You can get a rehab loan to make the house livable through FHA. As long as the house has multiple meters you can buy up to 4 units and the projected income minus 24% monthly repair fees will be counted towards the loan. So if you buy a 4 unit that rents for $800 per unit you income is counted at $2400 per month above what you normally earn if you income is $2600 per month you have more than doubled the the loan amount you qualified for as well as the quality of the home plus units. In CA in historical neighborhood mil units and above the garage units with a traditional main house are fairly common. Its a great way to qualify for a nicer home.
@acegrooms51353 жыл бұрын
Thanks for this upload and content. Some of us who are looking to go the owner occupy/ duplex house hack way appreciate this allot. The walk through while breaking it down is also creative. It’s makes us want to watch and listen lol.
@investfourmore3 жыл бұрын
Glad it helps!
@cynthiamenig2643 жыл бұрын
Single again at 52, this may be the way I can lower my housing costs and not work myself to death. Thank you!
@Dami134043 жыл бұрын
By the condition of that one basement room, I think it was used more as a storage room than a bedroom. That could explain why the furnace was in there.
@investfourmore3 жыл бұрын
could be
@Nelphoto3 жыл бұрын
I agree.
@RossTheGenMan3 жыл бұрын
I agree I think the entire second unit is on one side of the basement and the room with the padlock was a storage room for the owner. I wouldn't think having your only access to your furnace in the rental unit would be a good idea.
@investfourmore3 жыл бұрын
Many houses in the area have the only access in one unit. It would not be much different than having a single family rental and the furnace access being inside the house.
@loro93853 жыл бұрын
When I was little my dad bought a big old 3 story house. We lived on the first floor and rented the top floors. The basement could also be rented but my parents usually only rented to someone desperate. The whole neighborhood used that basement during tornado warnings.
@investfourmore3 жыл бұрын
That is awesome!
@christopherlinfors26073 жыл бұрын
I don’t regularly comment on videos, but this one was beyond educational, and extremely awesome. I turn 18 at the end of next year, and just got my first job. I plan on going to college, and in that time, plan on living at home. However it is likely that my family will move during my college education, and I’d love to do something like this. Even if I live with my parents through college, and then graduate and do something like this, that’s what I want. Real-estate investing is definitely something I’m interested in getting myself into for the future.
@investfourmore3 жыл бұрын
Thanks!
@wewillprevail25202 жыл бұрын
My problem with house hacking single family is what person really wants to live in a basement and have another human living upstairs? Do people really do that
@vivienne80973 жыл бұрын
Mark!!! Please separate refrigerator and stove units. Please. It is so painful to seeing that.
@investfourmore3 жыл бұрын
That is not my house
@slash24873 жыл бұрын
I like this house hacking idea and like this house..🥰
@investfourmore3 жыл бұрын
:)
@saraflores96013 жыл бұрын
I could see this property being bought to take care of elderly parents. Way cheaper than a nursing home and still have privacy. What a deal. Also good for a deadbeat adult son or daughter to pay some rent for living with parents and still feel a bit independent.
@investfourmore3 жыл бұрын
haha true
@deonmurphy63833 жыл бұрын
Very odd and not great to have the stove and refrigerator side by side.
@investfourmore3 жыл бұрын
A lot of older houses are like this
@tbone3413 жыл бұрын
I believe that is not code compliant, there must be a 9" cabinet between them
@PatriceWolfe3 жыл бұрын
If it's just for one person, I would probably live in the basement unit and rent out the upstairs unit; that way you can get more for rent...Or do you have to live in the upstairs unit to get an owner-occupied loan???
@TommysTanks3 жыл бұрын
`Good show thanks Mark.
@nadinevalent44363 жыл бұрын
in many states that aluminum venting is illegal ,as it is a fire hazard
@vesperholly3 жыл бұрын
I used to own a condo where the only furnace access was in the master bedroom closet - must vary state to state?
@leolionz36923 жыл бұрын
Could be because it technically wasn't in the bedroom, but in the closet and the builder found a way to sneak around it
@investfourmore3 жыл бұрын
It does vary by state but I believe that is universal building code.
@nautilusshell9403 жыл бұрын
Good analysis but I'd pass on this for 'house hacking'. I personally don't think the concept is realistically viable, I think the numbers can make sense but the sacrifices of being an amateur landlord don't outweigh the benefits. I think a better beginner strategy is buying a fixer upper and going for significant sweat equity. The skills learned from fixing things will save money in the long run maintaining rentals, even if one uses contractors. Finally, most people are best off increasing their income the margins and returns from a single rental isn't much.
@investfourmore3 жыл бұрын
My rentals literally have made me multiple millions of dollars and I bought them one at a time. I was not house hacking but many people can't afford a 20% down payment. You have to remember it is not just the cash flow that makes money but appreciation, getting a good deal, loan pay down etc. When you use low money down loans it amplifies all of those returns. The house goes up in value 20% and you just tripled your investment.
@kickandblock3 жыл бұрын
I’d probably live in the basement and rent out the actual house.
@investfourmore3 жыл бұрын
That is an option too!
@dianaw51003 жыл бұрын
In Colorado do you pay more in property taxes if it's not owner occupied?
@jennnyandjeffs3 жыл бұрын
If a person does not have $22k in cash, they probably should not buy a $340k house. IMO
@investfourmore3 жыл бұрын
It is cheaper than rent usually and helps them build wealth. With a house, I think low money down loans are worth the risk.
@carguy46583 жыл бұрын
When I was looking for a house in Michigan, my father tried to get me to purchase a house with a basement configured as a separate apartment. It was a much newer house than this one, but I balked at the what I thought was a very cheap and shifty renovation.
@investfourmore3 жыл бұрын
That is understandable
@glennrubel43263 жыл бұрын
Favor the blackboard view.
@investfourmore3 жыл бұрын
Thanks!
@cheskydivision3 жыл бұрын
Lock on the inside of the closet?
@alexd50283 жыл бұрын
Right?! What's with that door chain?
@investfourmore3 жыл бұрын
No idea
@saraflores96013 жыл бұрын
In old houses people would change clothes in the closet. Modesty. And they would lock the door from the inside so noone would accidentally open it and see them in the buff. In modern day we don't have whoever just hanging out in our bedrooms.