All Forum Posts by: Charles Mitchell

I would stay away. The liability that comes with renting a pool to someone is too high for me. Plus additional insurance costs.

Your Coc would be right around 4% at these numbers. This is also not accounting for garbage. I would stay away. Keep learn/reading/blogging. I always tell people if you don't know if you're staring at a good deal, you're not ready to invest just yet!

Heck yeah! Good job to you and your husband! Keep up the hard work!

Hi BP!

So, I've run into a bit of a sticky situation. I'm looking to purchase a 4 family in my target area to house hack. I've found the perfect home where all of the number make sense and I was ready to make an offer. So I called my mortgage broker and I'm having difficulties with an FHA because I'm self employed and have only been employed for 1 year and only have 1 year of tax returns(I was a student prior). I have enough cash to put 20% down (I would rather not) but the same issue arises with a conventional.

What are my options? I've tried looking for a co signer, but its not the easiest to find as its a house hack and not a traditional investment. 

Thanks for any and all help. 

Please PM me if you have any questions regarding the numbers.

Jersey City allows Airbnb however there is a 6% tax imposed on every dollar you make. Call the city to confirm, but the last time I checked this was the standard.

Hi BP,

So i'm currently looking for a primary residence to house hack. I'm looking for a MFH in NJ. The area I'm looking in i would say 95% of the MFH are zoned for 2 family. However, a lot of these units will have finished basements, which is what I would occupy. I'm looking at a zoned 2 family this weekend, but there are 3 units as well as an unfinished basement. The currently has 2 units rented and the "illegal space" is vacant. Would I still be able to take out an FHA or will I have to tell one of the current tenants they have to move out?

Still learning the process of buying notes. I'm currently looking into scott Carson's training. I'm also actively looking for someone who has been in the business to learn first hand how the note investing industry operates.

@Jeremy Galloway Hi Jeremy, I'm sorry I forgot to add in the most important part. This will be an FHA loan.

Hey BP!

So, I'm planning on buying my first house hack within the coming months. I'd like to get some input around some budgeting questions I have. So I'm looking into some homes (all 2 familes) and I feel extremely comfortable paying $2200 a month toward my mortgage P&I taxes MIP. That places my buying power right around 500k. I can swing up to 3k but thats starting to push the budget and I would start to feel it more. However, the other side in the 2 family (3 bed 2 bath) should rent anywhere between 1800-2100. How much weight should I give the other unit when factoring my budget? Obviously vacancies happen, but I cant see properties sitting vacant very long in the area I'm looking to buy. The unit that will be rented out will be rent ready from the day of purchase.

Thanks to everyone in advance!

Love the podcast! Few questions;

What do you looking for in a target area to invest in, David? (ie. pop growth, unemployment, median salary etc.)

How do you estimate rehab costs for a BRRRR based off of pictures on the MLS or Zillow? I've read J Scotts book, but its hard to gauge exactly what's needed based off pics.

Are you still buying? Everyone talks about the market "topping out" these days. Am I wrong to think I can still find deals? If I build a cushion into my offers, what does it matter if the markets at the top? (Strategy is longterm hold for cash flow, appreciation would be nice but I'm not betting on it.)

Any tips on structuring creative offers? (ie. seller financing, cash, giving multiple options etc.)