All Forum Posts by: Tim Shin

@Brandon Turner Ah, yeah. That makes sense. Did you lose your renter too? What happens to your tenant when the house gets disaster flooded... do you have to help them find a new place? I bet if everyone is waiting for someone to come fix up the other places and you get out the door first you'll get a new tenant in no time? Or is the landslide still a big problem? Best of luck to you!

@Brandon Turner that really blows! Did any of your tenant's stuff get ruined? Why not just pay the $5k deductible? That doesn't sound bad for getting it done right with the kind of crazy flood your unit survived. 

Hi All,

I've  been listening to @Brandon Turner and @Joshua Dorkin on the BP podcast a lot lately and I keep getting crazy excited about house-hacking a MFR 3 or 4-plex to live rent free and cashflow on a property. Even my reluctant wife is excited about the idea after listening to the BP podcasts on our road trip. I know FHA/203k loans are available to us if we are going to live in the property, but what else is available?

Also I want to be able to get conventional financing for other rental properties... Is it possible to get loans on more than one property in a year?

For instance, I'm evaluating this deal on a $65k 3/2 halfplex in Houston that has a tenant ready to renew there lease at $1000. I have a friend who will provide the 20% down payment for 50% equity if I provide the loan because I have a good job and we think this will bring about $300-400 in cashflow after mortgage, insurance, and taxes. Seems like a good deal. Can I get into this deal and still get into a MFR to live in with a 3.5% down FHA/203k loan with my wife and I's salaries later this year?

 Please send me a message on this Doug. Exit strategy is still under works with the seller. Executor is seeking basic knowledge on the value of the home, including clean up and reno. Our first position is to wholesale but I have associates who are interested in rental. 

Hi and Happy Holidays All,

I'm trying to work with an out-of-town executor of estate to get a house under contract. The house belonged to the decedent who prior to passing became a hoarder. There is food and animal waste in the house and it smells extremely bad. This would probably be a hazard job clean up. The executor has requested we seek quotes/bids for him so we can help him decide how to get value out of this home. 

Any cleaners out there or anyone who know cleaners who can deal with this and give me a quote? Here is the photo gallery: 

https://plus.google.com/photos/1085495098983815235...

Cheers,

Tim 

Alright, well thanks for the tip! Waiting on a response from the executor on what he'd like to do. Started requesting bids. Maybe I'll head over to the marketplace.

Thanks for the tips! Yeah my venture partner who is a rehabber estimated for that 1918 sqft house we'd basically have to redo the entire house for about $70k and we added in $10k as a buffer. We figured we may need about 3 dumpsters for the trash alone. 

It's a probate lead so the seller just wants to figure out what he can do to get the most value. We suggested we take over the mortgage and payments, and split profits of wholesale or rehab with him. I think rehab would probably be better for all parties win-win-win situation.

@Michael Herr do you have to count day workers as employees or contractors? How does that work? That's definitely a great tip on getting EXTRA workers in case some walk! I never would have thought of that.

@Steve Harber welcome!

@Steve Harber Hi Steve! Welcome to you too! I will do that. I'm on the verge of my first deal.

@Elizabeth Colegrove How much does something like that typically cost to clear out?