All Forum Posts by: Jesse Stephenson

Investment Info:

Single-family residence buy & hold investment in Chapin.

Purchase price: $86,500
Cash invested: $25,000

2bed 2 bath townhouse..rents for 1050.

What made you interested in investing in this type of deal?

Great School district, hard to find properties under 100k in Chapin. Easy to rent out for a profit.

How did you find this deal and how did you negotiate it?

Listed on MLS, made offer on first day.

How did you finance this deal?

30% down traditional loan

How did you add value to the deal?

Just some paint and a few light fixtures.

What was the outcome?

Great cash flow.

Lessons learned? Challenges?

Want to buy another one and try Airbnb on it.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am a real estate agent.

I have a brother in law that is young and single. He has good credit and a decent job. Never owned real estate yet. I was considering partnering with him on a house hack. Where I give him the down payment for instance on a 2,3, or 4 plex and he gets the loan in his name (lower down payment Better terms) and moves in and then overseas the rentals and doing upgrades and repairs. Should I have him pay rent for his unit into a repair fund maybe? And what would be a fair split of ownership etc 50/50? Also will a bank give him a primary residence loan with a partner on the deed? Also will IRS give him/ me tax free profit at the sale or how would that work? Any ideas on best ways to structure such a scenario?

I’m curious as to what other landlords position is on mailboxes and mailbox posts when they are damaged from cars hitting them, very possibly not the tenants fault as it is often a car driving by that hits it or backs into it. We normally pay for it for the tenant. But I have one house where It has happened 3 times in two years. It’s getting annoying. What do you guys who are property managers for clients think?

How about doing a combination of House Hacking and the Brrrr strategy. For example buy a beat up 4 plex, live in it while you upgrade each unit, raise rents, get a new higher appraisal, do a cash out re fi and go buy another beat up 4 plex etc and repeat.

Im confused,  How does the 250 down payment not go to the seller?  Are we talking about a Seller carry 2nd lien?   Otherwise why would a seller net 700 on a 1 mill property? 

I'm confused. You bought the property at a tax sell and it has an existing mortgage. And your worried about your credit? If I am correct that mortgage is not in your name. So it won't affect your credit. Or will having a property you have a deed to getting foreclosed on negatively affect you in what way?

I'm a property manager and broker. I charge 30% first month and 9% after that to manage. I support columbia,elgin, Irmo, Chapin areas.

I charge 30% of first month and 9% after that. But have been considering raising that initial charge to 40 or 50% to help cover cost of leasing agent.

I'm confused. Why is your tenant starting a new 9 month lease in August if you want him out so you can sell the house?

I agree to some extent with Jay Hinrichs but on the other hand I succeeded in helping my sub to sellers credit by paying on time his mortgage for 3.5 years and then selling the house. So you just have to find the right situation for it to be a win win.