All Forum Posts by: Ty Martin

@Teri Feeney Styers this is incredible advice! I can't thank you enough for taking the time for a thorough response.  I'll be sure to check back in!

Welcome @William KJ Kulik!  Best of luck to you. 

There are plenty of resources about beating the struggle of those debts while building your real estate portfolio, as well as a ton of other information

Cheers!

Hi @Corina Eufinger - thanks for the response!

Since I'm using an owner occupied FHA own, am I technically able to make a an agreement using the words tenant and landlord? I feel like these only apply to a situation where I would not be present, but I'm really not sure. I have a template I am following, just curious if I'm actually to get anything set in stone that is legally binding. This is more to cover me in case anything crazy / unexpected happens as these are both friends I have known for quite a while, but other investors on me have continued to say "You don't truly know someone until you live with them" so I am just trying to cover myself in every way.

Thanks again for answering!

Hi @Sebastian Kressley

First of all, congratulations on graduating and the new job!

As for your current living situation, I don't feel as if paying rent right now should be frowned upon, for the following reasons:

1- As long as you're not taking on the entire cost yourself by living alone, I am sure your rent payment is not nearly as much as a 1 bedroom place would be.

2- If you do have to rent, which in this situation it appears you do currently, although it doesn't build equity, it may give you time to learn the market around you while paying minimal rent (No swanky water-front apartment with all of the amenities, this is obviously extremely pricey)

3- This is also a great opportunity to find some inspiration for your future in real estate. Similar to when a football coach tells his players to "remember this feeling" after a big loss so they can assure it won't happen again, remember the feeling of having to pay rent and be sure that in your (hopefully near) future you can transition to the other side of things as a landlord and escape the tenant life.

I think for now you need a serious look at your situation. Job aside, is this market one you want to live in and invest in in the future? The job shouldn't be the issue so much, you're well educated and can get a job elsewhere, but is that where you want to be if you transition away from this company?

If no, consider where you want to transition to, and hold off on buying anything right now.

If yes, start to read the market, and within 6 months you should easily be able to make a decision on purchasing a house hack. I strongly suggest a Multifamily if the numbers work or a condo with roommates.

Cheers and good luck Sebastian!

Hi Ashley,

In my opinion this one seems to be like it could be a nightmare.  If this would be your first property, I'd say stay away.  Looks like too much rehab up front. Of course, this is just my opinion as a new investor myself.

Good luck!

I am definitely in!

Check this out guys:

@William KJ Kulik @Julianne Capron @Zaire Divine Brooks @Andrew Beauchemin @Account Closed

Hi BP family!

I am about a week away from closing on my first property.  I intend to house-hack it and am looking for some advice if possible.  This isn't about the numbers, but more about the living situation of the house hack.

The Details - South Jersey - 2 bedroom, 2 full bathroom + loft condo.  I will live in the loft while renting out both bedrooms.  I already have 2 friends who are currently paying ridiculously high rents and are on month-to month leases currently who are looking to move in with me, so I am going to have no problem with filling those two bedrooms.

The Question - Being that this is going to be a house hack with friends, am I still able to get a contract written up for them to sign?  I'm not sure how contracts/agreements work when I am actually going to be living in the house as well.  I obviously trust them both but I still want my terms in writing.  I'm not sure if this varies from state to state but I am in New Jersey.

Thank you all! I appreciate the help and can't wait to officially start my REI journey!

Hi @Sebastian Kressley

First of all, congratulations on graduating and the new job!

As for your current living situation, I don't feel as if paying rent right now should be frowned upon, for the following reasons:

1- As long as you're not taking on the entire cost yourself by living alone, I am sure your rent payment is not nearly as much as a 1 bedroom place would be.  

2- If you do have to rent, which in this situation it appears you do currently, although it doesn't build equity, it may give you time to learn the market around you while paying minimal rent (No swanky water-front apartment with all of the amenities, this is obviously extremely pricey) 

3- This is also a great opportunity to find some inspiration for your future in real estate.  Similar to when a football coach tells his players to "remember this feeling" after a big loss so they can assure it won't happen again, remember the feeling of having to pay rent and be sure that in your (hopefully near) future you can transition to the other side of things as a landlord and escape the tenant life.

I think for now you need a serious look at your situation.  Job aside, is this market one you want to live in and invest in in the future?  The job shouldn't be the issue so much, you're well educated and can get a job elsewhere, but is that where you want to be if you transition away from this company?

If no, consider where you want to transition to, and hold off on buying anything right now.

If yes, start to read the market, and within 6 months you should easily be able to make a decision on purchasing a house hack.  I strongly suggest a Multifamily if the numbers work or a condo with roommates.

Cheers and good luck Sebastian!

@Morshad Saami Hossain @James Masotti @Kurt Kwart

Thank you all so much!  You are all examples of what makes BP a special place.  I would love to plan a meetup and to talk to all of you more.  Thank you! '

@Justin Eaton thank you so much for your tips and please keep me posted on the meetups you are planning.  

Thanks @Kurt Kwart ! I appreciate the tip