Words of Wisdom /Checklist for first house hack

[Clarence Harvey]

Hello to the traveler that comes across this post! Looking to get my first househack in the next year or so. In regards to this I ask of whoever is willing to provide some wisdom or tips for someone who plans to start out!

things that you wish you would've done differently, perhaps they went wrong

How should I prepare for my first househack? In terms of a checklist if anyone can offer some advice.

i aim to have this post have me cover my bases and understand some expectations so if anyone is willing, please do share your wisdom/experience

Thank you for your time 

[Aaron Zimmerman]

On the physical building: Understand what you’ll need to replace and when. Biggest items to replace would be roof, hvac, electrical, plumbing. Then, factor in cosmetic things like appliances, unit turnovers, etc. Residents: if you’re inherited tenants, do some due diligence on them: think estoppel agreements, FOIA requests on the property, even reviewing documents used to qualify. Overall goal: reduce your housing expenses and also cash flow upon moving out. Financing: talk with many lenders especially ones that service house hackers. Attend local meetups or join local facebook groups and reach out. The right lender is crucial to your team