First House Hacking Adventure

[tpuffer]

They want you to be pre approved so you're not wasting their time. It's not uncommon and strengthens your position when competing with other prospective buyers.

They are only showing you one unit most likely to not disturb the other tenant/one unit is open. You should be able to tell the quality of the building from one unit and once you're offer is accepted you can do due diligence and look over the other side.

Part of the reason I got my real estate license is because of the need to be pre-approved at the moment you wanted to see something. With my license I could use say I'm going to look at a property for myself and the listing agent has no issues. But if you don't have your license, then yes, agree 100% with @Envision that being pre-approved makes you stand out.

I'd definitely want to see all units before putting in an offer. It's a ton easier to walk from a property when you're not under contract especially when you have a deposit down on the property. Now, if you have a good contract that the seller agrees to stating you can walk away for any reason, or no reason and receive your deposit back, then that is different. I have that baked into my purchase agreement for every offer I make.

 

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[Strategery]

Update:

The triplex was falling apart and had a lagoon system. What’s a lagoon system? It’s a shit pond. No exaggeration. I was excited when I saw the aerial photos because I saw a “pond.” I like fishing, who doesn’t? Remember.. this is Kentucky, y’all. We like our moonshine clear and our shit in a pond (apparently).

Also, if you’re following this thread looking to learn about this process, I’ll say this. Don’t be squeamish. Don’t expect normal anything. The whole family was in the unit I looked at, with their shit everywhere. There were about 7 people total. It stunk (they always do). It was awkward. The owner was showing me the place, along with a realtor lady that laughed hysterically at all my jokes (she wanted to represent me). The owner was visibly shaking when he saw the inside of the unit, I don’t suppose he expected it to be so gross. A day after my visit they dropped the price by $10k. I guess if I could get it for nothing I might consider the brown lagoon as an option.

This is taking longer than I wanted. I’ve been prequalified for a loan, but didn’t realize how badly the lender’s rule about having three months reserves would screw me. Basically I *should* have enough for about a $330k property, closing costs and all. But with the aforementioned rule, I only qualify for ~$235k.

The shitty thing is that there is a property that would work. It’s $308k, four-plex with a vacant unit. It should cashflow well bringing in $2100/mo for the three occupied units. I’ve been in it, and it seems like a pretty good place. I’d like to get them down a bit though.

So I’m shopping for a less risk-averse lender, working as much as I can at my job (~55 hours weekly, business is slow), learning copywriting (why the F*ck not) and trying to get a clue as to what I am going to want after I get what I want.

 

[broswoodwork]

Update:

The triplex was falling apart and had a lagoon system. What’s a lagoon system? It’s a shit pond. No exaggeration. I was excited when I saw the aerial photos because I saw a “pond.” I like fishing, who doesn’t? Remember.. this is Kentucky, y’all. We like our moonshine clear and our shit in a pond (apparently).

Also, if you’re following this thread looking to learn about this process, I’ll say this. Don’t be squeamish. Don’t expect normal anything. The whole family was in the unit I looked at, with their shit everywhere. There were about 7 people total. It stunk (they always do). It was awkward. The owner was showing me the place, along with a realtor lady that laughed hysterically at all my jokes (she wanted to represent me). The owner was visibly shaking when he saw the inside of the unit, I don’t suppose he expected it to be so gross. A day after my visit they dropped the price by $10k. I guess if I could get it for nothing I might consider the brown lagoon as an option.

This is taking longer than I wanted. I’ve been prequalified for a loan, but didn’t realize how badly the lender’s rule about having three months reserves would screw me. Basically I *should* have enough for about a $330k property, closing costs and all. But with the aforementioned rule, I only qualify for ~$235k.

The shitty thing is that there is a property that would work. It’s $308k, four-plex with a vacant unit. It should cashflow well bringing in $2100/mo for the three occupied units. I’ve been in it, and it seems like a pretty good place. I’d like to get them down a bit though.

So I’m shopping for a less risk-averse lender, working as much as I can at my job (~55 hours weekly, business is slow), learning copywriting (why the F*ck not) and trying to get a clue as to what I am going to want after I get what I want.

I'm very interested in this shit lagoon concept.

Does the house's waste stack just empty into the backyard? I've heard of leeching fields (I don't think they're allowed in MA anymore), but a little frog pond of feces is another thing all together.

Would he give seller concessions to install a septic system?

 

[Strategery]

I'm very interested in this shit lagoon concept.

Does the house's waste stack just empty into the backyard? I've heard of leeching fields (I don't think they're allowed in MA anymore), but a little frog pond of feces is another thing all together.

Would he give seller concessions to install a septic system?

I didn't get too far inquiring about the shit pond (this forum censors the poop emoji, how about that?) because I was too distracted by the home itself. They're selling it as-is, guess I could ask...I don't think I have much competition lol

 

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[broswoodwork]

I didn't get too far inquiring about the shit pond (this forum censors the poop emoji, how about that?) because I was too distracted by the home itself. They're selling it as-is, guess I could ask...I don't think I have much competition lol

Is it reo? We couldn't even get the banks realtor to show up to the closing for one of my houses, and everything aside from an offer for asking was being rejected without a counter.

Banks are assholes.

 

[Strategery]

Is it reo?

Nope

 

[broswoodwork]

Nope

Some people just seem to not care what goes on in their property until it's time to sell.

Speaking of which...

I'm demoing the rotting pointless partition walls at my new shop, and I'm in this... what could only be described as a rape dungeon room... pulling out the past tenants ridiculous and over engineered part rack system (seriously... he could have just used a stack of home depot buckets).

Well, i think he used about 25 lbs of high end deck screws, as well as actual gun fired concrete nails.

I feel like I should be recycling all of this metal.

 

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[tpuffer]

Update:

The triplex was falling apart and had a lagoon system. What’s a lagoon system? It’s a shit pond. No exaggeration. I was excited when I saw the aerial photos because I saw a “pond.” I like fishing, who doesn’t? Remember.. this is Kentucky, y’all. We like our moonshine clear and our shit in a pond (apparently).

Also, if you’re following this thread looking to learn about this process, I’ll say this. Don’t be squeamish. Don’t expect normal anything. The whole family was in the unit I looked at, with their shit everywhere. There were about 7 people total. It stunk (they always do). It was awkward. The owner was showing me the place, along with a realtor lady that laughed hysterically at all my jokes (she wanted to represent me). The owner was visibly shaking when he saw the inside of the unit, I don’t suppose he expected it to be so gross. A day after my visit they dropped the price by $10k. I guess if I could get it for nothing I might consider the brown lagoon as an option.

This is taking longer than I wanted. I’ve been prequalified for a loan, but didn’t realize how badly the lender’s rule about having three months reserves would screw me. Basically I *should* have enough for about a $330k property, closing costs and all. But with the aforementioned rule, I only qualify for ~$235k.

The shitty thing is that there is a property that would work. It’s $308k, four-plex with a vacant unit. It should cashflow well bringing in $2100/mo for the three occupied units. I’ve been in it, and it seems like a pretty good place. I’d like to get them down a bit though.

So I’m shopping for a less risk-averse lender, working as much as I can at my job (~55 hours weekly, business is slow), learning copywriting (why the F*ck not) and trying to get a clue as to what I am going to want after I get what I want.

I know someone who invests in mobile home parks and lagoon systems are actually not allowed anymore per the EPA.

I'd stay away from that shit!

See what I did there?!

Keep pushing forward my man! Nothing happens as fast as you want it to.

Remember - Micro speed and Macro patience!