All Forum Posts by: Alex Pinto

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $279,000
Cash invested: $6,000

House hacking. Currently coming out $267 out of pocket. But once I move to the basement and rent out both units it will cashflow about $625 after PITI including other expenses.

What made you interested in investing in this type of deal?

House hack. Used VA loan

How did you find this deal and how did you negotiate it?

Used a real estate agent and was able to pick it up the day it came on the market. Because I was using VA loan I offered to purchase it as is. The seller picked me over other cash buyers.

How did you finance this deal?

VA loan

How did you add value to the deal?

Planning on fully remodeling the basement. Duplexing it to the 1st unit and renting it out by the room. Also buying the lot next door and making it a parking lot.

What was the outcome?

In process. Currently house hacking

Lessons learned? Challenges?

Pay attention to concrete being poured into the drains. Pay attention if the basement has been flooded. Learn basic knowledge on requirements to rent out basements in Chicago.

I currently own a property with 2 units and an unfinished basement. I want to fix it and rent it out. I want to let my friend in on the deal by letting him provide his credit for the loan to fix it up. Afterward, we would let the rent pay off the loan and then split 50/50 of the profit of the rent. 

I want to start getting into the habit of having everything in writing. What would be the best form of contract to create and how will I do it?

My main concern is in regards to my 2 year work history

I’ve been a union carpenter since Jan 2018

I’ve been in the military since June 2017

I been constantly going back and forth between civilian and military work but have been constantly working. I've talked with a loan officer at one point and he didn't feel too confident that I would get approved for a VA or FHA loan since I've been going back and forth.

If possible I’m trying to house hack my first house with my wife, who by the way has been a full time entrepreneur with her startup business since winter of 2018 so her income tax has been very low initially.

Im currently on deployment but she does have a power of attorney if that helps.

What would be the best course of action to house hack given my situation?

Is there a way to have a widget on my IPhone with a newsfeed specifically with real estate market feed? If so what are some good ones?

I'm in the marines and i leave mid July for 12 months. I want to find out what investment strategy would work best for me while i'm gone. Like i mentioned above... I want to house hack my first property with an FHA (maybe 203K to do the full BRRRR if possible) using my dad to cosign a single family to help me find a bigger deal. It would be my primary residence but since i will be deployed i can rent out all the rooms. Plus since it's a single family house my dad won't have to live there. Then when i come back i could refinance, move out.

Is this a sound idea and will it work? Is there anyone with a better idea they would recommend i'd do while deployed?