All Forum Posts by: Bryce Hammill

If I was faced with this scenario this would be my thinking. I would look into house hacking. Seeing if I could get my living expenses to 0 or even make a little extra money each month. This way I could save my normal living expenses for the next down payment, or look into a BRRRR for the next property.

Will the STR produce enough during the peak months to pay for it during the off months?

There is no perfect time to purchase a second property. I would suggest having reserves and put your self in a good finical position. Get rid of the debt you can, car payments, credit card debt. 

No problem if you still currently have a loan on your primary house. I assume most people save up a down payment or use their equity in their primary house to source the capital. I wouldn't worry about a third property until you get the hang of having two properties. 

One suggestion I have is take some time and read some books, watch YouTube videos, etc on investing. This will help you determine what numbers and percentages you want to set aside for Vacancy, cap ex, maintenance. There is no magic number, but some good guidelines to follow. 

Just telling the agent you are looking for investment properties isn't going to help either side. Biggest thing that helped me was having crystal clear criteria. Such as I'm looking for side by side duplex, triplex, in price range on $x-xx, and is turn key. This will help your agent narrow down exactly what you're looking for. No point in your agent sending you single family homes, or 8 unit buildings if that's not what you're looking for. 

You should also be able to check numbers on that property within a few minutes to see if the property has potential. If so then its time to diver deeper and see if its a potential deal. The agent isn't going to know if the property meets your criteria. 

Send feedback of the properties they are sending you. This will help give them a better understand of what you're looking for. Good luck on your search. 

 If possible would you mind sending it to me. Thank you. 

Don't forget about the other two key people in your core 4. Property management, and contractor/handyman. These will become key once you close on a property. 

I recently completed my first out of state deal this summer. I had great luck with the agent finder on here. I did invertor a few to make sure it was a good fit. 

Good luck on your search. 

Just quick looking and this property looks like a pass. Even if everything goes smooth, your payment looks to be roughly 1750 a month. (PITI) So that doesn't leave much form property management, repairs, cap ex, etc.

What did you think of the property? Were you able to run numbers on the property? How did the numbers look?

That would be a good starting point to tell you if the property meets your requirements or not. Everyone's requirements are going to be different. 

What about doing a Heloc?

Recently closed on duplex in the area. Had the unit filled within the month near the top of median price. Units had recently been rehabbed. So I'd say that you shouldn't have a problem getting the unit filled. Assuming unit is in good condition and priced accordlingly.   

Check out other local units for rent in the area. That should help give you an idea if your rental price is in the ballpark.