All Forum Posts by: Michael Morin

house hacking sounds right. Thinking of it as a business. Using a duplex for example. Live in one. Rent one. The rented one should nearly cover the p&i. You will be living virtually free. Stash some savings for repairs and maintenance then throw the rest you're used to paying in rent at your debt. That will accomplish all 3 at once. 

if just possession for personal use and not seller quantity I wouldn't worry. 

I get those points. I was more curious if it hurt the offer to ask for it to be vacant. Naturally one side will have to be as I'm moving in. I'd also like the idea of screening my own tenants so I at least have a clue what I have. 

hopefully I will be starting to purchase my buy and holds soon. I say hopefully because it's all going to start when my primary home sells.

I was curious if it's common practice to require any place be vacant upon closing. I will be living in one side so that's a definite but I read lots of horror stories about tenants that have been carried over. 

Does asking for vacant upon closing hurt your offer? Any info on this would be appreciated. 

also I saw owner association yes. Guessing that's an HOA. No price listed for what that is monthtly or yearly.

interesting topic. I have been debating this type of situation as I'm selling my house and will be buying investments when it sells. I have already planned on renting on a month to month after mine sells so I have a place to live while I find the right deal(s). Watching this one. 

from what I gather from reading this forum you want 5-10% for maintenance. 5-10% for capex. 10% PM even if you do it yourself that could change or pay yourself. Vacancy figure 1 month out of the year. 8-10%. 

As far as loan/closing this should be close to exact numbers. Get approved for the loan you can lock rates and figure points and everything else out. They will basically tell what you'll need at closing. The more estimates and guesses the higher chance all your numbers will be off and you'll be negative. 

This is a business do your due diligence and try to be exact on the ones you can and conservative on what Ya can't. 

at 238,000 and only 850 per month per side that will not cash flow unless you put a significant amount down. You will need to get a quote on the repairs you're looking at. Also comp the rents of similar places after repair. However this does not sound like a good deal to me based on the info given 

I would imagine a lot more numbers would be needed to figure this out. Such as current value. Value after repairs. Utilities, age, maintenance. Those aren't enough numbers to even guess 

I wouldn't do that deal if it were my money. You have nothing to lose if the deal goes bad.