All Forum Posts by: Tim Puffer

@Jeremy Chaser - You need to look for off market deals in my experience to get the cashflow you're looking for. Go driving around the neighborhood and find some places that you're interested in and hand write a few letters to them to get you started. That's how I got my current house hack duplex.

I second what @Ali Boone said in that most realtors have NO idea how to properly underwrite an investment property. They will just assume that the rent covers the mortgage so it's a great deal... and we all know that isn't the case.

@Michael Terry - I haven't invested there, but I grew up in the area like @Kati Ross. I went to Chip Hills. I actually used to cut the greens at St.Ives. 

Definitely reach out to me if you have any questions!

@Natalie Kolodij - She speaks sound words - you definitely want to be able to vet companies working with them online.

@Miko Lee - It all depends on who you are looking to do. The FHA option would allow you to have more csh in the bank for reserves and to possibly find another deal. I just completed an FHA House Hack and it is going great. Not having to put a ton of cash into a first deal is huge. Please be sure to properly run your numbers!! PM me if you have any questions - happy to help!

@Syman Hay - It's awesome that you are on BP - great resources here. That being said - you DO NOT need to post the same question three separate times. Once is sufficient if someone wants to take time and share their knowledge with you they will. Seeing the post three times will make people think less of your question.

Now I have no knowledge of Jersey, but you could call an REO agent in your area and they should be able to share the process with you.

@Matthew Bennett - like @Kevin Siedlecki said oncevacancy and PM is factored in this  is no deal. Need to purchase it for less. The upfront expenses seem to be low too. 

I sent out a very small sample size of 25 letters last February looking for a Duplex to house hack. These were handwritten and the buildings were chosen by driving for dollars. I had a 75% response rate and ended up purchasing one. Mailing works. If you are unsure of the format just get something in the mail, you will still get response from it!

@Andrew K. - You will need to get a renovation insurance policy on the home in the name of the LLC - depending on the company it may take the look of either a personal, or commercial policy. For the umbrella - prices generally aren't that high. You will want to make sure to find out if it is "following form" or not from your broker (they should know this - if not RUN). By following form this just means that the umbrella essentially adopts the primary policy provisions, thus possibly avoiding potential gaps in coverage from the primary to the umbrella.

@Kevin Bynum - Do you have any deals yet?? If not, don't worry about a business structure - worry about getting a deal and the rest will follow.

@Matthew Bennett - @Kevin Siedlecki is spot on. What are the taxes, insurance, vacancy, CapEx, repairs and maintenance,property management, utilities(if any), landscaping, mortgage, etc?? You need to factor ALL of these items.