All Forum Posts by: Sam McCormack

Columbus keyword alert activated.....................

INCOMING!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

We all could agree there is a lot of volatility, uncertainty in the market now and possibly in the next few months. And I understand we have no idea how the market would change in the next few weeks/months.

I am a new'ish RE investor and ideally would love to purchase a Duplex in the the next 1-2 months in Columbus (OH), however I am really confused.
Curious how are you all thinking about your real estate investment plans in the coming months? I know we cannot time the market but trying to get a pulse check with the folks here.

I feel either of the below may be an option. Feel free to add from your side.

1. 1. Business as usual? Keep investing the way you did before, since noone can time the market
2. 2. Business as usual, but with least risk? Keep investing however, lean strongly towards minimizing the risk you may want to take.
3. 3. Stop investing until the market stabilizes?

Hello Everyone! And happy Holy Saturday to my Christian friends!

I'm looking to house hack. This is my first real estate purchase and I want this to be the first property in my real estate portfolio (Ideally I'd like to purchase a second investment property by February next year and continue investing until it's my sole career).

I've already found multiple places that have the right location, number of bathrooms and bedrooms for me and at least 1 other tenant. The problem is that most of these homes are listed as "single-family".

Does anyone have experience with renting a floor of a single-family home as a house hack? Are there legal issues (Cincinnati OH)? Do you recommend sharing a kitchen or other rooms? Is there any reason I can't just add locks to doors and add walls to make a single-family home into a duplex? Are renters open to renting a house hack setup?

Your advice will save me a lot of frustration as a new investor.

Thank you!

Hey BP Community!

My name is Wilfried Tanefeu, and I’m a junior at the University of Michigan majoring in Applied Exercise Science and minoring in Real Estate. I’m also a D1 student-athlete, balancing school, athletics, and an increasing passion for real estate.

Right now, I’m at the very beginning of my journey. I don’t have capital yet, but I’m committed to learning everything I can, building my network, and putting myself in a position to buy my first multifamily property within the next 10 years.

My long-term goal is financial freedom through apartment ownership, and I know it starts with education, action, and surrounding myself with the right people.

I’m here to:

• Learn about multifamily investing, house hacking, and creative deal structures
• Connect with mentors, local investors, and like-minded people
• Share my journey from the ground up

If anyone’s willing to share their story, offer advice, or point me in the right direction, I’d love to connect!

Appreciate the space and excited to be here.

—Wilfried

Hey BP community 👋

I’m actively looking to invest in affordable multifamily properties (4 units or less) anywhere in the U.S. My ideal scenario is:

• 4 units under $200,000 total purchase price

• Each unit rented at $800–$1,000/month

• Monthly gross income: $3,200–$4,000

• Goal: Net $2,000/month in cash flow from a single deal

I’m exploring using a DSCR loan (Debt-Service Coverage Ratio loan) for financing, since I'm not a U.S. citizen (I'm based in Spain), and I'm partnering with someone who lives in Texas. We're aiming to buy through an LLC.

💸 Example of What I Want:

If I found a 4-plex at $180,000, and it rents for $1,000/unit, here’s what I imagine:

• Total income: $4,000/month

• DSCR loan at 75% LTV: $135,000

• Interest rate: ~8.5% (fixed), 30-year term

• P&I payment: ~$1,037/month

• Taxes + Insurance: ~$300/month

• Other reserves (mgmt/repairs): $500/month

Net cash flow: Around $2,100/month

❓My Questions:

1. Where can I find deals like this? Any markets you recommend where 4-plexes are still below $200K?

2. Are there lenders doing DSCR loans for 4-units in this price range?

3. Any red flags to watch out for when evaluating cheap 4-unit properties in smaller towns?

4. Are there platforms or wholesalers you recommend to find these types of multifamily deals?

Any insight would be super appreciated 🙏 I’m trying to structure my first big cash-flowing deal using Other People’s Money and want to learn from those already doing it.

Thanks in advance!

Hi All,

I have been a 401K investor for my entire working career, but I've recently been considering dipping my feet into the world of real estate and my boss recommended to check out this website. 

Before I start re-allocating my resources, I was curious on what all of you might do in my situation. I have an opportunity to purchase a home from a family member for $800k which has the potential to be sectioned off into two ADUs with a combined value of $2-3k/month. I currently have $24k available for a down payment, so because of the current interest rates my mortgage payments would be taxing on me even after considering the additional revenue. Plus, I still need to factor in all the costs associated with renovations and running a business - I also have the concern of renter's rights in California. 

Do you all think it might be a better idea to invest in more affordable rental properties out of state, and save those earnings towards my own personal home? 

Some additional things on my mind to consider:

- I am in a serious relationship and am considering starting a family in the next few years.

- I am not willing to move out of California - at least not anytime soon.

- The property is in Long Beach, CA right next to a community college and a ten-minute drive from a major university.

I'm very new to all of this and don't know the questions that I should be asking - so if you want to ask me some additional questions that would be okay!

Thank you in advance,

John.

I’m interested in learning everything I can about a live-in flip before we take the plunge.

Looking specifically for:

-how to pick a market that offers great upside

-locating an investor friendly RE Agent that is located in a market that is poised for decent appreciation in the next 3-4 years(Arizona,Florida,Texas markets specifically)

-any books that you recommend that will help our first live-in flip become a success

-any online resources, podcasts, etc that you would recommend

-any tips on picking the proper strategy for the investment (adding an ADU vs adding square footage vs cosmetic rehab only)

Thanks in advance for any recs!

Dan

I'm a HVAC contractor. Mini splits have many great applications such as an addition recently added to the home. In my opionion they are not tenant friendly. They need to be cleaned regularly, the remote will be damaged or lost, parts or not reguarly available to HVAC contractors(if you can find one to work on them) especially the DIY Mr. Cool type units. So if they existing duct work is in good condition I would just replace the unit with a traditional split system. 

Hi all! For those investing in OH, if you're primary goal is cash flow, looking at small multi-family, would you invest in Columbus or Cincinnati ? Pros / Cons of each ? I see both are started to get oversaturated with investors. Thank you!

Hello, my name is Ethan Tomlinson. I am a 22 year old college student at BYU-I. It’s been a dream of mine to house hack the moment I have learned of it, which was four years ago. Listening to countless podcasts and reading tons of books, etc. Since then it’s been on my mind. Aged 19-21 I served a mission for my church in the New England area, but since I’ve been home I’ve been saving money. To get to the gist of things…

I'm wondering if anyone in this local area of south east Idaho knows a lot about the process of getting your first house hack. Costs, getting pre-approved for an FHA loan, who to talk to first. Etc

I have two part time jobs and in total I bring home between 2800-3000 a month. I have no debts, I only have to pay for groceries and gas right now so I’m able to save about 2300-2500 each month after paying my living expenses each month.

Other things to know:

My current savings are about 20k and I have 4k in a Roth.

My credit score has been 750+ for quite some time now

I have only had my two w-2 part time jobs for about a couple months, before then a lot of my labor was 1099 or even just being payed cash, and if I remember correctly you need 2 years of income to get approved for an FHA loan generally.

So what steps should I take to inch closer to obtaining a house hack? It’s killing me more and more not being able to start this, i definitely haven’t done any deal analysis in a while with the calculators, but I used to a lot years back. 

if it helps, ask me questions too! I bet I’m overlooking a lot of things. I greatly appreciate all comments and I will listen, as you reading are the likely seasoned veteran, not me.