All Forum Posts by: AJ Smith

Can you househack a 4 unit plus retail? As in, can you still get the favorable owner-occupied loan/terms if a small multifamily unit also contains a retail location on the ground floor?

Thank you for any responses, looking at a potential deal and would love it if this were the case!

Hi all!

I'll be graduating from college this spring, and am looking to invest in the Quad Cities market shortly after starting my first job in June.

If anyone is willing to share, what real estate investing strategies have you had success with in the Quad Cities? 

Looking to househack in either Bettendorf (nice neighborhoods/appreciation) or Rock Island/Moline (for cashflow), but also want to hear all the other strategies people have had success implementing in the area as well!

Thanks for your time,

AJ

@Dieudonne T. yeah that is 100% my outlook -- I'm looking at househacking for a year, bearing the cost while I live there, then move on to the next one and turn this into a full cashflowing rental after that year owner-occupancy requirement is complete.

I'll definitely check out roomies.com! Used rentometer.com and I think that is more accurate for just renting the full house out to one renter ... definitely can use a site that is more accurate for rent by the room.

Looks like a good base hit to me -- something nice to start a real estate portfolio with through househacking.

***Note on Utilities: Assuming tenant will pay utilities (gas, garbage, water, lawncare) once fully occupied and no longer a househack

DSM Realtors, DSM Investors, DSM Househackers, Ankeny Investors ... would love your feedback on this property.

Looking to househack in the Des Moines area. Suitable multifamilies are hard to come by so I'm looking into rent-by-the-bedroom SFRs.

What do bedrooms typically go for in each area? For example, West Des Moines, Ankeny, Johnston, etc.

Des Moines Investors, Des Moines PM, Des Moines Realtors, would love your feedback.

Thanks for the responses, all! Working on connecting with each of these lenders.

@Darson Grantham great advice! I'll follow up with those lenders and I'll make sure to ask about terms (LTV) when I'm speaking with lenders.

Hi all,

Interested in finding cash-out refi banks for my BRRRR journey starting up next year.

Anyone have any cash-out refi lenders they'd be willing to share?

Willing and ecstatic to do the ground work, just looking for a place to start.

Iowa Investors, Iowa Realtors, Iowa Lenders, Iowa Property Managers, Midwest Investors, Midwest Realtors, Midwest Lenders, Midwest BRRRR, would love to get your input.

@Michael K Gallagher thanks for the response! I'm looking into freelance accounting after taking my licks for the first few years, or perhaps getting my realtors license and having that be my side-gig. Great advice with the SCorp/LLC direction! I've seen how that can provide a lot of tax breaks, so I'll 100% take advantage of that.

How much would I need to make through commissions in order for banks to feel comfortable lending me money to buy real estate? Could I invest right away as a commissions-based worker, or would I need to build a few years first?

Hi all,

I'm soon to graduate from the University of Iowa with an Accounting degree, and after two internships in my chosen field I've realized that I would be extremely frustrated with the inefficiency of working 9-5. The main frustration comes from the fact that in my field (Accounting), most companies are paid based on billable hours, so they want you working 9-5 (or more accurately 8-10 during tax season) on SOMETHING, regardless of your production level and how important that thing is to generating revenue.

I'm interested in commission-based work so I can focus on the important few and outsource/eliminate the rest.

I want to understand what banks will want to see in order for them to feel comfortable lending to me to invest in real estate despite not having a salaried 9-5.

I aim to house-hack one small multifamily per year in Des Moines, Iowa and eventually move up to Mid-size and Large multifamily in the same area. My research suggests the initial small multifamily properties in this area typically run between $120k and $200k.

Des Moines Lenders, Des Moines Realtors, Iowa Realtors, Iowa Lenders, I would love your feedback on how much money I'll need to make off commissions in order for banks/credit unions to feel comfortable lending to me as a commissions-based worker. My main goal really is to invest and build my portfolio from right out of college's gates, so I want to ensure that I'll have the bankability necessary to do that before leaping off my current career path.

Thanks for your time,

AJ