All Forum Posts by: Ale Rioja

Hi BP community,

I have never had a formal mentor but I want to change that so I can continue growing.

I'm very much hungry and motivated and thus far I've tried to consume as much content as possible in personal finance, real estate, and general wellbeing. I know that there is more stuff out there that I don't know about and would appreciate someone that can guide me on these next steps. 

I'm more than happy to design a win-win scenario so that you also benefit from this relationship

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My current situation:

- I own 1 SFH rental, looking to acquire a 2nd one this year

- NW is north of $1M

- Entrepreneur at heart

- 26 years old, from Bolivia

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My medium-term goals (next 5 years):

- Own several properties that make $100k/mo in income 

- Start a startup and grow it past $100M 

- I have a great set of friends and business partners and we support each other's goals

- I have solidified the following habits: daily meditation, working out, and gratitude (I'm almost there to make them a habit!)  

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I don't want this to just benefit me so, here's what I can offer in return:

- Marketing advice - I believe I'm among the top 10% in my field, see: https://alejandrorioja.com/. 

- Spreadsheets/analysis 

- The satisfaction of seeing someone young and hungry follow through with your advice 

- Any other win-win scenario we can think of, such as promoting your brand/services on my sites: https://futuresharks.com/media...

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If this is something that interests you and you think you'd be a great mentor, please DM me or comment below. 

If you know someone that could be a fit, please tag them. 

Thank you! 

thank you everyone! 

Hi BP community, 

I wanted to see if it's possible for me to qualify as a RE professional or what other strategies are available. 

I know that to qualify as an RE professional for tax purposes, I must:

- spend 750+ hours a year doing RE

- "More than half of the personal services" I provide should be in RE

My situation:

- I have a full-time W2 that is not in the RE space. 

- I'm unmarried 

- I do spend more than 750 hours managing /analyzing my rentals, and 50%+ of my awake time is spent learning or working in RE. 

I read about strategies of having your spouse qualify as a RE professional, or going part-time with my W2. None of these are feasible for me. 

1) Is there a way for me to qualify as a RE professional? If not, what other strategies are available to reduce my active income? 

2) is there a max AGI (Adjusted Gross Income) at which this strategy (of using the RE professional status to reduce active income) is no longer worthwhile? I saw $150k but I'm unsure if it applies to RE professional losses. 

Thank you in advance! 

Hi BP community:

I have a 4bd SFH property that I'm renting by the room (1 long-term lease + 3 short-term Airbnb). I was doing this while I was living in it last year.

Now, I'm looking to acquire a 2nd property and also house hack it. (a 4-unit MFH in St Petersburg, FL)

Just went through pre-underwriting and one of my lenders said that the house hack income cannot count as the renters would be considered boarders. (See: https://selling-guide.fanniema...). I also understand that short-term income does not qualify. 

1. Does anyone have experience with having rent-by-the-room income qualify towards DTI?

2. Are there any other creative strategies around this? [I know that counting the MFH income is possible, is there anything else that I could use?

3. Are Fannie and Freddie mortgages usually the ones with the best rates or are there other programs that could be cheaper? 

Thank you for the advice! 

ended up going with Travelers

thank you guys! I was able to use Traveler's with a home-sharing endorsement. 

Hi everyone, 

I'm having a bit of difficulty finding a landlord insurance policy that will allow me to rent my SFH home with 4 beds to 4 different unrelated tenants / Airbnb. 

I tried going through several brokers (Young Alfred, QuickInsured) but none of them were able to find a carrier that allows for my situation. 

Does anyone here know of a carrier that might? (in Texas)

Or do most house hackers turn their properties into a single-occupancy rental after they move out of their house hack?

Thank you! 

Hi everyone, 

I'd like to live in the Emerald Coast / Panhandle (Pensacola, Fort Walton, Okaloosa, Destin, Panama City, etc).

Does anyone have experience or insights as to which areas would be good for a house hack? 

I'm open to a condo or single-family / multi-family home. I'm not opposed to sharing rooms and/or doing short-term (Airbnb) or long-term leases. I'm looking for cash flow. 

If you are a fellow house hacker, I'd love to connect and share what I learned with my Austin, TX property. 

Thank you!

@Michael Norris @Michele Z. I'm curious if you found a solution for what policy would be best in the case you outlined (moving out of primary residence then renting by the room). Thank you :) 

@Jordan Moorhead that’s awesome, would love to be a part of it!