All Forum Posts by: Account Closed

@Jason L. I understand. My plan is to talk to him about what I've been reading and researching and see if he's seriously interested in going down this path. If he is I can take the reigns and do all the legwork for a fee. He's the type that would rather pay someone than deal with the time/effort/headache. Or I can just send him down the path and answer any random questions he may have along the way.

Thanks for the Tampa info. I see you're in Orlando. Is that area any better for MFR's? Since he has no set direction he may be willing to look in a different area.

@Thomas S. thank you for the caution. He's not looking to make this a career, but an option to lighten his load a bit. I'll be sure to inform him of the potential problems with owning an investment property and preparing an exit strategy. Maybe he'll get hooked and I can continue to help him down the line.

@Joaquin Rosario I really just want to help him out. He's dying to move south and I thought hacking would be a good option. He had never thought of it and is really interested. If I walk away with nothing but knowing I helped him get to the next point then that's fine. I'm getting practice in analyzing and investing in general. If I could make just a little something for helping him out it would be icing. I just wasn't sure if it was kosher to ask.

I would be sourcing the property, running numbers, finding the PM, etc. We need to sit and iron out the specifics but that's the start. Thanks. 

I've been on BP for about 5 months, reading and listening like crazy. Unfortunately my primary home has given a few hits to my reserves recently so I'm in the process of saving again for a down payment on an investment property. 

In the meantime, I have a friend looking to move from Philly to Tampa. He's the perfect candidate to house hack (single, no debts, good cash reserve) and I want to help him out from the knowledge side. He has no clue about REI.

I'm looking for info on MFR's in the Tampa area. Good/bad neighborhoods to house hack. Good PM's, etc.

As a side note, is it wrong for me to work in a fee for my 'services'? He's a friend of 20 years and I truly want to help him. Is it wrong to want a little something in return? I'll help him regardless, it's just a thought.

 Jake I'm assuming it's the certificate of occupancy. My area calls it a U&O. Regardless it's typically the seller's burden to supply and cash out of pocket.

@Joe P. I wouldn't fudge your numbers just to get a better COC. They are what they are. I run numbers similar to yours. I figure I'm accounting for prop mgt so if I'm not using it, then I get a better/faster return early on.

Welcome @Shawn Ryan! I'm in the middle of reading Estimating Rehab Costs by J Scott. It's a great source of detailed information. That would set you in the right direction. I'm new to the game as well. I've talked to some local contractors and explained what I'm doing. Some have agreed to come with me on showings to give me a very rough estimate for reno. Even if I have to pay for their time I feel that if I pay attention I'll be able to rough estimate for myself.

I agree with @Joe P.. You're not accounting for capex at all and 7% for repairs doesn't seem enough. You don't include prop. mgt either. Even if you're self managing you may not want to do that forever. If the numbers don't work with prop mgt you'll be forced to sell when you're ready to scale your business.

I'd say it's a no go.

Thanks everyone! It doesn't hurt to ask. If I want to make an offer I'll see if they'll go for it. The property has been listed for a while so we'll see if they're ready to play ball. If the numbers don't work I walk. It's all a numbers game right?