All Forum Posts by: Geremey Engle
Geremey Engle has started 1 posts and replied 2 times.
Post: The start of my House Hack

- Investor
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Investment Info:
Townhouse buy & hold investment.
Purchase price: $114,000
3 Bed 3 1/2 bath townhouse
What made you interested in investing in this type of deal?
Wanted to stop paying rent live free or as close to while house hacking
How did you find this deal and how did you negotiate it?
Found online and used an agent. It was my first home so I got a 30 year mortgage on it and didn't have to put any money down
How did you finance this deal?
FHA
How did you add value to the deal?
I finished the basemetn adding a full bathroom and additional finished sq ft
What was the outcome?
I still own it my mortgage taxes an insurance are around $800 per month and I rent it for $1300 per month
Lessons learned? Challenges?
I need to buy another one
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I worked with an agent and because I wanted to do it again after seeing how easy it was I got my own real estate license.
Post: Why not low ball when you know the seller is motivated?

- Investor
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I literally got my own Real Estate license because of this exact same scenario. I'm an investor and now also an agent and a certified home inspector. One of my first deals I asked the agent to write a low ball offer after she took the time to show me a lot of places. She thought she was wasting her time writing a low ball offer and said something similar to what your agent told you. I told her if she doesn't want to write the offer Id find someone who would. She wrote the offer 40k under their 150k asking and we got denied.
Two weeks later the seller called and said they would accept the offer. It was too late I had an offer on another place and couldn't find anyone to do the deal with me. I'm now an agent working under the agent who initially wouldn't write the offer. I've stood in her shoes now writing offers for clients that I've been working with for months who low ball everything and it feels like a waste. At the end of the day, if your strategy is working keep doing it, you can show the agent that it works. If you are not getting 1 out of every 20 maybe its time to adjust your strategy. Id also recommend just getting your own RE license you can move much faster on houses as you can set up your own showing and write your own offers.