All Forum Posts by: Benjamin Sulka

Hey, Ben, being from Cleveland I feel comfortable with some areas.  I'll shoot you a message and we can compare what we see!

this link should be helpful.

Hi Ben - @Shane Kelly pointed out some great areas to scope out.

One thing to consider- You had mentioned in the forums previously that you had the goal of house hacking. If that is the case then you could even consider getting into a more premium neighborhood like Lakewood. If you buy a duplex using FHA financing then you only need 3.5% down and the rents are skyrocketing in Lakewood. Your cash on cash still ends up being amazing and you are living in a more desirable neighborhood with better tenants and a higher chance for appreciation as well.

I'll keep it short and sweet. Multifamily inventory is low, and great deals are scarce. If I had to recommend 3 markets where to look though, it would be: 1.) Old Brooklyn 2.) cheaper properties in Cleveland Heights/Shaker Heights 3.) specific parts of the West Eighties/Cudell/West Boulevard.

While I definitely do err on the side of caution, I think I would rent to friends when I house hack. I would make them qualify just as if they were a random tenant. I don't mean that I would run a background check on the person that I've known since kindergarten, but I also wouldn't rent to the friend who I know hasn't held a job for more than 3 months since highschool and has nothing to stand on. Circumstances matter, but I also so see the side of the argument that it's not worth the drama.

As others have said, I would also say, "No."

House hacking works on the first, maybe, second, but after that, you should only have tenants.

Friends as roommates will cease to be friends. Friends as tenants will cease to be friends.

Friends as business partners (providing a service) will neither remain friends nor partners (and probably won't really provide the service).

Networking, sure. Being friendly, most definitely.

Mixing friends/family with business, no go.

Be careful mixing relationships and business. If the business side goes south, you'll lose the relationship, too.

Honestly, Ben, it's a really tough one lol.   There's always the issue of them thinking they can get away with a little bit more just because you guys are friends and on top of it, that may be your good buddy but you most likely don't know exactly 100% how he lives his life etc.  I would say there are always people looking for a place to live and you will most likely have more options, so don't settle just because you think it might be safe or whatever the reason.  Look up dion talks and see his story of renting out to a friend and make your judgement after that. 

I rented out my house for 8 years to a good friend. It worked well for me. It is tough to have financial conversations with friends and making sure that both of your needs are taken care of. It really depends on how well you can have conversations with your friend and that your expectations and concerns are clearly communicated.