All Forum Posts by: DJ Dawson

@Saraya Thornburg there’s always a duplex or triplex opportunity where you can rent out 1-2 units and live in one yourself, not necessarily living roommate style, or maybe a home with a seperate small in law suite or studio that you can rent out to offset costs. It’s all about getting creative :)

Best of luck and let me know if I can ever be of help !

@Saraya Thornburg so house hacking would be buying a single family home, duplex, or triplex, and renting out the rooms individually to keep your living expenses down and having your tenant pay your mortgage (or at least some of it) nice way to gain some experience and typically this can result in cheaper housing that renting a place by yourself or even with a roommate.

I would use hard money lending for sure, while it does have higher interest rate and points up front. Your ultimate goal is to refinance and pull out your equity so you'll get a killer interest rate. this way you can finance the rehab allowing you to hold onto more cash in the mean time. if you are quitting your job and won't have a steady source of income like you once did it's imporatnt to finance what you can and hold onto your coins lol.

I say this as an agent and investor who uses hard money financing i think it will be your best bet . the ADU add is also easier than ever in 2021 with updated zoning and laws enacted here in Sacramento so you are on the right path brother. let me know if i can be of service.

@Saraya Thornburg first time investors  I always suggest to get into the house hack game.  a great opportunity to live with low expenses and build equity on an appreciating asset!

@Billy V. Amazing work bro!!!! Fire damage has always been a mental hurdle for me to overcome and seeing examples of people like yourself completing these projects gives me faith I too can do this!! Just finished one in EDH myself this month. We will be hitting the market this week!!

@Noni Ifyefobi what's up Noni and congrats on passing your test, first thing you need to do is find a brokerage that fits your goals, you also need a killer transaction coordinator as you will be doing this for the first time you'll need somebody who knows what to do when it comes to pushing paperwork and helping you get over some of these rookie hurdles, at that point you'll just need to get acquainted with the MLS, zipForm, and how to properly analyze a deal but with only 10k to put down you'll be squeezing between down payment and closing costs I would suggest you try to get some seller credits coming your way to help minimize out of pocket costs! Not sure if you mentioned you're pre approved already but I would start there actually lol

@Nick Sandoval what up Nick!!

I gotta agree, take the cash and reinvest in an OOS market where you can for sure cash flow > 300 a month EASILY and can spread your investment over multiple units for a price which will allow you to pocket some of that cash from the sale here in Sac!

I been connecting my clients w my boy in Jackson, TN . Good cashflow market. Lmk if you want me to connect y’all.

if adding an additional bath or square footage you should always use permits, in the event you want to sell the home and get top dollar for it down the road, you'll need to have those additions permitted or else they won't be accounted for when it comes to the appraisal, a buyer may say sure the bath looks good we will pay as if it is a 3/2 (example) but the appraiser will not appraise it as such and may burn you if you can't get the valuation you need

 Beautiful. I am a full time flipper and agent here in Sac like I mentioned, 3 flips this year with 1 active one currently. As an agent I tend to pride myself on educating clients and working specifically with investors to find cash flowing assets (many times out of state through my network) its been a good ride!

@Christian Rozo exactly