 units not all markets are created equal. the northeast and midwest tend to have a lot more market for these properties then do newer areas of the south and west. 


     Thank you for your reply. Yes I’m in the Midwest. 

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  • Erica Arce
    Real Estate Agent · Austin, TX · Member since 2024 · 13 posts · 6 votes
    1y

    Depends on your personality. You can google average rates in your area to get an idea. You can post here and get an idea of what other ppl in your area have paid. Also, you can find out what work needs to be done by hiring a reputable inspector.  

    0Reply
  • Terrance Jackson
    OP
    Member since 2024 · 5 posts · 1 vote
    1y

    This was very helpful, thank you

    0Reply
  • Jake AndronicoBusiness Member
    Realtor · Reno, NV · Member since 2019 · 1k+ posts · 938 votes
    1y

    @Terrance Jackson

    Welcome to BP!! Congrats, that's an awesome endeavor. I house hacked at 22. 

    Here's what I learned and my regrets: 

    https://www.biggerpockets.com/forums/922/topics/1133476-hous...

    415-233-1796
    1Reply
  • Andrew SyriosPro Member
    Moderator
    Residential Real Estate Investor · Kansas City, MO · Member since 2014 · 10k+ posts · 5k+ votes
    1y
    Quote from @Terrance Jackson:

    Newbie here, looking to house hack first duplex. Question is what are the step by steps I need to do for finding out what work will be needed and how much it’s going to cost, etc. if for sure needs work. 


     Definitely should check out J Scott's book on estimating rehab costs: https://store.biggerpockets.com/products/the-book-on-estimat...

    I wrote a long article a while back on due diligence that would also be worth reading (well, at least I think it is): https://www.biggerpockets.com/blog/due-diligence-ultimate-gu...

    Podcast Guest on Show #121
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  • Erica Arce
    Real Estate Agent · Austin, TX · Member since 2024 · 13 posts · 6 votes
    1y

    TY

    0Reply
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