All Forum Posts by: James Ciccarello

I've house hacked two properties in Los Angeles and ultimately did well (I just sold one for almost double what I paid for it). The thing is time and what your short and long term goals are. With these higher interest rates, you have to be a little more particular with what you buy but not necessarily so picky to where you are not buying anything and still renting.

My strategy has been buy fixers, fix them up, and then rent out. It gave me leverage to do what I want and attract tenants who would appreciate it as well. There is carrying costs associate with it but you just factor it in.

Thanks Rick. How extensive is the fixing you do? Have you found any types of value adds that are relatively easy to learn / understand that make a difference in what you're able to buy?

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Quote from @Nicholas Coulter:

Quote from @James Ciccarello:

Hello All,

I have just begun my search for a MF property to house hack in upstate New York (Capital Region - Albany Metro). My goal is twofold, to gain experience as a RE investor / property mangement, and reduce living expenses so I have more flexibility to make career/life decisions - pretty straightforward, right?

What are some recent stories of House Hacking Success?

What are some challenges you have encountered along the way?

Anything in between to share?

Thank you!

James

James would you be near any air bnb destinations?

Saratoga Springs & the Adirondacks are definitely options nearby! I would imagine Albany Metro area (I live closer to this) would have more medium/long term stay options available for professionals (lots of state government, medical, higher education institutions).

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Quote from @Jared Hottle:

I have a ranch house. Finished the basement with a bedroom and bathroom and have opened it up to traveling nurses and summer interns. Biggest challenges are I only have one kitchen and parking is somewhat of an issue but I will have my entire mortgage paid for the year and the amount of peace of mind and freedom that gives me for a low level of inconvenience is so worth it. Hoping to parlay it into a luxury duplex in the future and continue doing the same.

Appreciate this - reminded me to approach this from an exit strategy perspective as well! Thank you!

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Quote from @Michael Brattelli:

@James Ciccarello I got a great off market historic duplex in an A class area and in one more year the rent from one side will cover the mortgage and I live in the other. It has greatly reduced my personal expenses. That being said I’ve had to put a lot of money into the house considering the age but I was prepared for all of that so there weren’t any surprises. I inherited tenants and they pay on time every month with very little hassle from them. Just be patient and wait for a deal that the numbers work. Good luck!

Appreciate the encouragement! Sounds like you found tremendous value here. How did you come to find the property off market?

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Quote from @Hanna Gleue:

I'm in nearly the same position as you, so I don't have a great success story yet. But I'll tell you what's been going on so far.

I was lucky to have a neighbor who started his RE journey a couple months ago. He referred a phenomenal agent/fellow investor so has been guiding me through this process.

Biggest struggle is that nothing cash flows in my area. We have decided that buying a single family and creating an ADU is the most cost effective way to get our goals met. Rent from multi family units do not even cover the mortgage - Let alone all the other costs we would need to save up for. We have analyzed many properties, physically visited about 10, put offers on 3, one was accepted but we pulled out after finding out that area had different zoning than everything else around it and wouldn't suit our needs.

We tell everyone our goals. And that has made the difference! Someone called us a couple days ago and mentioned they knew someone who knew someone else who needed to get rid of a property off market. They were asking 60% of market value and was in the heart of the area we wanted most!

Finally the numbers worked! We're excited to begin our house hacking journey as our first step into RE.

Congratulations! This is an encouraging story! I have found so much clarity once I started working my agent and just began looking for properties this week, and also having a difficult time finding properties that could potentially cashflow. At this point, I am after a major reduction in living expenses and going to take it from there while I navigate larger career decisions. Thanks for sharing the perspective on how you funneled everything down and how your network made all the difference!

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Hello All,

What are some recent stories of House Hacking Success?

What are some challenges you have encountered along the way?

Anything in between to share?

Thank you!

James

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Hello,

Curious about Open Letter Marketing InvestorHub service as it relates to investing in land/lots.

- Has anyone used this acquire land successfully?
- Are there any differences in how to use this service when only approaching it for land?

Any tips or lessons learned from the system in general are also appreciated!

Thank you.

James

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Upstate New York, New York

Thanks, Bob! I truly appreciate the direction and recommendation to Stephanie.

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Upstate New York, New York

Hello All,

I am interested in connecting and/or finding out more about buildable land/lots for sale across New York State.

I currently live in the Capitol region so, Albany, Saratoga, Schenectady, Rensselaer, Green & Columbia Counties are in my immediate vicinity, but largely interested in anywhere where there is opportunity to add value as an investor.

Looking for any perspective from realtors, assessors, title professionals, attorneys, and investors on what it takes to get started and how to explore highest and best use cases.

Please comment here or direct message me if this topic interests you or have any guidance.

Thank you!

James

2 Votes

Upstate New York, New York

Hello,

I am curious about land purchasing in Raleigh-Durham Area.

Has this concept changed at all with the passing of Missing Middle last summer?

Any advice on where and how to look in general would also be greatly appreciated!

James

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Raleigh, North Carolina

All Forum Posts by: James Ciccarello

James Ciccarello has started 5 posts and replied 11 times.

Post: What Are Your House Hacking Success / Challenges?

Post: What Are Your House Hacking Success / Challenges?

Post: What Are Your House Hacking Success / Challenges?

Post: What Are Your House Hacking Success / Challenges?

Post: What Are Your House Hacking Success / Challenges?

Post: What Are Your House Hacking Success / Challenges?

Post: Investing in Land/Lots with OLM InvestorHub

Post: Looking to Connect with Upstate New York "Land Specialists"

Post: Looking to Connect with Upstate New York "Land Specialists"

Post: Curious about Land Purchases in Raleigh-Durham Area