All Forum Posts by: Mark Hove

@Lucas Hammer college students!

@Ben Kirchner it’s a good idea but you’re banking on appreciation, which doesn’t always happen. It becomes a great idea if you can find a deal on an empty lot... find a double lot and subdivide it, find a tear down, etc. Also, it’s worth noting that if it’s primary residence for 2 years and you sell, those gains are tax free!

@Ben Kirchner are you in Durham NC? Let’s meet up! I’ve got one duplex under my belt right now, looking to buy our next one in 2020. I work as a realtor and have met a number of property owners who have considered seller financing.

@Heston McBride

A lot of good contents here. Disclaimer: I’m a realtor. A good realtor does more than opening a house (I wish it was that easy!)

Use the realtor who showed it to you. Ask them questions about the contract. Ask for good referrals for lenders, inspectors, contractors. Go get ‘em and best of luck!

@Donte Jones it’s very normal. If you know what it rents for you can probably assume the condition to some extent.

24k?!? Can you pull something together?! Anything?! With your mom? If you're liquid net worth is less than 25k then I would be wary of moving forward with this transaction. Retirement accounts? Emergency funds? Access to a HELOC?

@Amy H.

I’m all for Kwikset Smart Key! I just put them on my duplex. It allows you to VERY easily rekey deadbolts and doorknobs yourself, takes less than 30 seconds.

@John Olsen I use YouTube BUT always check the comments. Sometimes comments will rip apart the video and then you can know to skip to the next one.

@Gilbert Lugo

I'm in a similar position! House hacking a duplex with FHA....

I’m not quite sure of all the rules and regulations of this and it might vary state by state... I’ve heard here in NC the borrower can not have direct contact with an appraiser on a purchase but they CAN on a refinance. I’m thinking of refinancing (admittedly I haven’t yet) and if I were, I’d have the the appraisal scheduled, email the appraiser a week before with a list of everything that is new on the house and a list of good comps. Then for the appraisal itself, I’d walk around with him/her and point out things. Have both units tidied up, lights on, windows opened, yard cut, spiffed up! Hope this helps. An appraisal is a good time for you to “sell it” and highlight everything good about it, you have to show them it’s truly worth 200k or more! Hope this helps. Good luck

@Shawn O'Gorman I’m 23, bought a duplex last fall. Living in one side, renting out the other. 8 months into it and it has proven to be a great decision. Have adequate reserves. Find a good deal. Make it happen!