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Updated 12 months ago on . Most recent reply

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13
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7
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Allen Bannister
  • Jackson, MI
7
Votes |
13
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5% conventional house hack advice needed

Allen Bannister
  • Jackson, MI
Posted

I have never bought a house. I want to house hack using a 5% conventional loan. The triplex I'm looking at is listed at 130,000. Its in pretty decent shape other than some cleanup and foundation issues. 

The 3 sty home (including finished attic) has a crawl and I can see the owner has tried to reinforce the bottom with wood planks running from the foundation up to the 1st floor. I also noticed everything on the top story is leaning inward ever slightly so. 

Is this a deal breaker?? The home would generate over 2.5k fully rented out and fixed up really conservatively. If I need to redo something down the line 10-20 years that is also expected and I will have capital expenditures built up by then. Not experienced, and don't want to make a bad first move!

Most Popular Reply

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4,187
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3,858
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Jaron Walling
  • Rental Property Investor
  • Indianapolis, IN
3,858
Votes |
4,187
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Jaron Walling
  • Rental Property Investor
  • Indianapolis, IN
Replied

@Allen Bannister "I have never bought a house." - Turn around and run away from this property. I bought a house built in 1915 and living in it for 3 years. Uneven and water damaged subfloors. Door replacement and framing (lack there of) and poorly installed electrical from the previous owner. It was difficult to remodel and I had a massive amount of sweat equity. The sketchy wood pieces in the crawlspace is your sign. 

Look for another opportunity. This isn't one given your experience. 

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