All Forum Posts by: Collin Bryston Adams

Looking for a self-management portal for house hack deals, which ones do yall recommend? 

I would talk to an attorney and CPA and discuss these options. 

Off 820 and Pioneer; Near the lake! 

Investment Info:

Single-family residence fix & flip investment in Fort Worth.

Purchase price: $164,000
Cash invested: $185,000
Sale price: $272,000

Yee Yee, time to house hack using this profit as a down payment.

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

Time for my second property. I saw an opportunity to BRRRR or flip this property and closed on an off-market deal the day before it was going to be listed to the MLS.

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

Off Market, agent's office.

How did you finance this deal?

Private Investors

How did you add value to the deal?

I managed the entire project showed fundamentals for investors to make a 10% annual return on this property.

What was the outcome?

Everyone got their return and some more. Project ran over time and over budget but luckily the market went up with us.

Lessons learned? Challenges?

If it can go wrong, it will go wrong. You will own longer than you plan and it will go over budget. When it is all said and done you will make less money than you anticipated.

Would you ever consider doing a 15-year mortgage on a house hack? What are the pro and cons you see? 

Logically I am thinking 30-year mortgage as I intend to sell the property within 4 years, not enough time to see a difference in the interest payment (graduation of college) but am not against holding if rents keep sky rocketing to what can be a comfortable COC once I move out.

Just looking for outside feedback and ideas. 

love it. 

Greg, but that does not mean the seller isn't using it to run their numbers. Ive seen multiple multi-familiy properties have sellers or buyers who use cap rates. Not saying its right or wrong but it could be where this seller came up with their number.

it can be a pain but yes you can take it on. The musk smell and that water will scare your competition.

make an offer, during your option get a plumber out there to see whats going on and then run your numbers accordingly. don't feel bad if you have to bail during the option. 

Sounds like the seller is trying to give a cap rate of somewhere around 10% (just doing the math in my head). 

At bringing in somewhere around 35k a year gross you likely wont cash flow at sellers price.

Dont try to justify this deal, looks like you've done your numbers right. Stick to the math. Just make sure you don't forget to push 20% of rent for amortization when you do your numbers. 

Tell her to vacate for time to come in and inspect/repair