All Forum Posts by: Ben Workman

I’m under contract to buy a fourplex at what I think is a good deal. I’m thinking of a couple options as far as how to buy it.

Option 1 is selling another rental property I own that cashflows a few hundred dollars less than what the fourplex would cashflow. I would do this in order to have enough for the downpayment (56k). This could be done in a 1031 exchange, although I’ve never done that before.

Option 2 would be to try to figure out a way to not have to sell my other rental property at all. I would have to borrow money from a private or hard money lender. I can take out a HELOC on the rental I have, but I would only be able to get about 25k from that.

I prefer option 2, but I have no experience in private/hard money lending and I just thought of this option today. I will probably be making a few calls tomorrow.

Any thoughts or advice on what to do would be appreciated. Thanks!

I’m relatively new to this community. I’m in Spanish Fork, Utah. I’ve casually read discussions here, but this is my first post.

My wife and I are in our second house hack. We have an apartment in our basement that we rent. The apartment doesn’t have a separate entrance so we are currently sharing the front entrance with our tenants. I know there is some risk to this, but we feel really good about the tenants we have. I’ve been trying to find someone to put a separate entrance in the basement so it’s more private for both of us. It’s been difficult to find someone that has time to help me. Maybe I don’t know where to look.

My questions are:

1. Is it a good idea investment wise to add the entrance? I would try to pay for the project using a HELOC from my first house hack that's completely rented out now.

2. What are some good ways to find contractors that can help me with this project? 

Thanks in advance for sharing your thoughts!