All Forum Posts by: Brody Veilleux

Thank you so much for the detailed response!

1. My goal is to find a vacant mfh but obviously if that isn’t possible then I would just not do renovations until the tenants lease is up.

2. So are you saying it may not be wise to refinance after the forced appreciation, or does it just depend on the interest rates?

3.I can save up around $20k-$30k a year and Im looking to use about half of that for a down payment with an FHA loan, so the remaining funds would go into the property savings as reserve. I also plan to get a new property every year but I understand if I need to use some of my savings for that year on the current property, then my timeline will take longer to get the next property. I originally planned on using a hard money renovation loan, assuming I can pay it off with a refinance.

4. I only plan to do cosmetic work on my own. I have family that are general contractors that can do the skilled labor work.

5. I am planning on using a property manager because I wont have the time to manage it myself with my day job.

6. Yes like I said before, I will start off with reserves and add to them as need be over that year. I will also set aside cap ex, vacancy, maintenance from the cash flow every month.

7. I know I need to budget for these however I’m not sure what a good number is for this yet.

8. This is a great point! I didn’t realize that. Do you have a better option for getting my personal property during this time?

9. This is also a great point. Something I’m aware but honestly just glossed over.

10. Everything I mentioned is just a theoretical plan. I know everything may not go as planned but the principle and goal is the same. Just need to figure out the best way to get there. I appreciate you taking them time to help me out!

My plan is to buy an undervalued MUP with an FHA loan, fix it up, rent out the other units while I live in one, then refinance it and use the year I'm required to live in the property to build up my down payment on the next MUP, then repeat until I have at least a $1M portfolio. After that time and loan paydown, I will either sell 1 or 2 of the properties and use the proceeds as a large down payment on my primary residence. After that I plan on continuing to invest in MUP with a conventional loan or transition to SFH. Is it riskier to mix house hacking with the BRRRR method? Does this plan sound good or am I being overly ambitious?