All Forum Posts by: Cole Simpson

With a house hack the goal is not cashflow the goal is to minimize your payment.  So if you can have any cashflow on a house hack then I would say go for it. Off market deals can be good but you can find good deals on market especially with strategies like house hacking. 

I would also advise reaching out to other wholesalers in the area and see if you can work for them, can learn a lot with less money out of pocket and make a little bit of money while you learn the skill set

If you have no interest in being an agent or mortgage broker I wouldn't spend the time getting the license.  Better to use your time finding deals, learning, etc.  Just my two cents.

Hey Bigger Pockets, 

I am looking at doing a flip in New Bern, NC.  It is a little bit farther away than the contractors that I currently work with go so I was wondering if anyone had any recommendations.  Going to be a total gut, thanks for the help much appreciated. 

Not Upset at all.  I am confused, I would just list the property at a price that the 3% does not bother me. 

I would probably ask for a lease extension to justify the investment. "Would you be willing to extend your lease a year at these terms, then putting sod in is worth it to me, I want to help I just don't want to do something if you are moving out in 3 months etc"

You could also do an equity split with him, say he gets its current value plus half the profit and you get the other half and you will pay for rehab

A cash our refinance is a very powerful tool, either way I would try and use debt to be able to grow your portfolio.  So if you need the cash out to be able to buy more cash flowing rentals as long as the number make since I would go for it.

We are talking about 8k dollars, don't lose a deal because you are greedy.  If a full price offer works then consider it, you will be much more frustrated if you lose the deal then if you spent in extra 3-4k in a year. That is just my opinion

Getting an inspection shouldn't be a big deal before purchase, in fact I would recommend it.  Owner financing is great and if you feel like you can get a better deal close on it and then after refinance it into a commercial loan (nothing he can do at that point, read the contract just to make sure). I would definitely recommend doing your due diligence attorney, inspector, etc.  Also if you are worried because it is your first deal reach out to someone who you would trust as a partner with more investment experience.  That way you still get the deal and the confidence of their experience.