All Forum Posts by: Chase Busick

Quote from @Blake Billings:

@Chase Busick the entire home concept has worked very well, but it is more work and is not as easy to book honestly. The room we offered was a very nice room (as it was the master suite in my own personal residence). My take is that there is more demand for a low cost nice place to stay for a party of 1 or 2. Where as there is a smaller demand pool for a house that sleep 8 or 10 or 12. 

Overall it generates more revenue obviously, but the beauty of a house hack is that it is hard to fail and that was definitely the case when we were renting out the room. But a whole house has been much more competitive and requires a more disciplined system and approac 

@Blake Billings That's great to hear your perspective about it. I can see how it can be better in those cases compared to the bigger approach. 

House hacking and co-living spaces are definitely becoming a lot more popular due to better affordability. Also a lot of people who travel most of the times are because of work and are either by themselves compared to families that are taking a vacation.

Quote from @Stephen Jones:

@Chase Busick

So you're saying have them carry the 375 and charge me interest on that money? Sorry, just trying to fully understand.

yes you could do that, at that point you'd just want to structure it with a promissory note & mortgage with them. Y'all will be able to negotiate the terms as well.

Yeah in this scenario you wouldn't really want to use a HML for a long time considering the costs and if you can work out other options. Even if you were you'd most likely want to refi & pay it off quick.

@Justin Shupe I'd definitely consider protecting your assets asap no matter what. Especially if you have 13 that are in your name. From a tax and asset protection standpoint, it'd be more beneficial to help protect you and help you save money over the long term. There is inside liability - what can happen at the specific properties, and outside liability -what can happen away from the properties on a personal level if something were to happen to you. There is a lot to consider and can be talked about a lot more. I'd highly recommend learning a lot more about it.

Whether cashing out of your personal home, would depend on a different number of variables - lowering rate/payment, what you are using your cash for - general purposes or buying more assets, cost, etc. Overall there are a lot of pros & cons in considering it and there are a ton of blog posts/videos out there - or you can reach out directly to a lender that can help go over your situation and run numbers.

Quote from @Joe Miller:

Are you considering a pocket listing? I just closed my first pocket listing this past weekend and it was a phenomenal experience. 

@Chase Busick , I think that his advice is stellar. It is absolutely in his best interest to list with an agent. He needs to get his listing in front of as many qualified buyers as possible. 

I do not ever negotiate my commission. You are worth it. You got this!

 @Joe Miller Very true, a good agent is worth the commission. Granted if you are doing bulk business with someone can then start to consider. But typically most are still ok with the flat/normal commission!

@Justin Shupe Are you trying to figure out which option would be best? 

Are you trying to LLC the properties too or are they already?

Just trying to figure out more info & context for what you are considering.

@Jason Nguyen I would highly encourage asking your brokerage or company if that would matter. Because if you are working with them, it may be in the best interest to keep your license there. Now if they don't require it, then you have that option to choose what is best. If you are not considering helping buyers/sellers and just use it for your own research, I believe you can easily find most of what you are looking for and need without it, but that is just my opinion. You can build a relationship with other people within the brokerage. 

Considering that it is purely for education and looking into potential homes, it can still be of some benefit. I assume you can also cancel most likely any time, if you decide you were to do it and then come to the conclusion it doesn't help. You can put out a lot of good information out to the public or your sphere, then refer business to other agents. You may also be able to take advantage of their referral program. But I'd also talk with other agents within that brokerage and see if they will require much of you & consider other costs.

@Ed Deren That's great that you are willing to help him. Honestly, if he is looking to sell - the best way will most likely be through y'alls MLS that way it can be publicly marketed to all of the potential buyer's within your area versus limiting exposure(eyes) off market. Assuming that y'alls market is very hot rn, it may be in their best interest to list it in order to maximize multiple and highest potential offers.

For commission or your side is totally up to you and how you want to work that out with your friend. For the buyer's agent side, I would highly recommend asking your broker if y'all have a set minimum that they prefer you to pay or if they don't care since it is negotiable. Typically it is best to consider the buyer's agent side otherwise they would have to work out a commission with the buyer (and this may turn away some). This can be totally possible though with the market to structure the deal where the buyer has to pay their side of the commission for their agent. Overall there are a ton of options. 

@Josh Knutson Congrats on starting! Even if it is just learning, the biggest step is the first and I feel like when you start is up to you!

You can start now or later. If you start now you may have to consider looking at more creative ways if you are not able to finance traditionally (FHA or conventional) yourself unless if you meet most of the requirements and can qualify. This can include 2 years income & employment history, credit, how much you are able to put down & more. You may be able to cosign also - but then if you are house hacking you may want to consider the potential risks for the cosigner if they are apart of your family or if you find a partner. Can use creative financing like, private or hard money but you'll have to consider the costs. If you know the seller can potentially work out an owner finance deal. Overall there are a ton of options that can help you get started now, but you will also want to consider how much you know, how well of a deal it is, how well your business knowledge/experience it is, consider risks, etc.

It's definitely a learning experience. I would highly recommend starting to hop on here a lot more, learn, as well as go to a lot of investor meetups, start building as many relationships you can, maybe find a coach/mentor, start working a lil more for skills/experience, etc. while you are going to college. 

For a house hack, assuming you'll most likely rent to friends in order to split the costs which is great. You still have to consider your relationship with them, go over responsibilities and still treat it like a business if you are the sole owner & they are your tenants. Overall it is probably one of the best, easier ways to start, gives you & friends a place to live and so much more. 

Congrats! 

Great that you are house hacking it to take advantage of the VA Home Loan! Curious on how long you expect your remodel to be, and how you are estimating it. What is you timeline to get it done as well?

Hi @Rolando Garcia!

Exciting your wanting to start attending meetups to network with people in the area!

Most you can find on Facebook events or Meetup.com, or on Biggerpockets. Believe most you’d find would be on meetup.

Some big ones are coffee w/ real estate investors in 1st Wednesday of month. Millionaire Possibilities Real Estate Investors Association (free for 1st time) on 1st Thursday of month. Coffee w/ Entrepreneurs on 2nd Wednesday of month. Wholesaler Breakfast on 3rd Saturday of month. Okc Entrepreneur group meetup, 4th Thursday of month.

Just a few, there are also some others too that can find online or people will share with you their events if you meet in person.

@Ben Scott I’ll most likely be interested in yours, saw it a while back. You have more details?