All Forum Posts by: Brad Hammond

Hi @Forester Tesche, that is a good question and here is my take on it. If you were to use that money to BRRRR, that is going to be a short-term play. You should have your money back in 6-9 months from when you close. If you were to purchase a primary residence, it will take you years to come up with that money again. If that is your only deciding factor, I would BRRRR now and see where you are at once that deal is done.

Hi @YiBing T., I'm not as familiar with the tenant side of Cozy but I know some of my tenants have reoccurring payments set up.  I'm not sure if they can use a debit card or if they need to use a bank account number. 

Hi @Lyndsay Dentel, I love your idea and it sounds like a good plan to me.  I second the vote for Toija Beutler.  She is great about doing a quick phone call to answer all your questions.  

Hey @Danny Smith.  Those reports are all doom and gloom but it is their job to find out every little thing that can be wrong with the property.  A lot of times the report will say if something needs to repaired right away or not.  Things that are safety or structure related should be the first things to repair.  If there is anything to do with moisture (roof or plumbing leaks) those should also be taken care of quickly.  

@Wa Chan, I like your strategy of finding a duplex and triplex plus possibly renting by the room.  Lenders won't have an issue if you rent out rooms in the property as well.  They are only concerned if you qualify for the property or not.  Let me know if you want to talk about your needs/wants for a property, I'm happy to help. 

Correct, unless you find one with an available unit. 

I've always found that I always get less response towards the end of the month.  I bet you will get more traction in early December.  As far as the price goes, it depends on how fast you want to rent it.  It is better to drop it by $50 if you can rent it 2 weeks sooner.  

Hey @Connor Center,

Usually small multi-family properties will only cash flow when they are fully occupied.  if you are looking to cash flow while living there you might need to rent by the room in some of the units.  Traditionally what will happen if you are going to owner occupy a multi-family property is once you are under contract the seller will evict one of the units so you can move in to it.  

Hey @John Acklen, I don't know anyone in Cincy but you could try Taskrabbit.com or Thumbtack.com.  For small tasks like that I've found they are usually cheaper.  

I have rented to a college student who didn't have any rental history.  It ended up working out really well.  I had his parents cosign on the lease so there was someone else that was financially responsible.  Besides that, you could increase the security deposit since you are taking a bigger risk on them.