All Forum Posts by: Tyler Ferguson
Tyler Ferguson has started 4 posts and replied 10 times.
@Jordan Moorhead Thank you for the insight, Devin has some suggestions and tools I am looking into as well!
Thanks everyone really appreciate it
Hello!
I am in my First house hack in Austin Texas. I have two 12 month room leases and a mid term rental in an ADU.
I get MTR leads from Airbnb and do bookings through the airbnb platform.
I use apartments.com to manage my Long term tenants and collect rent.
What do I need to keep in mind for starting off on the right foot for book keeping?
Any recommendations on software?
Recommendations on content to watch/read to learn the essentials as a beginner?
Any feedback would be greatly appreciated! Thanks!
Hello!
I am in my First house hack in Austin Texas. I have two 12 month room leases and a mid term rental in an ADU.
I get MTR leads from Airbnb and do bookings through the airbnb platform.
I use apartments.com to manage my Long term tenants and collect rent.
What do I need to keep in mind for starting off on the right foot for book keeping?
Any recommendations on software?
Recommendations on content to watch/read to learn the essentials as a beginner?
Any feedback would be greatly appreciated! Thanks!
Post: Seller concessions for a Coliving house hack to use on Renovation
- Posts 10
- Votes 11
Quote from @Ryan Thomson:
@Tyler Ferguson who is doing this class that you took?
Concessions come from the seller during the initial offer or during the inspection negotiation period.
1. Offer - with the offer you could ask for 5-10k of concessions. You could even raise your purchase price by that amount so the seller gets the same net, but you get the cash now.
2. Negotiation - during inspection, you could ask for the big items to be fixed and paid for by the seller OR you could ask for a concession and you will manage that process yourself.
How to use those concessions? You can use those concessions towards closing costs or buying the interest down. OR those checks could go towards a contractor to do the bedroom additions (or other work you want done).
If they go towards covering closing costs that is just as good as cash because now you don't have to come out with that much cash to pay the closing costs.
There are some rules around the most amount of concessions you can take. For an FHA loan I think it's 3% of the purchase price. Maybe @Jeremy Stebbins can weigh in here.
Hey Ryan,
The course is from Sam wegert . Yep, thanks for confirmation on the standard concession limitations. Just wanting to make sure my understanding is correct and that the case he speaks of in the course seems very edge case and likely a negotiated deal outside of the closing with the lender.
Post: Seller Concessions on a Conventional Mortgage possible to use on repairs
- Posts 10
- Votes 11
Thanks for the input!!
Post: Seller concessions for a Coliving house hack to use on Renovation
- Posts 10
- Votes 11
Thanks for the input!!
Post: Seller concessions for a Coliving house hack to use on Renovation
- Posts 10
- Votes 11
Hello!
I am looking to house hack a single family home through Coliving and renting out bedrooms.
I took a course on this and one of the main strategies pushed is using seller concessions towards renovations of a property to add bedrooms and bathrooms even when using a conventional mortgage. He wouldn't go into details on how he structures this unless you paid for his 10,000$ course on how this is structured.
Does anyone have thoughts on how to do this? My understanding is typically seller concessions can only go towards closing costs or buying down the rate. I am thinking maybe there is an agreement structured for payment after the deal is closed?
Thanks for any input
Post: Seller Concessions on a Conventional Mortgage possible to use on repairs
- Posts 10
- Votes 11
Hello!
I took a course and one of the main strategies pushed is using seller concessions towards renovations of a property even when using a conventional mortgage. He wouldn't go into details unless you paid for his 10,000$ course on how this is structured.
Does anyone have thoughts on how to do this? My understanding is typically seller concessions can only go towards closing costs or buying down the rate. I am thinking maybe there is an agreement structured for payment after the deal is closed?
Thanks for any input
Quote from @Eliott Elias:
You can house hack anywhere as long as there is demand to rent by the room. You are not going to break even on your mortgage buying a duplex in Austin.
Have you seen more demand for rent by the room in certain areas of Austin vs others?