All Forum Posts by: Jack Perfett

 Hey Lousia. I am interested in the quad if it is still available. Shoot me an email at [email protected] and I'd love to learn more.

Thanks,

Hey all I'm looking for a ballpark budgetary number of what it costs to reside roughly 2400 SF of siding with basic vinyl siding. Any help would be greatly appreciated. I'm hearing pricing from 6K to 35k and would like to have a more clear idea of what the actual pricing is at.

Thank you in advance!

How much money are you looking to raise. If its 100k very well could be from friends and family. If its a couple million most likely will need to look else ware. 

@Thomas O'Donnell Nearest hospital is 7.6 miles away (15 min drive) and in the surrounding area not really any super large business. The short-mid term rental is an option but am wondering how the furnishing would apply to a long term lease. I guess I could always take a month or two and list it as a STR or MTR and switch to LTR depending on how the demand is.

I have a property that I house hacked and am currently living in one of the units. During my time living here I have fully furnished the apartment. I will be moving out in the next couple months and moving across the state and don't necessarily feel like hauling all of the furniture. I am weighing the options of renting the unit furnished vs. unfurnished. Some pros and cons that I see is that if I rent it furnished naturally I should be able to charge more for rent (trying to figure out the delta compared to unfurnished.) On the downside, am I shrinking my renter pool by renting it furnished for the renters who have their own furniture? Has anybody rented furnished apartments and what are some of the pros and cons. All answers appreciated!

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $320,000
Cash invested: $34,155

Finances of deal:
Down Payment: $11,200
Closing Costs: $19,456
Repair Costs: (Installed Washer and Dryer + Misc. repairs): $3500
Cash to Close: $34,156

Monthly Expense:
Mortgage: $1387
Taxes: $371
Insurance: $126
Mortgage Insurance: $211
Vacancy (Reserve): $155
Maintence (Reserve): $155
Cap-Ex (Reserve): $155
Water & Sewer: $33
Garbage: $77
Total Monthly Expenses: $2669

Monthly Income:
Apt A (3+1): $2100
Apt B (1+1): $1000
Total Monthly Income: $3100

Monthly Cashflow: $431
COC: $15.1%

What made you interested in investing in this type of deal?

I became interested in small multifamily for my first investment because I needed a place to live and did not want to pay rent. A house hack was the best way that I could start investing in real estate as well as provide myself a place to live!

How did you find this deal and how did you negotiate it?

This deal was sent to me off market by my real estate agent who had a relationship with the seller. The seller was asking $340,000 and since this was the period where properties were selling over asking I offered $345,000 with 5k assist. The property then appraised at $320,000. We finally agreed on $320,000 with a new water heater, furnace, electrical box, and other misc. items.

How did you finance this deal?

Personally money for the down payment and a FHA loan.

How did you add value to the deal?

The rents were projected significantly lower than what I actually was able to rent it for.

What was the outcome?

The outcome was a rewarding yet stressful experience that I am still continuing to learn from.

Lessons learned? Challenges?

My biggest lessons learned was within the first month of me owning the property. Question everything that is in the inspection report. In the inspection report they mentioned that the kitchen sink drained slowly. I was a little confused because it was a brand new sink and plumbing. I figured it was no big deal. It turned out that the sewer line needed to be replaced which was a unexpected issue. Luckily I had the reserves and now have a lifetime gaunrentee on the new sewer line

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes, I worked with an Agent and a Lender that I would recommend.

Realtor: Nick Mele
Lender: Nick Hussey

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $320,000
Cash invested: $34,155

Finances of deal:
Down Payment: $11,200
Closing Costs: $19,456
Repair Costs: (Installed Washer and Dryer + Misc. repairs): $3500
Cash to Close: $34,156

Monthly Expense:
Mortgage: $1387
Taxes: $371
Insurance: $126
Mortgage Insurance: $211
Vacancy (Reserve): $155
Maintence (Reserve): $155
Cap-Ex (Reserve): $155
Water & Sewer: $33
Garbage: $77
Total Monthly Expenses: $2669

Monthly Income:
Apt A (3+1): $2100
Apt B (1+1): $1000
Total Monthly Income: $3100

Monthly Cashflow: $431
COC: $15.1%

What made you interested in investing in this type of deal?

I became interested in small multifamily for my first investment because I needed a place to live and did not want to pay rent. A house hack was the best way that I could start investing in real estate as well as provide myself a place to live!

How did you find this deal and how did you negotiate it?

This deal was sent to me off market by my real estate agent who had a relationship with the seller. The seller was asking $340,000 and since this was the period where properties were selling over asking I offered $345,000 with 5k assist. The property then appraised at $320,000. We finally agreed on $320,000 with a new water heater, furnace, electrical box, and other misc. items.

How did you finance this deal?

Personally money for the down payment and a FHA loan.

How did you add value to the deal?

The rents were projected significantly lower than what I actually was able to rent it for.

What was the outcome?

The outcome was a rewarding yet stressful experience that I am still continuing to learn from.

Lessons learned? Challenges?

My biggest lessons learned was within the first month of me owning the property. Question everything that is in the inspection report. In the inspection report they mentioned that the kitchen sink drained slowly. I was a little confused because it was a brand new sink and plumbing. I figured it was no big deal. It turned out that the sewer line needed to be replaced which was a unexpected issue. Luckily I had the reserves and now have a lifetime gaunrentee on the new sewer line

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes, I worked with an Agent and a Lender that I would recommend.

Realtor: Nick Mele
Lender: Nick Hussey

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $320,000
Cash invested: $34,155

Finances of deal:

Down Payment: $11,200
Closing Costs: $19,456
Repair Costs: (Installed Washer and Dryer + Misc. repairs): $3500

Cash to Close: $34,156

Monthly Expense:
Mortgage: $1387
Taxes: $371
Insurance: $126
Mortgage Insurance: $211
Vacancy (Reserve): $155
Maintence (Reserve): $155
Cap-Ex (Reserve): $155
Water & Sewer: $33
Garbage: $77

Total Monthly Expenses: $2669

Monthly Income:
Apt A (3+1): $2100
Apt B (1+1): $1000

Total Monthly Income: $3100

Monthly Cashflow: $431

COC: $15.1%

What made you interested in investing in this type of deal?

I became interested in small multifamily for my first investment because I needed a place to live and did not want to pay rent. A house hack was the best way that I could start investing in real estate as well as provide myself a place to live!

How did you find this deal and how did you negotiate it?

This deal was sent to me off market by my real estate agent who had a relationship with the seller. The seller was asking $340,000 and since this was the period where properties were selling over asking I offered $345,000 with 5k assist. The property then appraised at $320,000. We finally agreed on $320,000 with a new water heater, furnace, electrical box, and other misc. items.

How did you finance this deal?

Personally money for the down payment and a FHA loan.

How did you add value to the deal?

The rents were projected significantly lower than what I actually was able to rent it for.

What was the outcome?

The outcome was a rewarding yet stressful experience that I am still continuing to learn from.

Lessons learned? Challenges?

My biggest lessons learned was within the first month of me owning the property. Question everything that is in the inspection report. In the inspection report they mentioned that the kitchen sink drained slowly. I was a little confused because it was a brand new sink and plumbing. I figured it was no big deal. It turned out that the sewer line needed to be replaced which was a unexpected issue. Luckily I had the reserves and now have a lifetime gaunrentee on the new sewer line

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes, I worked with an Agent and a Lender that I would recommend.

Realtor: Nick Mele
Lender: Nick Hussey

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $320,000
Cash invested: $34,155

Finances of deal:

Down Payment: $11,200
Closing Costs: $19,456
Repair Costs: (Installed Washer and Dryer + Misc. repairs): $3500

Cash to Close: $34,156

Monthly Expense:
Mortgage: $1387
Taxes: $371
Insurance: $126
Mortgage Insurance: $211
Vacancy (Reserve): $155
Maintence (Reserve): $155
Cap-Ex (Reserve): $155
Water & Sewer: $33
Garbage: $77

Total Monthly Expenses: $2669

Monthly Income:
Apt A (3+1): $2100
Apt B (1+1): $1000

Total Monthly Income: $3100

Monthly Cashflow: $431

COC: $15.1%

What made you interested in investing in this type of deal?

I became interested in small multifamily for my first investment because I needed a place to live and did not want to pay rent. A house hack was the best way that I could start investing in real estate as well as provide myself a place to live!

How did you find this deal and how did you negotiate it?

This deal was sent to me off market by my real estate agent who had a relationship with the seller. The seller was asking $340,000 and since this was the period where properties were selling over asking I offered $345,000 with 5k assist. The property then appraised at $320,000. We finally agreed on $320,000 with a new water heater, furnace, electrical box, and other misc. items.

How did you finance this deal?

Personally money for the down payment and a FHA loan.

How did you add value to the deal?

The rents were projected significantly lower than what I actually was able to rent it for.

What was the outcome?

The outcome was a rewarding yet stressful experience that I am still continuing to learn from.

Lessons learned? Challenges?

My biggest lessons learned was within the first month of me owning the property. Question everything that is in the inspection report. In the inspection report they mentioned that the kitchen sink drained slowly. I was a little confused because it was a brand new sink and plumbing. I figured it was no big deal. It turned out that the sewer line needed to be replaced which was a unexpected issue. Luckily I had the reserves and now have a lifetime gaunrentee on the new sewer line

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes, I worked with an Agent and a Lender that I would recommend.

Realtor: Nick Mele
Lender: Nick Hussey

@Amiel Bituin - In order to find a property that meets your criteria you will need to analyze A LOT more deals. When i purchased my first property (househack duplex using a FHA which sounds like exactly what you are trying to do) I analyzed 50+ deals before I found one that made sense. Even then once I visited the property I realized my initial analysis was off. However, with consistency I found one that checked all my criteria boxes. The old saying is analyze 100 deals to make 10 offers to acquire 1 property. Stay positive and analyze every property that meets your initial criteria and you will find a deal eventually!