I love your videos! I just found then today! I really love how you are very detailed with the information you share from your investmenting experience! Looking forward to viewing and sharing your other videos!!
Good information. That is what I plan to do which is to househack a 4-Plex property and rent out three other units to pay down the mortgage balance. Great video with closed captions! Thanks Coach Carson
Thanks so much for the information. Quick question. Would it be better to move mortgage indu and homeowners insurance out of the rental expense box and into the financing assumptions box?
I loved the video and have been following you gor a while. I love how down to earth you are and your overall style. We own 5 properties, 3 are short term rentals. We have a vacation home and go to it every weekend so we are planning on renting out our primary residence as a short term weekend rental on weekends. (A different way to house hack). We are nearing retirement and planning on using a VA loan to buy a 4 plex. Rent 3 of the units and live in one of the units it a few years and when we move out rent that unit. I’m wondering how difficult it is to sell 4 plexes if we ever decide to (we are buy and hold mentality but always need exit strategies) as it seems like other investors are the only buyers. I would love to hear your thoughts. Thanks so much for sharing your knowledge.
great job on your properties, Lisa! Short-term rentals are a great variation of house hacking. I should have mentioned that more in the video. 4-plexes do have fewer buyers than houses, but it's easier to sell than a 12-plex or big commercial building. Buyers can get conventional loans still (but not on 5-units or up), so it makes it easier to finance. I have not sold any of my 4-plexes either, but I see a lot of them selling in my town.
Hey Coach, really appreciate all the content you put out. I live in Clemson too and have been looking to do this but the insurance is making the numbers not work (I'm getting quoted 5k a year for a quadplex like that one) who are you using for insurance? Thanks so much
Yeah, 5k/yr is way too much for a $200-300k property. May not be comparing same types of policies. Try Fletcher Anderson with Clemson Insurance. Agent and investor who knows his stuff.
I just moved to a new city and am looking for a duplex to househack that meets my strict criteria (1% rule and 10% coc return). Unfortunately, all those properties are in undesirable areas. I found one duplex in a really nice trendy area near downtown, restaurants and nightlife that I would love to live in. It doesn't work as a long-term rental because of the inflated purchase price (way below 1% rule), but it would cash flow really nicely as a short-term rental. This seems risky to me, such as if the city cracks down on short term rentals and I have to convert it to a long-term rental. I spoke to a property manager who manages short-term rentals and they say there is a rental/hotel shortage in the city and don't think it's something to worry about, but I'm concerned about the potential risk. I'm wondering what are your thoughts?
There is definitely a regulation risk with Airbnb/short-term rentals, but perhaps you could make sure the deal works as a long-term rental (as as back-up plan) and then go for the short-term rental to maximize cash flow. I'd also point out that the 1% rule is helpful, but there are good deals that don't meet it. So, don't let it be the deciding criteria. Especially in higher-cost areas. If you can live a lot cheaper than you would otherwise, lock in a low-interest rate, and own an appreciating property - you can build a LOT of wealth over the long run while living cheaper now.
I haven't personally had a low money down loan for a while. But my understanding is FHA you can't remove the PMI fees. But with others you can once you have over 20% equity. Just have to prove that.
See my new and improved *House Hacking video* where you can turn $25K to $50K! ► th-cam.com/video/LiPMpCxQQ7E/w-d-xo.html
I love your videos! I just found then today! I really love how you are very detailed with the information you share from your investmenting experience! Looking forward to viewing and sharing your other videos!!
Welcome!! I'm glad you found my channel. Let me know what you think of the other videos, and I hope you'll find them helpful as well.
Great video! Question- where do I find a real state agent ? And is it gonna cost me a lot of money for him to help me ?
Good information. That is what I plan to do which is to househack a 4-Plex property and rent out three other units to pay down the mortgage balance. Great video with closed captions! Thanks Coach Carson
Good luck with the 4-unit house hack! And thanks for watching.
Great content! Thank you for these wonderful videos.
Glad you like them! I appreciate the feedback
Thanks so much for the information. Quick question. Would it be better to move mortgage indu and homeowners insurance out of the rental expense box and into the financing assumptions box?
Thanks.Carson,
Good explanation. It will help me.
Love it!
Great video man!! :)
I loved the video and have been following you gor a while. I love how down to earth you are and your overall style. We own 5 properties, 3 are short term rentals. We have a vacation home and go to it every weekend so we are planning on renting out our primary residence as a short term weekend rental on weekends. (A different way to house hack). We are nearing retirement and planning on using a VA loan to buy a 4 plex. Rent 3 of the units and live in one of the units it a few years and when we move out rent that unit. I’m wondering how difficult it is to sell 4 plexes if we ever decide to (we are buy and hold mentality but always need exit strategies) as it seems like other investors are the only buyers. I would love to hear your thoughts. Thanks so much for sharing your knowledge.
great job on your properties, Lisa! Short-term rentals are a great variation of house hacking. I should have mentioned that more in the video.
4-plexes do have fewer buyers than houses, but it's easier to sell than a 12-plex or big commercial building. Buyers can get conventional loans still (but not on 5-units or up), so it makes it easier to finance. I have not sold any of my 4-plexes either, but I see a lot of them selling in my town.
Coach es muy chingone 👍🏼🙌🏼👏the 💣 bomb!!
Gracias! 🙌
Your welcome coach 👍🏼
Hey coach house house hacking homes with garage apartments has been huge for me in my market. It's a niche no one is looking for.
Awesome. Thanks for sharing. Do you convert garage to apartment? Or is it building apartment above garage?
@@CoachChadCarson I have been finding detached garage apartments with the apartments above the garage. Usually neglected and a real bad shape.
Great niche! Love it.
Hey Coach, really appreciate all the content you put out. I live in Clemson too and have been looking to do this but the insurance is making the numbers not work (I'm getting quoted 5k a year for a quadplex like that one) who are you using for insurance? Thanks so much
Yeah, 5k/yr is way too much for a $200-300k property. May not be comparing same types of policies. Try Fletcher Anderson with Clemson Insurance. Agent and investor who knows his stuff.
Can I move into a second quadplex and get another homeowners loan? While then renting out the original room I lived in
Yes, but you need to follow all rules of your original mortgage regarding how long you live there. For example, i think FHA is 12 months.
@@CoachChadCarson Thanks coach!
I just moved to a new city and am looking for a duplex to househack that meets my strict criteria (1% rule and 10% coc return). Unfortunately, all those properties are in undesirable areas. I found one duplex in a really nice trendy area near downtown, restaurants and nightlife that I would love to live in. It doesn't work as a long-term rental because of the inflated purchase price (way below 1% rule), but it would cash flow really nicely as a short-term rental. This seems risky to me, such as if the city cracks down on short term rentals and I have to convert it to a long-term rental. I spoke to a property manager who manages short-term rentals and they say there is a rental/hotel shortage in the city and don't think it's something to worry about, but I'm concerned about the potential risk. I'm wondering what are your thoughts?
There is definitely a regulation risk with Airbnb/short-term rentals, but perhaps you could make sure the deal works as a long-term rental (as as back-up plan) and then go for the short-term rental to maximize cash flow.
I'd also point out that the 1% rule is helpful, but there are good deals that don't meet it. So, don't let it be the deciding criteria. Especially in higher-cost areas. If you can live a lot cheaper than you would otherwise, lock in a low-interest rate, and own an appreciating property - you can build a LOT of wealth over the long run while living cheaper now.
I've heard it's very hard to get out of those "less than 20% down" insurance fees even after you get 20% paid off
I haven't personally had a low money down loan for a while. But my understanding is FHA you can't remove the PMI fees. But with others you can once you have over 20% equity. Just have to prove that.
Thanks Coach!
Thanks for watching!
How to make your neighbors hate you
🙄
@@zacharymetler3166 I meant it as a joke
Definitely a lot of "Not In My Backyard" (NIMBY) going on out there.
@@mikeritter2979 my bad!! 😬