Start by Building Your Real Estate Portfolio by House Hacking

Realtor · San Antonio, TX · Member since 2020 · 18 posts · 7 votes

Investment Info:

Single-family residence other investment.

Purchase price: $229,000
Cash invested: $45,800

This house I'm currently house hacking. I stay in one of the bedroom and rent out the other three. This is a great way for you to build equity in your house and have other people help pay you mortgage note. I highly recommend any single individual to invest in this type of real estate. If you are up for having roommate this is a great way to start building your real estate portfolio. Would love to help you out and give you any advice on this type of rental business.

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Michael Dumler

Real Estate Agent · Atlanta, GA · Member since 2020 · 1k+ posts · 1k+ votes

@Viresh Patel congratulations on the house hack deal. My question to you is, have you run the numbers to determine if the property could eventually be turned around as a long-term rental? Rinse and repeating the cycle effectively is a great way to grow your portfolio.

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Zachary Inman
Specialist · Indianapolis, IN · Member since 2021 · 312 posts · 282 votes
4y
Nice! Do you have any issues finding reliable tenets by renting out individual rooms?
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Viresh Patel
OP
Realtor · San Antonio, TX · Member since 2020 · 18 posts · 7 votes
4y
No, I find really good tenants. I do a three step process. First I run a background and make sure they don't have any felonies or any severe charges on their name. Second, I try to find people with a credit score of 550 and up. That at least lets me know that they are working on building their credit and being responsible. Third, I make sure they are working. Before moving in I will request 3 recent paystub to ensure they are working and have a legit job to pay rent. Thanks for commenting and let me know how else I can help.
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Michael Dumler
Real Estate Agent · Atlanta, GA · Member since 2020 · 1k+ posts · 1k+ votes
4y
@Viresh Patel congratulations on the house hack deal. My question to you is, have you run the numbers to determine if the property could eventually be turned around as a long-term rental? Rinse and repeating the cycle effectively is a great way to grow your portfolio.
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Viresh Patel
OP
Realtor · San Antonio, TX · Member since 2020 · 18 posts · 7 votes
4y
Yes I will most likely keep this house as a house hack for about 7-10 years. Once building enough equity in the house I will rent it out to a Single Family. Until then I will keep it as is.
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Joshua JanusBusiness Member
Realtor · Cleveland, OH · Member since 2021 · 1k+ posts · 1k+ votes
4y
@Viresh Patel This is an awesome house hack! Do you plan on building the equity in it over a few years so you can refinance and house hack a new property? I would imagine sharing a unit for 7-10 years might become a bit troublesome.
[email protected]614-502-5316 Podcast Guest on Show From DoorDasher to $1.5 MILLION in Real Estate (All at 22 Years Old!)
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Viresh Patel
OP
Realtor · San Antonio, TX · Member since 2020 · 18 posts · 7 votes
4y
Yes that's the plan. As long as I continue to get reliable tenants I don't see any problem in doing it for 7-10 years. At that point I will have a property management company taking responsibility on all my properties.
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Viresh Patel
OP
Realtor · San Antonio, TX · Member since 2020 · 18 posts · 7 votes
4y
Quote from @Michael Dumler:

@Viresh Patel congratulations on the house hack deal. My question to you is, have you run the numbers to determine if the property could eventually be turned around as a long-term rental? Rinse and repeating the cycle effectively is a great way to grow your portfolio.

Of course, sorry for the delay in response. I was on vacation for a good while and playing catch up. The way the market is right now I prefer doing the house hacking strategy as I'm able to have cashflow in my properties and then eventually I will rent it out to a single family.
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Devin Dang
Real Estate Consultant · Austin, TX · Member since 2020 · 95 posts · 88 votes
4y
Thanks for sharing!
How much are you able to rent each of the rooms for and what does the cash flow look like each month?
Curious to see how much this differs from my house hack just a bit farther up from you in Austin,
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Dmitriy Fomichenko
Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
4y
Nice! Congrats @Viresh Patel !
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Viresh Patel
OP
Realtor · San Antonio, TX · Member since 2020 · 18 posts · 7 votes
4y
Quote from @Dmitriy Fomichenko:

Nice! Congrats @Viresh Patel !

Thank you Dmitriy!
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