All Forum Posts by: Mike Harris

@John Warren Thank you. That seems like a good way to go about the situation. 

I am currently looking at a multi-family home to possibly purchase and house hack. A tenant has lived there for three years, has never missed rent, and wishes to stay. With what she pays currently I will have a negative monthly cash flow of about 115 dollars per month. Is it normal to raise the rent to make a profit or at least break even with the same tenant still occupying it? If not, would it still be a deal worth doing? I would assume so but I am curious what you all might have to say. Thank you for any input.

Congratulations @Tyler Sager! That's huge! Are you planning to live there for long or rent out the unit you live in?

@David Daily I appreciate the feedback. Thanks.

@Jeremy Wirths I like real estate as whole but my passion is for investing particularly. I plan to do renos and str's. And yes I was getting the feeling that doing it part time to start out was basically asking to fail considering how hard it seems to get your first sales even while doing it full time. Thank you.

Can any of you real estate agents tell me if it is honestly worth it? As someone who wants to get into real estate investing I am looking for ways to acquire more knowledge. My current employment situation has nothing to do with real estate and takes about 50 hours of my week. Becoming a real estate agent seems like a good idea because it allows my job to also focus on my interests. By working I'll be increasing my knowledge at the same time. That said, does it pay enough to do full time? If I were to quit a steady job to pursue a passion in real estate, is an agent a smart way to go about it? I'm looking to increase my seed money for my first investment as well as pay my bills. Is this feasible as new agent? Any and all input would be greatly appreciated.

@Cody Barna so typically you won't have to expect higher than 5%?

I understand that closing costs vary from property to property but I was wondering if anyone had tips to see how to get a rough estimate. I was told they can cost up to 10k and if that is true that will change the amount I can put down on a property. Is there some type of formula to guesstimate? like maybe a percentage of the property cost? Thank you.

@Patricia Taveras ok thats interesting! I haven't heard of them yet. I'll research that. Thank you :)

@Jin Kim