All Forum Posts by: Cade Miller

Hey all! So last month I was able to close on my first house that I am house hacking with a couple of friends of mine. Earlier this week I saw, that my neighbors directly beside me put their house up for sale. They've listed it at the same price I purchased my house at. This house includes 2 more bedrooms, 1 more bathroom, 1675 more square feet, as well as a kitchenette in the basement. I feel like this could be a perfect opportunity for me to get real cash flow while being right there to watch over things. I guess my worry is am I jumping into something too quickly? Or am I just interested because the property is next door? I've run the numbers and it has great ROI, better than the house I am in, I just don't know if the timing is right considering I just closed my first house. I have a showing set up so hopefully, that can give me some reassurance. Any feedback would be greatly appreciated!

Hello! I just recently purchased a home that I intend to live in while I attend school. I am planning to live with a couple of friends of mine and was wondering how I should structure a lease agreement. I'm still very new to this and considering it is the first house I intend to generate cash flow with, I want to take as many precautions as I can. My question is, should I come up with a lease as if I am renting the place out to strangers? Would the lease agreements from BiggerPockets work for my situation? Also, what recommendations do you have for collecting rent? 

First of all, I'm very new to this, so I've just been trying to learn as much as possible. I have been researching properties around my area and using the rental calculator to determine if it is a good deal or not. A couple of rules I have been trying to follow is at least $100 in pure cash flow per unit, as well as a 10% CoC return. However, I keep getting hung up on the second metric. If I were able to purchase the property with cash, my CoC goes down significantly. Can someone help me further understand the implications of cash purchases? I feel stupid for not grasping this concept.