All Forum Posts by: Corey Hawkinson

@Dontrea Riser I look for at least $200 per door. Difficult to achieve right now in my market but not impossible. I achieved well above that on my last 4 unit purchase, but that will take 2 years to stabilize based on the prior owner letting things go.

As everyone mentioned, that is only one variable to consider.

@Rohan Anthony Soltau Great post! I am also an introvert. My job (and as an investor myself) involves going to several meetings every month. It was very overwhelming at first. I even joined a Toastmasters public speaking group to help me get over my fears.

One piece of advice that has helped me... don’t try to meet everyone at the events. Just try to meet 1 person. Not only will this help your anxiety, it will also just be a better business model. Some people like to get 10 business cards from a meeting but they don’t truly make connections. 1 good conversation is better than 10 business cards.

With that said, you will also have meetings where you don’t really talk in depth with anyone. That’s ok.

@Alejandro Arciniega Small thing... you’ll want to avoid the word eviction if the tenants have done nothing wrong, which sounds to be the case. Eviction is typically a legal procedure to force out a tenant. That would then go on their record. That’s not what you’re doing. You’re just not renewing their lease for reasons that are outside their control.

Consider writing them a reference letter that they can give to another landlord.

@Morgan Madill I came to comment but Chris said it perfectly! Follow what he said.

@Joshua Norwood When we were moving back to Minnesota I wanted to house hack. I found a 4-plex that I thought would work well. Ran the numbers, put together a plan, talked it over... and my wife said no. Ha! So I’m a bad example.

However, after that I found a house with a great yard that is on a small lake. The best part is that it has a mother-in-law suite that we rent out. It cuts our mortgage in half. I didn’t get the property I wanted the most, but I have a great marriage and I’m partially house hacking. Hopefully you can keep searching and find a property that works for both of you.

@Antonio Booker I have a property that works with people that are homeless. It’s early in my ownership (bought Nov 2019) but so far I love it and want to expand further with that type of property. I work with an agency that finds tenants and they work weekly with each person.

However, I am NO WHERE close to your numbers. I would not put 4 people in a 2 bedroom unit. I’m not sure the county would even allow that. And I highly doubt I could get $1,100 per person if it were that cramped. But that’s my market. Maybe your market is different.

@Taylor Eldredge why does it have to be creative? It is just a piece of paper. Most people combine initials or something like that, so if your partner is Adam you could be T&A Specialists or something like that.

I only have 1 LLC and I picked an Eskimo language to create the name. That works for me.

Or you could put your names backwards as a lame dad joke about "flipping" properties. Rolyat LLC. You flipped your name just like you flip properties.

@Andri Grullon They are completely separate loans. I guess, to use your term it would be the average of 5%. I don’t like that term but it certainly is not combined to 10%.

If you use the 4.5% HELOC you will pay 4.5% on whatever the balance is for that month on that specific loan.

@Chad Simmons My first investment property was a condo. It has worked out very well for me. I’m looking to either sell it (1031 exchange) or refinance sometime in the next 2 years to purchase a larger property.

As someone else mentioned, make sure the HOA allows rentals. They can be great investments that require less work compared to SFH. You do pay for that through the association fee though.

@Carlin A Guarneri Lots of great advice already. I have had good luck advertising my 3 bedroom place as “2 bedroom plus office” since one of the bedrooms makes an awkward bedroom. It opens to the living room with French doors. That way the people touring it are searching in their criteria for a 2 bedroom and my unit is larger / better layout than that competition. If someone is comparing it to other 3 bedroom units the layout is worse.