All Forum Posts by: Alan Feldman

Judging by what others have said, it's a no.
See this post on the same topic of Paying yourself for work on a flip.

1. Here are a few that come to mind...
2. Rents on the property vs rent levels in the area?
3. Why are the sellers selling?
4. Is the area growing in jobs and population?
   

REO's are a great way to get excellent deals. Keep in mind you need to prepare for the worse, and hope for the best. These deals are AS IS. You can still do an inspection, or hire a professional to do one, but typically the bank has already priced it accordingly. If the deal numbers work out, and there is no massive issue that needs to be fixed prior to occupancy, it could be a great deal. I would get your financing lined up first, as REO's typically go to cash offers. Good Luck!

Dealcheck is nice and quick phone app. I used it for a year and really liked it. I changed last year to REIPro for deeper analysis, lead generation, as well as the deal analysis and offer calculators.

A house hack can be looked at like a flip, but your are living in it while the updates are done. Some call it a "live in flip". So if you approach it that way, it might open up the analysis that is needed. The timeline in the house hack can be extended, so it's not like a quick flip, it's more of a time and sweat equity game. 
In your case I would run the numbers for all units occupied and rented, except the unit you are living in. Use the calculators on BP so you don't miss any expenses you should be putting aside to cover bigger costs like roof, floors, furnace, etc.
Goals can be different for different people. Some try to live rent free. Some try to even make a few extra bucks. Anything is possible.

@Jim K. I am not as think as you drunk I am

Also see Brandon's article at https://www.biggerpockets.com/llc

EDIT: Url spelling

@Alejandro Lee check the article that Brandon Turner did at https://www.biggerpockets.com/llc

@Deangelo Mack Just did this. Found a listing that went off the MLS, looked up owner through tax assessment website, Googled their names to get phone numbers. I had a little call reluctance, but finally made the call, got voicemail, so kept it short. Got a call back in less than an hour and booked a showing for Saturday.

If you are into that sort of thing, this listing is hot (ha), https://fox43.com/2019/02/08/montgomery-co-home-goes-viral-after-listing-is-deemed-a-sexual-oasis/

Keep it weird, Philly.