All Forum Posts by: Benjamin Sulka
Benjamin Sulka has started 53 posts and replied 809 times.
Post: Buy and hold duplex
- Cleveland, OH
- Posts 811
- Votes 578
Jay,
Congrats!
Wishing you all the best with this property.
Post: 1st Investment Property
- Cleveland, OH
- Posts 811
- Votes 578
Quote from @Julien Jeannot:
Congrats!
Some way my wife and I started, built a portfolio that allowed us to quite our jobs, and do as we wish with our time.
Julien,
Was your wife already involved in real estate? If not, how did you get her excited to jump into this game with you?
I'm getting engaged soon and want to invest with my future wife. I've already exhibited the benefits of real estate investing for long term wealth accumulation and told her how much house hacking will save us on rent while building equity!
She is totally on board with it but I would like to encourage her to get more involved than simply being on board. I'd love for her to actually get involved in doing deals other than just providing capital.
Would love to hear your thoughts.
All the best!
Post: 1st Investment Property
- Cleveland, OH
- Posts 811
- Votes 578
Congratulations, Bryant!
Best of luck to you with this investment and all your future endeavors.
Post: Fixed up and house-hacked a 4-plex and sold after 4 years
- Cleveland, OH
- Posts 811
- Votes 578
Rebecca,
That is awesome.
Would you recommend house hacking a fourplex for a first deal? I know it would need to pass self-sufficiency test for FHA so I'm wondering what financing you used.
Congrats!
Post: How to Negotiate and Use Seller Concessions
- Cleveland, OH
- Posts 811
- Votes 578
This was very well explained. I now know that certain loans can only get a certain % of concessions.
Thanks!
Post: Help...Inquiry for a good PM in two locations >>>
- Cleveland, OH
- Posts 811
- Votes 578
Lorenzo,
Reach out to Jad Boudiab on BiggerPockets. Also check out Holton Wise.
Post: Current house hacker that is looking for second property
- Cleveland, OH
- Posts 811
- Votes 578
Quote from @Ryan Thomson:
Here are some things to talk about with Scaling after a year.
You should be able to get another House Hack. If you have been showing your income on your tax return, you can use 100% of reported income OR 75% of a lease for the current house hack. This should cancel out most of your debt (in the DTI calculation) for your current mortgage.
When qualifying for the second house hack, if it’s a multifamily, you can use the leases or market rent for the units you won't be living in. You can count 75% of that rental income as qualifying income. The income from your job will help you qualify as well.
I've done this 5 times in Colorado Springs. I"ll send you a presentation I gave about items to think through when scaling.
Ryan,
Would you be willing to share the presentation with me as well?
That is something I have been pondering for a while now. The goal is to scale through house hacking and I'm looking to chart a better path of how to do this.
Thanks for any of your time.
Post: First Home Purchase, House-Hack Fourplex
- Cleveland, OH
- Posts 811
- Votes 578
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!
Post: Looking for Real Estate Agent and PM in Cleveland, Ohio - Investor
- Cleveland, OH
- Posts 811
- Votes 578
Quote from @Chris Burns:
Hi Jay,
I'm a realtor in the Cleveland area specializing in west side suburbs and west side Cleveland neighborhoods
Suburns - Lakewood, Rocky River, Westlake, Bay Village, Avon, Avon Lake, Parma, Berea, Linndale, ETC.
CLE Neighborhoods - Kamm's Corners, Jefferson, Old Brooklyn, Cudel, West Blvd, West Eighties, Edgewater, ETC.
Let me know if you'd like to start a conversation around how I've helped other investors find and close investment properties.
I can grab some specifics from you and then setup an email campaign to send you listings that meet your criteria and market.
My sweet spot is 2-3 unit duplexes and triplexes on the west side of Cleveland, but I'm game to help you with any properties you want to investigate. I can help with rent projections, ROI, cash on cash return, and what areas to target or what areas to avoid. Let know if you want to connect.
Thanks,
Burnsy
Chris,
Do you work with house hackers at all?
Post: Application Before or After Showing?
- Cleveland, OH
- Posts 811
- Votes 578
Hey BP,
I've seen people say that you should show your property after a tenant application and I've see people say you should show your property before the tenant actually applies.
What is the most advisable way to go? I have an inclination but I want to hear from the community.