All Forum Posts by: Benjamin Sulka
Benjamin Sulka has started 53 posts and replied 809 times.
Post: Have $$ confused where to start
- Cleveland, OH
- Posts 811
- Votes 578
Sam,
Buy and Hold is the most advised strategy for accumulating long term wealth. Starting out with a house hack could be a good way to get real life real estate/landlording experience. You can then turn this place into a rental after you move out.
This is the strategy that I'm pursuing and can be a great way to learn hands on.
If you're looking to pursue those other strategies, I would find a mentor in your market that has done these kinds of deals and learn from them. Buy them lunch and pick their brain. Most people are more than happy to help others trying to get into the game.
Everyone's situation and tolerance level is different for how they want to start. Do what you feel most comfortable with and take the advice of others who have invested in your area.
All the best!
Post: Is a cash flowing house hack possible in Atlanta, GA with current inventory/rates?
- Cleveland, OH
- Posts 811
- Votes 578
Quote from @Josh Bowser:
Hey @Griffin Davis - I'm house hacking in Kennesaw with my wife and it has been a great experience. Well worth having roommates in our opinion and we're actually on the hunt to find another great roommate.
Right now, you're going to have a tough time cash flowing in a house hack unless you're renting furnished rooms with ensuite bathrooms. Even then you would need that property to be a 4 bed / 3.5 bath.
You could likely house hack a 3/2 or 3/2.5 in most parts of the metro and reduce your housing expenses < 1k / month.
If you two are good with shared living spaces, then house hacking a SFH or a town home could be a great option. If you do not want shared living spaces, a live in fixer upper is another great option as well.
Would be happy share my experience with all of these from an agent and house hacker perspective.
Josh,
I'd love to chat sometime.
My future wife and I are developing a strategy and trying to determine how we want to house hack. We are open to either buying a duplex or SFH. SFH is going to be a little bit tougher based on her comfort level with roommates.
Let's talk about your experience!
All the best!
Post: Denver MTR House Hack- Deal Analysis
- Cleveland, OH
- Posts 811
- Votes 578
Ben,
Do you use Excel for your analysis?
I love this spreadsheet and I've been looking for a template to analyze rentals with.
I appreciate your sharing this analysis.
All the best!
-A fellow Ben
Many people don't recommend living with or renting to friends/acquaintances but it might help you fill your property. Talk to people in your close circle to see if anyone is looking for a place to live.
Obviously, these people would still need to sign a lease and you would need to lay ground rules to make sure they know that you are running a business and will tolerate no crap.
I don't know if renting to people you know is applicable to your situation but it is something to consider.
All the best!
Post: 1st Investment Property
- Cleveland, OH
- Posts 811
- Votes 578
Quote from @Julien Jeannot:
Ben,
My wife was already involved in real estate and it was easy to scale up the dream.
I believe it is key to be aligned with your significant other when taking on any endeavor.
Sometimes all it takes is mapping out two paths in life over the course of 5 - 10yrs and put it terms that impact them:
1. Traditional career: hours worked, promotions, pay raises, etc.
A friend of mine is going through it trying to convince a reallocation of savings and his "free" time to build his portfolio. The higher up the corporate latter he goes, the less time with family and the more stress he brings homes. The necessary evil to cover the ever increasing cost of living and a growing family. Another 20 years of that doesn't sounds fun. Then I point out how I retired at 38 and its an easy sell.
2. REI and the freedom to choose, lifestyle, travel, time with family, ect.
I love it. I appreciate your response.
Post: First Home Purchase, House-Hack Fourplex
- Cleveland, OH
- Posts 811
- Votes 578
Quote from @Kyle Sosnowski:
Quote from @Benjamin Sulka:
Xavier,
Like many others mentioned, be cognizant of the self-sufficiency test if you want to put 3.5% down on a 4 unit with FHA financing.
Find an agent in your area that works with house hackers and find a lender who is familiar with the house hacking strategy. These individuals will better understand your goals as well as your incentives/constraints for what you're trying to pursue.
All the best!
Hi Benjamin,
I would love to ask, does this "FHA self-sufficiency test" vary by state?? I have actually never read about this before, and would be curious to know if a state (like FL for example) has these things to consider when HH'ing, and do these "tests" have to be preformed with SF intended to be rented by the room?
Would love any feedback, thanks!
What Jay said! It's only for 3-4 unit properties using FHA financing.
Post: How SMART investors are utilizing seller concessions for stronger dealmaking
- Cleveland, OH
- Posts 811
- Votes 578
AJ,
Great post.
I love the SMART acronym. Makes it so much easier to remember all the details.
All the best!
Post: Buy & Hold - 4 Unit Multi-family
- Cleveland, OH
- Posts 811
- Votes 578
Micah,
Congratulations!
Hoping that this property has served you well over the past several months.
What area of Cleveland is your property? I'm local to the area as well and want to buy in the Cleveland area once I have the financial well being. Just graduated college so I'm trying to pay off some of my consumer debt (student loans) first.
All the best!
Post: 4 family buy and hold
- Cleveland, OH
- Posts 811
- Votes 578
"What made you interested in investing in this type of deal?
make money
Love that haha
Hope this property serves you well and makes you money!
Post: 1st property. 2 units in Cleveland, OH
- Cleveland, OH
- Posts 811
- Votes 578
Quote from @Miles Matias:
Quote from @Ruchit Patel:
what turnkey provider did you use?
Worked with a Realtor named Josh Janus and found my first deal.
Miles,
Josh is great. He is in my network and he knows his stuff. He is really good at working with investors.
What area of Cle is your property in? I'm local to the area as well and I'm trying to determine to familiarize myself with prices in particular markets.
Best of luck with your investment!