Hello, I am a new investor who is looking to house hack. Also this is my first post and I wanted to see how using the forums go. I never have used one before but I'm eager to meet new people and get some good advice about house hacking!
@Adam Temel welcome to BP.
What are you thinking about doing as far as house hacking goes?
Right now I would like to buy a duplex and live on one side and rent the other side out! Still a little rusty on analyzing properties but just need to practice more.
Thank you for the welcome!
@Adam Temel well you have certainly come to the right place! Let me ask you this, if you are considering buying a duplex and renting it out, what is stopping you from buying a 4 unit? Obviously cost would be the main factor, but everything else is exactly the same.
Yeah, numbers are key. I see you are a pro member so wear those calculators out and post them up for review if you have questions. I'll be happy to help where I can.
Welcome to Bigger Pockets.
Thank you George!
Heath: Nothing necessarily I just haven't seen any 4 units around on the market so far. I would love to go to a 4 unit since it would still be considered residential. A few things I get confused about is estimating repair costs and then what the ARV would be. Can you just bring in a GC when ever you are looking at a property or do you have to have it under contract first before you start estimating costs and having it inspected?
Also, If I am house hacking do I still need to have a separate bank account? If I do would I still have the mortgage payment charged to my personal checking account since it would be my permanent residence as well as an investment?
@Adam Temel brother you gotta @ me or i won't see that you replied. I just happened to click back on this thread.
You mentioned estimating rehab costs. That is definitely a big deal. You can absolutely have someone walk it with you as your going through it. I wouldn't pay for an actual inspection until you have it under contract but you can offer to slide someone a few dollars if they will come out and do a walk through with you. They should be able to give you a fair estimate of the costs but obviously that would all depend on what came up on the inspection report and what all you wanted done. Bear in mind, you will save a considerable amount if you are able to do the work on your own.
If your not comfortable making a call on the ARV, just ask an agent. It's not a big deal for them to generate some comps real quick. Now don't go and ask them what every single house on the MLS is worth but it's not a time consuming process for them.
Finally, you said ON MARKET. Key words. If you want a deal, you have to go off market. You want a good deal with value add potential and great cash flow. Unless you just have money to blow and don't overly care about how great of a deal it is.
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