All Forum Posts by: Wa Chan

Hey everyone! Trying to get thoughts on a duplex house hack in the Portland, OR area. 3 bd 1.5 bath about 1240 sq ft per unit. One unit is vacant and the other rented with long term tenants under current rental value according to comps. Won't be cash positive until year 2 after remodeling our unit and moving out with a CCROI of 4.7% on FHA 3.5% down. This includes 5% vacancy and repairs and some funds for capex. I would not be responsible for utilities. I understand the stock market on average (this year is an anomaly as gains have been pretty wild) is about 7 to 8% per year, but would be getting equity and tax reductions. Numbers are pretty tight in Portland. Does this look reasonable for an investment? I can take some financial setbacks with my income. Also, would throwing down enough to bring the equity to 20% and refinancing to conventional be a good idea or just picking up another property? Plan is for long term rentals and BRRR. I'd appreciate any advice! Thanks in advance!

@Wendell Butler I'm actually sorting through the same question, but live in Portland, OR. Used to live in Mission Hill in Boston! I'm in the process of looking at duplex and triplexes currently. This would be my first property. Learning so much just going through the process. Since prices here are also so expensive it is very difficult to cash flow unless you get a Tri or Quad, but it can be difficult to meet the self sufficiency test with a lower down payment on a FHA loan. I've heard people rent the other unit(s) out and then rent a room or two out in the unit they live in, but I'm not quite sure if the lenders or laws technically allow this. This might help the numbers work better. Also, after living there for a year it might cash flow then? At the very least, will help lower mortgage and slowly build equity? Good luck going forward!

@Julee Felsman I’ll be looking at the properties in the next few days. They all say units occupied but don’t specify whether they are month to month or when leases are set to expire. Will find out. Appreciate you help!

@Brad Hammond much appreciated! Definitely learning a little more with research and charting with lenders and agents. Will take note!

@Mathew Wray thanks for the advice. Much appreciated!

@Sarah Kartsher thank you!

@Julee Felsman I really appreciate you help!

@Jeremy Wirths thanks for the advice!

Hello all! My fiancé and I will be purchasing our first duplex or triplex and house hacking in one of the units, however there are existing tenants in every unit in the properties we found. Portland, OR.

1) How do we go about (in the friendliest way possible), removing a tenant so that we can stay in one of the units?

2) Most of the properties require an offer before we can view them. I understand that this is pretty standard. Are we able to pull out of the offer for any reason?

3) What are some questions to ask the current owner? Also, red flags to look out for?

4) Do’s, don’ts and tips?

Any advice is greatly appreciated. I’m finding that this forum is awesome with a bunch of helpful people willing to share their experiences to a noob like me. Thanks in advance!

@Anna Swartz-Lopez thanks for the advice!