All Forum Posts by: Christian Wilson

Hey guys! I am 20 years old and I want to purchase a single family home to house hack with. I'm in Omaha, Ne and I currently live in an apartment. I want to buy a three bedroom house and have two roommates cover the majority of the rent. I would pay maybe $100 per month. Using the BP Mortgage Calculator I figured a house in the $145,000 price range is what would be ideal. I calculated a payment of roughly $1,000 per month after mortgage, taxes, and insurance. My question is besides the $5,000 for a down payment on an FHA loan, how much is a good amount to have saved up before purchasing the house, and how much should I save per month for cap ex? Would love to hear everyone's feedback so I can better plan for this!

HEY EVERYONE! My coworker mentioned that his brother in law is trying to get rid of an apartment complex he inherited. He said he was selling it for about 2 million less than market value because he wants to get rid of it. With an opportunity like this, how can I take advantage of it? I don't know if I could get the property under contract because the brother in law knows I don't have the money to actually purchase it. What is your opinion?

Thank you both! I will continue with the plan of finding someone to help fund this deal. Robert, you have an excellent point about people investing in the person and not the deal itself. I appreciate your feedback and advice. Thank you Jeffrey for bringing up the local, state, and federal residential lending laws. I am going to need to look into those to make sure I am doing everything by the books! 

Hello BP Community! I would like to get some advice on my first property. I am 19 years old and read Scott Trench's "Set for Life" and decided that the best path for me to take is to purchase a house to house hack in. After purchasing this home I will be moving in with my sister and her boyfriend so they can pay me rent. I also may have another potential roommate if the size of the property allows it. I plan on using a FHA loan and don't plan on spending more than $140,000-$160,000 for the purchase price. My current lease ends on November 30th, 2018 and I want to get opinions on financing this property. My thoughts included looking into wholesaling as a means to continue learning about real estate and also bring in some money for the down payment. But I was also curious if anyone is familiar with a way to potentially fund this deal. Could I go to someone and show them that a specific property is a good deal and have them come in to fund the deal and then I could live in the property and maybe split profits of the unit 50/50? I am familiar with an investor finding someone to fund the deal but is it ever done where the investor is then living in the property? My main goal of purchasing this property is to be able to live rent free while I save up money to start buying more properties. How could a deal like this be structured? Why is this a good/bad idea?