All Forum Posts by: Jacob Claxton

Also, don't shy away from on market as well. There can be some gems in that area depending on what you are looking for and where. There are some good wealthy areas outside of Akron that I have looked into myself that rents are fairly high, and housing is fairly cheap. If you want to connect or talk more let me know!

Benny, I know an agent in the area. She is part of a husband/wife team that do flips. He is the contractor, and she does all the realtor work. They have lived and worked in the Akron area for years and have lots of other connections as well. If interested, I can forward your information on to them.

Hey all,

So I have been trying to figure out ways for my wife and I to benefit most from a house hack. The ultimate goal is to be able to live for free, then move out after a year, and keep the property. Here is my question:

Would it be possible, to start an LLC or partnership for realestate investing to obtain a hard money loan for an off market 4 unit. We would get a fix and flip (80% purchase price, 100% rehab) . Once the flip is complete, sell the 4 unit from the LLC to ourselves, and using it as a primary residence for at least one year. We would purchase with an FHA loan for the new ARV, since we would technically still be a first time homebuyer as individuals, thus only needing 3.5% down. This then allowing the LLC to receive 96.5% of the ARV, unlike if the LLC was to hold the property and cashout refi only getting 80% of ARV. This would enable the LLC to pay back the hard money lender, and have more physical cash left after the transaction to put into another property, rather than leave it in the property as equity? Not sure if this makes sense but thoughts would be great if it does! Thanks!

Hey all,

So I have been trying to figure out ways for my wife and I to benefit most from a house hack. The ultimate goal is to be able to live for free, then move out after a year, and keep the property. Here is my question:

Would it be possible, to start an LLC or partnership for realestate investing to obtain a hard money loan for an off market 4 unit. We would get a fix and flip (80% purchase price, 100% rehab) . Once the flip is complete, sell the 4 unit from the LLC to ourselves, and using it as a primary residence for at least one year. We would purchase with an FHA loan for the new ARV, since we would technically still be a first time homebuyer as individuals, thus only needing 3.5% down. This then allowing the LLC to receive 96.5% of the ARV, unlike if the LLC was to hold the property and cashout refi only getting 80% of ARV. This would enable the LLC to pay back the hard money lender, and have more physical cash left after the transaction to put into another property, rather than leave it in the property as equity? Not sure if this makes sense but thoughts would be great if it does! Thanks!

Tim, thanks for the advice! I am curious if you can expand on the advantages of my wife potentially getting a license? It is more her that is interested and would actually want to be an agent. If we can get advantages, but only she has to hold the license, it may make a lot of sense for us. Any input would be great, or resources to find some info on my own. Thanks!

Hey BP! I am looking for insight on benefits of getting a real estate license when planning to invest in real estate. I know it's not needed, but I am curious of people's opinions on what it can offer you. Some upsides and maybe any downside? My wife and I are considering both getting one. Also curious of people who are part time agents with other full time jobs? Is this possible to do? Any thoughts or help from investors who have a license that can list some benefits that'd be great! Thanks!

Wow all of this is great! Thanks so much for everyone's input! I am excited for our first deal! We are going to be completing it within the next two months. I am interested in self managing mainly to learn. I feel it will give me more of an understanding if what to look for in a good property manager when I expand and delegate those duties out

Hey everyone! Looking for recommendations on property management books. Specifically ones talking about smaller multifamily properties, doing your own management. And preferably newer books, that have advice on using modern technology like RentReady app and such to make it easier and keep it organized. Any advice from people doing management with technology,  and what you use to make it easier that'd be great!

I have a deal I have been working numbers on in Southern Lancaster county. Side by side Duplex, both units 3br 1.5bath. Has one vacant side, the other has month to month tenant paying under market value. Could be a possible small brrrr project, or done as just a straight rental. Could easily rent for $1,200 or more per unit. Property on market for quite some time, seller may be motivated to sell quickly and take price cut. Looking to partner with someone that can get approved for a loan/provide down payment funds. Im flexible with terms, willing to negotiate to make it work for both parties. Willing to give up cash flow to get started. Message if interested. 

George, Thanks for reaching out! I appreciate the help.