All Forum Posts by: Mike Hasson

@Isaiah Pearson I was in a similar situation and used the time to make my credit even better, learn as much as a could, and save intently. When my opportunity came, I got lucky with am awesome deal.

As they say, luck is what happens when preparedness meets opportunity.

Have to agree with Joe; be the tenant that you will want to have in your property someday.

So much to think about, I'm already glad that I asked! 

I think I need to make sure I have a good exit plan for the property and not lose sight of where it fits into the big picture. I do like the idea of small-town living but it may have to be a luxury that I continue building up to until I can take a little more risk. 

I do plan on having property manager eventually but for now I do want to self manage so I can learn those skills before passing them on <--(Is this a good plan, or might I be better off just hiring the manager right from the beginning?)

@Bonnie Low Rural vs middle of nowhere is a good distinction. My dream house I can't see my neighbors and my dogs can run free over the horizon - would that be middle of nowhere lol or can I find that in a rural setting? I never thought about the difference... and even though I can make an way better pizza than Dominoes, I do like having the option lol 

Thanks for the tips on the utilities as well, I'll look into what it takes to run/replace those because those are not numbers I've ever had to run! I was looking too at adding solar for extra self-sufficiency, which might help with the pump issue you mentioned, definitely something worth including in the plan!

@Carl Murray Thanks for mentioning the jobs thing, I'll be watching the work-from-home trends in nearby cities to see how that could open up some untapped potential - There must be folks (me?) who would love that sort of lifestyle if they worked from home - but reliable internet would be a must! For that crazy cashflow, was there something in particular that made them so? I'm thinking it might have to do with something with higher risk/higher reward?

Thanks for the tips! I think that's a good approach to cap the budget beforehand so I don't get carried away with improvements, even if I tell myself "they are for my own enjoyment" lol

I feel like that roof thing could happen to anyone! Did you know it was going to need to be replaced going into the deal? Or was that total surprise? And how can a noob like me avoid getting stuck with something unexpected like that? Would an inspection find something like that beforehand?

The fence was another thing I was thinking about, since I do have a few shepherds myself! But I wasn't sure since I see so many of those homes have no fencing, if maybe fences everywhere were just a city-folk thing lol but nope - the fence is just as much there to keep my guys in, as it is to keep theirs out!

...I wonder how much it would cost to fence in an acre 6' high... 

Challenges aside, would you say your happy with your rural purchase?

Hi! I'm looking at some rural properties, specifically in Ohio, within 1-2 hours of Columbus - but mostly asking in general - to investors who buy or own rural properties...

How difficult has it been, in your experience, to find contractors for rehabbing & renovating your rural properties? Is there anything else should I consider before I buy rural? What do you wish you knew before purchasing yours?

My investing goal for this property will be as a primary residence for now, so not worried about rental rates or sales prices anytime soon, though it would be naive to ignore them completely, but my main goal is just looking for a property with deferred maintenance, something that I can add value to over time, hence my immediate concern that I'll be able to find the contractors and builders to do the work.

But anyway, figured I'd ask about your experiences before goin in blind! 

Are my concerns even valid? Am I worrying about the right things here? What else should I be considering with a rural property? 

Any insight is appreciated! Thanks!

I used a first-time buyer program to essentially finance the 3.5% down payment of my first property into a second mortgage, and no payments on that amount unless I sell or refinance. I just factored that into my numbers and since nothing came out of my pocket and I profit on the deal, that'd be zero down!

... But I'll never be a first time buyer again...

I can't tell you where to put yours, but I'll share what I'm doing with mine.

I'm Buying and moving into a small house in the midwest for around $75k, then put $10-$15k into it (always leaving some headroom in the budget) a house hack would be great for a long term stay since that should cover all or most of my basic needs, but will most likely end up flipping at it around $140k, and repeating, to build up enough capital to buy my own home cash, and then use a smaller sum to leverage up with hard money to keep the flipping going. Gotta buy my residencd in cash because i won't have w-2 income hard, and hard money, that I've found anyway, can't be used for a primary residence. At a 20% down, $40k cash be leveraged up to to $200k capital! Then I can start investing in the nicer neighbors and bigger properties (multifamily soon?)

But that's my plan! Hope it gives some inspiration!

I am including all appliances in my flip right now, I bought them refurbished to not break the bank but am confident they'll give the new owners years of worry free use. Not sure what the ROI will be, but my rationale was that if I cut costs on something obvious like leaving out appliances, a buyer may wonder where else I've decided to cut costs.

Plus moving is stressful and the fewer things they have to worry about in their new home the sooner they can enjoy it.

Plus Plus I'm going for top dollar and I'll take every initiative I can to insight a bidding war over the most desirable house in the neighborhood... lol I can dream can't I

@Ed W. That makes a lot of sense and is essentially the confirmation I'm looking for that I need to rethink how I can apply my California plan to Ohio. 

Even when I include "Columbus, OH" in the search for garage conversions, I get California results lol so that was my first clue. My preliminary research shows that a basement conversion is the way this is done over there, but I was really hoping to not have to share walls with a tenant, more for their sake than mine since I have dogs, but if that's the temporary cost of attaining financial freedom, I suppose I can live with it, though I may come back posting asking for a sound proofing contractor some day lol

Hi! I'm about to start making offers on properties in Columbus but first want to make sure my plan is reasonable. My plan is to purchase a home to house hack with a detached garage, convert it to an ADU, and live in the ADU while I rent out the main house.

I can find a ton of info for doing this in California, but not as much in Ohio - so I'm wondering:

How common/accepted are garage conversions in the Columbus area?

Has anyone here competed a conversion like this in/around Columbus? Is there anything you wish you knew before doing it? What was the cost and about how long did the project take to complete, including planning and permitting?

Any insight would be helpful to make sure my plan is realistic before I give up everything to move out there lol

Thanks!