All Forum Posts by: Scott Anderson

Don’t stop house hacking until you hate doing it. Until then reap the massive rewards.

Also married with kids can still house hack. I’m considering a 3bd unit 4plex as my next move.

You can also rent out parking, storage, garages, etc.

I house hacked all of my properties except the current one. But I bought it for free and am doing a live in flip instead. 

In my opinion, you should wait until the heloc you get can fund an entire acquisition and extra for emergency capex.

So if you can pick up a property for $50,000 and you've got the equity for a heloc of at least that amount, but ideally more like $65k, then I'd move forward.  I started with a $55k heloc.  Acquired the property with $41k.  That's $14k more in case I run into big issues.

I wouldn't pay anything extra into your mortgage ever.  Keep cash on hand to move as quickly as possible when you're ready to purchase and not have to pay interest to use it.

What city(ies) are you buying in to get college kids? 

I made an offer sight unseen. Offered 160k listed at 185k. Market is extremely hot. Homes sell in 0-7 days most around 3 days.

They countered 165k, I accepted site unseen and bought the house.

Tenant inside made it easy as owner occupy don’t want to wait.  Maybe I got lucky. Maybe it’s just numbers. 

You don’t need a team to buy a house. You need a good realtor that’s willing to make “lowball” offers. They will get you a good loan officer and set you up. From there it’s renting out your rooms properly and learning to be a landlord. 

I started with $0.

If you Owner occupy, 0% down loan or US govt grant $, seller paid closing costs.  Live in flip and/or refi/Heloc fund second home effectively zero more out of pocket for two homes. Rinse/repeat. 

Color me surprised. I use cozy. 

Don’t know if it’s been said already, talk to a lawyer prior to responding. Your wording could seal your fate.

Also the sewer pipe collapse could be a municipality problem. Depends on where.

I’m currently concentrating on single story 3/2s with no outside maintainence. Interior needs to make sense for a small family and small pets. Basic as basic gets for all I care. I’ll upgrade when it’s time to sell. This market has low vacancy so I’m not worried about needing the fanciest place to fill it.

However, If I won’t live there personally, I won’t own it. 

Buy in the path of progress.

Figure out what type of property makes sense to YOU and your abilities and goals.