All Forum Posts by: Devin Otway

@Brian Eastman 

Thanks for the fast response and great info!

& @George Blower - Thanks for the extra details. I think my target property would exceed the limit of the 50K, so that might be out of the question for now!

Hi BP'ers,

Does anyone know whether its possible to house hack (purchase rental property + live in it) with money in a qualified retirement plan (QRP?). I understand you have 'checkbook' control over the rental property investment, but I wasn't sure whether living in the rental property made a difference.

Thanks!
Devin

@Dutch Langley / @Jared McCullough,

Thank you for the suggestions - when I do find myself in a position of needing to address a similar problems in the future your suggestions will be helpful.

@Michael Noto
Yes, the tenants living there was the biggest reason I walked. As it was my first deal was I emotionally attached to the outcome, but I eventually found a deal that hit my financial goals and didn't have the same degree of distress.

@Michael Bridgett

I ended up passing on this property. Because 2 out of the 3 finished units were being rented out, I saw the full remediation as my moral obligation as a landlord. However, due to the scope of the mold issues and potential health hazards I felt the return on headache was just not worth it (especially on my first deal).

Hi Isaac!

Awesome to hear your goals, thanks for sharing! My goals sound similar to yours and am in the processing of closing on my first deal (triplex)! 

Best of luck to you and your success!

Hi,

I'd also love to attend, but the link still doesn't seem to work. Thanks!

Devin

Hello Fellow Newbie Investors,

6 mos ago I first learned about biggerpockets on a road trip - My gf and partner turned it on randomly. At this point we have had 3 deals under contract (we pulled out of two that were money pits) and are crossing our fingers on a triplex we have under contract at the moment. Our current strategy is to start out in small residential MF and scale up from there. I started a blog to document our progress and I'd love to hear your thoughts about your own journey. 

Happy House Hunting,

Devin

Hello BPers!

I am currently under contract for my first deal - a 1940s triplex in a C area. I am an out of state investor so have some limitations in terms of being able to really see the property. I did, however, hire a photographer to take a ton of pictures during the inspection, which was helpful. 2 of the units are rented at 600 and the third unit is vacant and in need of light rehab (5k). 

The units are in decent condition where the most worrisome issues are evidence of water damage below windows and on the ceilings in some places. The seller's disclosure is listed as unknown on all items.

The basement, however, freaks me out...It has evidence of mold everywhere (not sure if its truly toxic or not). There is also of deterioration of some of the studs in the basement due to water damage and some evidence of termite damage. No sump pump in the basement.

• What are your thoughts on mold damage from an investment standpoint? 
• Is there any way to know if sheetrock + framing studs need to be replaced and who can evaluate that scope of damage? 
• Who can evaluate the source of the moisture?
• Do you need to be concerned that the mold could also have spread to the rest of the house?

@Josh Rathbun way to go!! Such a great story about making small progress until you got your goal! Love the idea about increasing networking by splitting up :)