All Forum Posts by: Gregory Schwartz

@Matt Groth the estimate is for Smart Side. Is that 2000 the sqft of the floor plan or the siding. Roughly I think our siding is around 2000 sqft.

@Theresa Harris same scope of work. But they weren't itemized very well. I'm working for a third estimate now. Thanks

BP, I am conducting due diligence on a 4-plex that I will house hack and hope to BRRRR. Prior to my offer, I had roughly budgeted 10k for siding an all other exterior rehabs (facia, trim, paint). I just got 2 estimates back at very different prices, 17k and 36k. What price range seems realistic for this kind of job.

More detail: the house is 2 story, 3800 sqft, roughly 35ft by 55ft and the bottom level is all brick so I only need siding on the second story. 

@Lawrence Chun my low ball offer was declined by the seller. Just another day in the life. 

@Rachel Schwartz looks like were driving for dollars again tomorrow. 

Driving for dollars really works...

My wife and I were driving around a prime house hacking, 4-plex neighborhood when we noticed a house that jumped out as a value add gem. As we took a closer look, we realized that someone was taking tools into the bottom unit. I was ready to drive off but my wife convinced me to get out of the car and ask the man about the property. Thank god she did, turns out he is the owner and looking to sell. We made an offer the next day! (Waiting on an official response). Whether we get the property under contract or not is relatively unimportant. The big take away is that driving for dollars only works if you actually take action when you see an opportunity. Thanks, @Rachel Schwartz for pushing me to get off my butt!!

@Kathy Henley thank you for the help. I was thinking a co-sign was worth up to 10% of the equity. To keep things simple I would offer 10% of the profit from a sale or 10% of the money refinanced out. The co-signer will likely be a future investor so I want to show that I can provide a solid return to anyone who partners with me. I'm worried about my ability to get a conforming loan in an LLC.

I will pick up Garrett's book today! thanks for that recommendation. 

BP, My wife and I are in the market for a 4 unit house hack. Super pumped to use this amazing tool to jump-start our investing journey. In order to get a conforming, low interest, 30-year arm loan we will need a co-signer (we don't have regular income). I would like to give a percentage of the deal to our co-signer but will likely own this house in our names (to make refinancing into a VA loan down the road easier). So how do I structure the deal so that I can pay my co-signer while keeping my CPA and uncle sam happy? Can I just pay them out of the personal checking account that I use for expenses?

As always thanks for the help.

@Eric L. thanks, my mom and aunts really like the cash out idea.

@Dave Foster I'll run that by them. I appreciate the creative solution. 

probably not. Not sure it makes a difference but he inherited the land about 15 years ago and then bought the double-wide that was on the land around the same time. 

@Theresa Harris My mom does and plans to ask her CPA about their options. I was hoping there was another option.