All Forum Posts by: Mason Weiss

Congrats @Beste Park!

Use the BP tools for tenant screening. For marketing your property, make sure to use as many possible channels. I personally like Zillow, but for a house hack duplex I would consider seeing if you can find someone you know to rent out the second floor. This could be a more enjoyable tenant than someone random.

Hey Beril,

Cash on cash returns are tough to come by without creative financing or capital. My best suggestion would be to start a conversation with an agent you trust and want to work with to make this happen. It might be a slightly longer process, so you want to build the relationship foundation right now.

You can practice underwriting properties from LoopNet. They usually have all details listed that you would need for your pro-forma. Otherwise, a quick call to the agent will help fill in the blanks.

Make sure to confirm with your city that this parcel is zoned for multi-family dwellings. I would then talk to the permitting department to see what rules and restrictions are enforced in your city. 

If after that you are still moving forward, think through the layout of the units and how to maximize the space while keeping your cost down.

Another alternative could be seeing if there are summer classes or programs offered at this college and see if you can make your property available to them. Throughout the summer there are usually several camp programs at universities and you could rent your property out to these programs for their staff. See if you can research these programs and find the right people to talk to at the college.

Lowest cost and best protection, don't overthink it.

I would advocate going with a conventional loan so you don't have PMI for the life of your loan. You should talk through your options with an investment friendly lender in your state so you can discuss specifics for your situation.

Make sure your partnership is clearly detailed in writing. I have seen partnerships dissolve quickly and unexpectedly because clear expectations were not laid out from the beginning.

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Get creative to find a solution. If they can't split the cost see if they can offer something else to make it worth your time and capital.