All Forum Posts by: Jaron Smith

Greg, 

Thanks for your reply,  I would make this a buy and hold rental property, not a hotel.. 

Thanks!

Hey all,

I need some guidance, I've recently discovered a house FSBO. I met with the owner and looked at it and was intrigued by the opportunity. It is an old 9 unit hotel that he has gutted down to the studs. No plumbing or electrical. The house needs plenty of work but has the potential to be an awesome 5 unit. He owns a 4plex right next door which is finished and occupied that he also wants to include in the sale, he said the lowest he could do for both is 80k, so 80k for a potential 9 units. Right now I am house hacking a triplex that I bought in July of last year.

My question to those willing to answer is how should I approach pursuing this deal without the cash to purchase it myself? Does BRRRR work without buying the property outright? Looking forward to hearing from you and I appreciate any and all guidance you have to offer!

Hello all, 

Ive recently purchased my first rental property ( a triplex) and have discovered uneven subfloors. The house is 100 years old and i do not suspect foundation issues.. The floors in two rooms had a wavy look to them and I used a combination of 1/2" plywood and self leveling compound to get them leveled up (They were out about in inch from each other in some spots.. 

My question is, in the bedroom I find that although all the work ive done to level out the room, it is still out 1/8-5/8 here and there.. there are no dramatic low or high spots, just a slight climb or descent.  Should i just carpet? I dont want to but i also dont want to put down a type of flooring that will fail because of an uneven subfloor. The rental is in a c+ neighborhood so I am looking for a cost effective approach and to decide ASAP.  Please let me know what you think!

Thanks @Account Closed,

How do I go about structuring a seller finance deal? Do I create a contract myself? go to a lawyer? My initial Idea was I pay him $400/Month, and I cashflow about $200-$250 a month for up to 18 Months where I then expect to take a traditional loan out by that time. he has no mortgage payment and the rent is $650 a month and would sell it to me for 30k... it is a decent little house in a "c" neighborhood..

Thanks and have a great day!

Jaron

Hey everyone,

My grandpa lately has tossed around the idea of selling me his SFR Rental property. However I just closed on a triplex yesterday. My question is how can I get creative in acquiring my grandpas property without having 20% down right now?

Thanks y'all!

Jaron

Hey everyone,

I've recently purchased a triplex in a C+ neighborhood where I will be living in one unit and renting out the other two.  The property consists of one two bedroom unit (Upstairs) and two one bedroom units which are both downstairs.

My question for you all is I need to replace the flooring, (which is now stinky, stained and old carpet) what type of flooring would you recommend for a unit like this? I've been trying to figure out what type I can use for the bathroom and kitchen that will last. I like the look of the engineered wood flooring such as Luxury vinyl plank flooring and the snap together laminate flooring but im not sure which would hold up better for ;

The Kitchen

Bathroom

Bedrooms

Living Room

Laundry Room..

Also, the 2 bedroom unit being on the second floor, would it be better to carpet more to help be a noise barrier from disturbing the tenants on the first floor?

Thanks and I cant wait to start reading some responses and begin this journey in two days when i get the keys!

Jaron

Antoine!

Thank you for your response!

The screenshot ive posted is what it would be fully occupied with me not living in it. I should have stated that I intend to immediately start saving for my next house hack purchase, ideally right after I pass the one year mark to stay within regulations of my FHA loan.. My plan is to house hack 3 times to build a stream of passive income then start the BRRRR strategy

Hey everyone!

My name is Jaron, I'm from Ohio and I would appreciate feedback on the deal I am in the works with at the moment!

Some quick facts about the offer;

- Triplex

- Offered full asking price of $51,000

- The property is VERY CLEAN but dated

- The property is in a "C+" grade neighborhood

- FHA Loan 3.5% down

- I intend to occupy the property for 1 calender year and then "house hack" into another multifamily unit

Below is a screenshot of the numbers I believe what I should expect AFTER the first year that I occupy it.. I am thinking I will about break even when living there and start cashflowing in a year..

I am a newbie so any advice is greatly appreciated, thank you and I hope you have a great day!

Sincerely,

Jaron Smith

Thanks for all of your responses, after reading them I've decided to keep my eyes peeled for another opportunity! This is such a great resource for someone like me!

Have a great week!

Jaron

Hey David,

I just used the Rental Calculator located in the "Tools" tab at the top of the page!