All Forum Posts by: Andrew Bosco

Hey there! I am on my second house hack. Completely different stories. 

Househack 1: Bought in 2022 (Jan). 430K for a 2 family. Complete POS and bad tenants. FHA buy. House was barely passable. 3.0% interest rate. Overpaid and put like 70K into it. Looking back - terrible investment. All this said, I GOT STARTED! That is all it took for me to propel my real estate career. Gutted the entire building and left the exterior as is. I rented the top floor for 2200 per month for a 2 bed/1bath and the going rate for 2 beds was around 1800. I made my units A quality.

My tenant was paying 2200 and my mortgage was 2700 per month. My wife (girlfriend at the time) paid me 1500 in rent every month to live there (with me). We used that money over time and saved up. Bought out second house hack. Completely different place 1 year later. Also, my first house hack was a bad buy imo, but now with both units rented - my cash flow is 400 bucks per door, which is sweet. 

Househack #2: 5% down. 3 family. Completely turn key. FSBO. It was an illegal 3 family (legal single family with an in law) with a random other unit. Sat on the market. I made the owner a lower offer and asked for 25K back in credits. I am also an agent. I paid 600K (appraised at 700K) for this place and only brought 8k to closing with me personally since I also got a commission. The entire building was vacant and turn key. We are in a beautiful rural area. 5+ year plan to stay here. Everything is up to code now.

Motive: build financial independence. I looked at each house hack as a future payment to myself. 

Crazy stories; househack 1: peeling layers back and ended up gutting place. Tenants were respectful, but left in a angry way. Nothing to absurd. 

advice: just get involved, but make the deal work. On your first house hack - just make sure you pay less on a mortgage than you would rent. 

Check with your CPA. Do you have a business ID at all? If it's cash, then you need to write yourself a check. 

It depends on their contractual management. They may need a notice to quit their services, which may include listing. better to follow up on documentation to verify. 

I use Craigslist often. Make a new account or try to post in separate forum styles etc. Sometimes, their website can be finicky. 

 happy to do so! that's why I sent it out. Why build a wall when I could make my table longer for others? Get after it!

Quote from @Renee Seevers:

Andrew, 

Thanks for sharing your slide and all the great links/ resources within it.  I noticed in the scenarios you presented that the number of map searches and listing page views were dramatically different.  I checked a two locations and they both have numbers that are very close to each other.  What can be inferred from this narrow gap? 

 Great question! I believe the backend of the system merely looks at viewing of their database by users on the tenant end vs. the area. The dramatic difference includes demand for an area. So Roseburg has less searches and also less views of properties, because supply/demand maybe lower. Whereas Des Moines is a more populated area and is saturated - the amounts are much higher. Des Moines has more supply and a high demand. 

Hey there. My uncle actually did this in Michigan. The discussion to be had was ventilation. They are easy to build and customizable. I'm assuming in your local Ohio area - check with who has potentially done this and ask them. It's ok to learn from others! 

What do you bring to the table @Lance Muller? is it deals? financing? stabilization? figure that out and the pieces that you don't have - partner with people who do. 

This is absolutely a question for your insurance provider. See what that will do to your insurance and general coverage. I personally own horses and it's an insurance nightmare most of the time - especially with renting out stalls to non-owners. 

hey there! good question. Personally, I analyze the residential units as guaranteed income and don't look at the commercial space at all. If the mixed use property works with just residential, then it's a homerun when the commercial is rented.  The type of tenant you get in commercial heavily varies on the economic status of the local economy, as well as the layout/who you're catering too. For commercial spaces - I prioritize a long term / cheaper tenant over a high rent with the potential for vacancy.