All Forum Posts by: Joshua Hughes

Hello, I am looking to do my first deal with a a private money loan. I am finding deals that I would want to bring to the table, but am having a difficult time with ways to structure the deal. Any advice, or past experiences would be greatly appreciated. 

I am starting my very first house hack; two weeks into it now. I am wondering what everyone does when it comes to tenants moving in/out. Like do you just keep it simple and make them a copy of your key then change the locks when they move out? Any smart locks you'd recommend? I am very green when it comes to REI so any advice on this househacking method would be appreciated so i dont lose money.

Thanks in advance!

hello All, I am curious how everyone goes about screening there tenants. Which platforms; I have gotten leads off of Facebook and sent the BP application through email. I just don't know how to go about screening them so they can pay for it. Apartments dot com has been a real pain point so far.

Thank you all in advance!

Alright we are definitely getting the overview of everything so thank you all for that :) - Describing my first deal might help with this too. So my first house hack was mad almost two weeks ago now. when i had the offer in and after inspections-long story short the TRR was filled to the brim, so I had gotten the seller to replace the roof, plumbing in the crawl space, new water heater- and a few minor/major things as well. My maintenance fund for the property should really only be about 2 months rents. I have 20k in stocks and another 5k still in my bank because of my CD acct is maturing. I have planned this buy for awhile so the total costs including after purchase like appliances and little things I'm all in about 15k. I could be beating a dead horse at this point with this question...

I am ready to start planning for my second house hack. Every one of my dollars has a goal otherwise it gets spent. so thats why I need to know exactly what to do with Rent checks..and how to go about my second purchase. I want to get two doors (duplex) for my next deal. Will all my rent checks go into my normal checking account?

Are there any special ways to buy your second house hack?

PS:

@Paul Vail I know exactly what you mean. I've for sure had problems come up randomly throwing me a curveball. I have money set aside for a rainy day type situation. Moving forward with income is what I am focusing on now. 

Thank you all for the advice and comments so far! One thing i didn't mention was that I have tried a lot of other "savings/investments". Which i mean like Paul Vail mentions about CD's. I acquired a CD account and it grew at 2 percent which was better than any other high yield savings account but still doesn't make much of a difference. Losing opportunity cost and of course inflations killing the spread. I also have about 20k in a robinhood account. which is making higher gains but still nothing to shake a stick at. This is why I'm so adamant about getting more cashflow through rentals. That could be considered an Emergency Fund although when my first house hack costs came out of my checking acct it definitely shook me, so idk how risk averse i rlly am. Does anyone have both Rentals & stock investments and if not at what point did you decide to go "all in" on one or the other?

I am hearing a lot about BRRRR's in the comments...Is this really the only way to accelerate the process? Then using the equity somehow through 1031 or Helocs? I am pretty much doing this all on my own so far because my family is really on the other side of "money is evil" type of mindset.

Do you feel more confidant after getting your second or third property or even a PM? As you can probably tell i am filled with questions..so any real advice would be extremely helpful

Thank you!

Alright guys so I finally committed and bought my first house! :) Closing was definitely a new experience- I am glad I was able to use the stuff I read about over the several years of analyzing. Now to my question - Going after my second house hack. Where do I get this money b/c I'm seeing a lot of newbies saying they get into 5+ rentals in two years. It took me personally years to save up the cost of buying this first house hack. Closing costs, DP, Appliances etc. Though this is a basic question I know; am I using all of the money from the rooms I'm renting in my first house hack to use as a down payment on the second HH#2? I've done all the bigger pockets analyzing so it will cashflow as a rental "barely"...In my experience reading books I haven't seen much about how to get into the second home? I used the 3 percent down so there is about 10 percent equity in my home because of the after-appraisal value. No more renovations can be done to this house. So, to sum up- I don't see an equity move and getting a hard money lender to cover seems like they would hurt me in the approval process since they wouldn't take the rents for potentially two years in. Is this the right forum to as this question?

PS- I bought a SFH, first househack* Duplex second potentially*

Thank you in Advance :)

Hi All, I am curious if it was legal for me to list the property for potential tenants before I have actually closed on the property? Like:

Facebook marketplace and apartments dot com etc etc

WOW, I am in the same process with a conventional mortgage & also planning on leaving after a year. I was curious since this post is a few months old, have you had any luck on using certain platforms? like apartments dot com...AND to the point of furnishing versus not, because i've been thinking of doing the same. How did that workout for you; better or worse? Congratulations btw! :)

Awesome! Thank you both for all the info-I can definitely use this! :)  

Hello BP fam! I am a new member and new home owner. I bought a 3B1B looking for clear advise on how to go about renting out the rooms and what to look out for?! I found the house hacking idea off of Bigger Pockets and Youtube. How would I go about screening applicants and collecting payments?