All Forum Posts by: Kendrick Pratt

Yeah that sounds like a great plan and exactly what i want to do. Purchase, rent out, gain equity and pay the loan down and then buy bigger in 2-3 years. I have been looking at SFR and Duplex's in my area to purchase.

 Awesome! Thank you so much!

 Haha great point!! 

Thank you @Jason Maguire

Thats exactly what I was thinking also, my rates are really solid, I have good credit and willing to fix things up around the house to be able to provide a nicer place to live for them. I thought the same thing, now is probably one of the best times to house hack.

Hello everyone! 

As we are seeing inflation rise, prices go up, and the cost of housing staying consistent. Would house hacking be a great idea right now? 

A little bit about myself real quick, I am looking to use a VA loan to purchase my first home in the DFW area with little to no money down, and I was thinking if i could find one or two people to "rent rooms," from me to either reduce my payment or pay my mortgage for me, while i live in the house also.

When using the VA loan I know that I have to live in the house as a primary residence for a year before I can transition it into a rental property.

I was interested in hearing everyone's thoughts on this.

Thank you very much! 

@Alicia Marks 

THank you so much for your response and your attention to detail on this property. Those are some things that I didn't consider, and look at, so i greatly appreciate your help with that. 

How do I figure out if a property is in an A, B, C, or D neighborhood?

Also, i'd love to connect with you sometime if you have the time. Also, yes please send over your foundation guy's number that would be very helpful!

Thank you so much! 


 

Hello everyone, 

Thank y'all for your input and the additional points.

I do have some questions from what y'all said. 

1) How much should i plan for CAPEX (5-15% monthly)?

2) How do you determine what type of class neighborhood is it in? 

3) Okay, thank you very much on the VA loan aspect, yes my plan would be to rent from day 1, but with what you said then that makes sense and I would have to live in it for a year prior to renting it out.

4) Any other additional information that you think I should consider?

@JD Martin @Lucia Rushton and @Joel Allen

Hello everyone! My name is Kendrick and I am new to real estate investing and im practicing my deal analysis, using the rental property tool on this website and using rentometer for an average rent rate. I found a single family home 3116 Wesleyan Dr S, Fort Worth TX 76105 to rent. 

Purchase price: $155,200

Down payment: $0 (Im military so i plan on using the VA Loan)

I would love any advice on this. I did a 3% interest rate, vacancy of 5%, management fess $0 (because i'm local and would manage it myself), tenants would pay for the rest of the "custom expenses" (gas, electricity, etc). 

Any help would be awesome! Thank you so much!

Thank you!

Kendrick Pratt