All Forum Posts by: Forrest Williams

I agree with @Steve Vaughan, use your own name. You may find something good on www.hudhomestore.com, especially if you're a first time owner occupant. It can be a good place to look for house hacks.

What area are you in? I'd ask around on your local BP forum.

Also, if I have problems with a contractor like showing up 3 hours late, I generally let them finish the job I hired them for and then never hire them again.

Fellow Illinois resident here, you may need an architect depending on your city code. Around the suburbs and in Chicago, that is pretty much the norm for some radical restructuring like that. It can be quite costly so be prepared. If you want to send me some layout pics, I wouldn't mind taking a look at them and helping with some ideas if you want.

I second the live-in flip @Forrest Faulconer (great name btw). I'm not sure this is an option for you Tia, but it may help to expand your search radius. When I moved to Illinois, I couldn't find a deal for me in Chicago, so I moved to a suburb instead. It was a little longer commute, but the money I made on the house was worth it. It's okay if the house doesn't cash flow immediately. If you can get a couple roommates, or even one, you can lower your monthly payment enough while you live there. Once you've got it in ship-shape, you can raise the rent and be good to go.

To add to that, often I think the best mentor is yourself. Getting your hands dirty (often literally) and doing a house hack will teach you so much. Youtube how to replace faucets, get quotes from electricians, visit properties with a agent, these are all things you can do for free. You are going to make mistakes, but as long as you learn from them, they are more like happy accidents. 

I noticed you do mention money, which would be a valuable asset in a rookie. However, I've never met someone with tens of thousands of dollars laying around who wants to get into real estate and needs a mentor. It's usually people with no money but are willing to put in time, like myself. 

You could get a HELOC in your name instead of the LLC. Any time you take out money against your house, there is going to be some risk. If you want to get money out of your house, you need to leverage it. Make smart decisions if you are risk adverse; don't buy something that needs a ton of work in a bad neighborhood on the other side of the country. Borrowing only a third of the value is probably a good start, that may be able to let you put 20% down on a turnkey multifamily so you can start earning from day one.

Your other option would be to sell your home, but it sounds like that is off the table, understandably.

To add, even if you look to the Chicago suburbs, many towns have strict covenants against converting SFH into multi. Some (e.g. Melrose Park) will not allow it under any circumstances. You're better off finding a multi unit that needs work and house hacking that.

I use Google Sheets. Same as Excel and basic enough if you only have a couple properties. Plus it's free and both of you can edit it. I also use it to analyze properties, since putting in formulas and expanding on them is fairly easy if you've used Excel. 

Lots of people in here are only looking at college on a money in - money out axis. Things I got in college that I couldn't get other places: 

Lifelong friends. College is the best time to make friends as an adult. You are mixed with people all over the country, many of whom have similar interests as you. Making friends in the real world is much more difficult, especially nowadays with the pandemic. 

Networking: I have gotten jobs simply because I knew people from school. It it nepotism? Absolutely. Did it work? Also yes. 

Personal growth: I became a better person because I went to college. I learned new things, experienced new ideas, all because I was in a place that encouraged that for four years. 

I did go to a private school, but it was made affordable through scholarships. Private schools have tons of them that can bring them down to the price of a state school or cheaper. I wouldn't spend $30,000+ on college like some people, but it can be affordable if you shop around. I looked at 20+ schools before settling on the one I went to.  So while college isn't necessary, I wouldn't change my experience for anything.

I've had birds before, and the number one thing about them is they poop. The owners will probably do a good job of cleaning it, and certain birds can be trained, but be prepared to deal with some bird poop when they move out. Cockatiels can also be very loud, so that's another thing to consider. I think sugar gliders can be litter trained, but I am not sure. I would make sure there's a pet deposit and a cleaning fee attached to the lease.