All Forum Posts by: Julien Jeannot

I'm with you on this one. Seattle super highly competitive and I've heard of serious $ spend on leads. The other approach is the good old grinding our a list.

What I'm also seeing are those who are sourcing the leads are keeping the best for themselves, then passing the next tranche to their best clients, and what every is left gets passed on to the masses.

Couple things comes to mind.

- The business plan w/financials. Purchase, operations, and exit. Comps in the area of property price, & rents to support. 

- Property management plan. Lease, rules, plans address common issues such as maintenance, evictions.

Essentially, what are the worse case scenarios and what is you plan to address.

A list of mentors or resources will also provide comfort and make up for lack of experience.

Last but not least. Ask the cosigner what their concerns are and come back with a plan to address.

Well done!

Congrats!

I agree, start with talking to lenders.

I'd advise to connect with a realtor who know the market and house hacking.

The key is to ensure they are truly experienced in it, can help connect the dots, and see the opportunities.

A few options comes to mind:

- If its a deal, money will come. Find a partner

- Hard/private $, then refi if there is enough equity on the deal

- Get creative, 

     -How much cash is the selling looking? Could be a smaller then the total. 

     -How much does he need a year? Could structure terms to meet the needs of the owner if the cash flow will support

- Wholesale the deals

- Syndication: complex, but doable especially if the deal is large enough

Congrats!

Certainly many ways to go about it. I always recommend playing out the number over 5 to 10 years and working your way back.

I find a lot of clients chase cash flow at first, but its hard to come up with enough Down payment $ to scale to replace income. Often time, forcing equity or natural appreciation retires you sooner. Then convert equity into cash flow.

How about:

Owner finance by your father, then turn around and a cash out refi.

Cash out enough for your next deal and to keep a solid cash flow.

- Cost savings: House hacking allows homeowners to reduce or eliminate housing expenses by renting out a portion of the property to tenants, covering part or all of the mortgage, taxes, and other costs.

- Investment opportunity: It provides an accessible entry point into real estate investing, allowing individuals to build equity and generate rental income without purchasing a separate investment property.

- Flexibility: Homeowners can choose to live in the property for a specific period and then decide whether to continue house hacking or convert the entire property into a rental for more substantial income.

- Mitigating risk: Having multiple units with tenants helps spread the financial risk associated with homeownership, ensuring that rental income can cover expenses even if one unit remains vacant.

- Favorable financing terms: Owner-occupied properties often qualify for better financing terms, including lower down payments and interest rates, making house hacking an attractive option for those with limited capital.

- Personal living experience: House hacking allows homeowners to live in one of the units, providing a more personal connection to the property compared to purely investment-focused properties.

Welcome!

I love the strategy! Forcing equity and increasing cash flow. Duplexes hold a fond place in my heart, that's how I got started.