All Forum Posts by: Andrew Wright

@Scott P. So you let the students rent for 9 months at a higher price, but give them an option to get the other 3 months at a reduced rate?  How much of a reduced rate do you give since they are not allowed actually allowed to use the property?  Also, what do you exactly mean by keeping the utilities in their names? (like how exactly does that work)

  Thank you.

If your house hacking in college how do you set up the rents?  Because most people go home during the summer, so you won’t be able to collect rent for 2-3 months.  How do you avoid this problem?  Do you just jack up the rent for during the year and make it super cheap during the summer?  Is it still profitable to house hack in college if you can’t get someone to rent during the summer? 

Lets say you get a house and you rent it out to your buddies or whoever through the year, but then what happens in the summer?  Most college students go home fro the summer and if you are not collecting rents during those times then does the house turn into a liability instead of an asset?  Or can you set it up so that they pay enough for the entire year?  

Obviously there is the big advantage of being able to rent out both sides of the house when you leave college, but are you really making enough money too account for the vacancy in the summer?  

Just a few inquires of mine as I want to attempt this college, but I really want to be sure of all the aspects with house hacking before I pitch this to my parents as they will most likely have to cosign.  Any answers will be greatly appreciated.  Thank you!

That theory makes since on paper, but I can’t see our GDP growing at the rate our debt is.  

I agree with you though, eventually we will face a much worse depression if Simone doesn’t reduce expenditures or increase taxes.  

I could talk economics all day.  Thank you for you feedback!  I love asking the tuff questions and I’ll have to give your book a read to prepare for this upcoming downturn.  I’m saving every dime at the moment, so that I can invest when this crash does hit.

One last quick question that just came to mind.  In a crash, I know that the expensive $300k + properties depreciate like crazy, but do the $30K-$75K properties deprecate too? Or do they just depreciate less?

Thanks you again for the amazing response! 

I second @Ryan Evans reply. I thought you had to stay in a property for atleast 1 year for a FHA to work? Also I'm curious what your ROI is and how much you cash flow? Sounds like you found a killer financing deal though!

Hey J,

I happen to have watched your recent podcast as well and I thought it was very informative!  I was wondering what you predict will happen in the next 10-15 years as the baby boomers start to retire and will basically cause our county to borrow so much money that we will be paying around 4 trillion on interest alone, which is about how much we make a year).  What do you think will happen to our economy?  Higher taxes?  I personally have no ideas because I don’t think our government, with the all of its politics, will take away socially security.  I mean I just can’t see it happening.  And I mean we are already some 21 trillion in debt right now.  So i’m Interested in what you think our economic future looks like?  And what would happen to RE in a major depression?  (Please correct me on any of these numbers. I’m not a economist, hence the questions). 

Thank you

Oh your perfectly fine, I enjoy my 80’s music!

But that was just what I needed to hear @Mark Sewell! Thank you.

It’s funny that you mention house hacking because I have already talked to my parents about this.  Well actually they brought the idea up to me last year but I think they wanted to sell it after my college, but hopefully I can show them the befits of keeping it as a rental.

I will definitely look into coverdell tax free accounts and work on getting some money so that I can invest when the market takes its upcoming turn down. 

 Such great ideas!  

I really appreciate your feedback!  

..I can see the destiny you sold

Turned into a shining band of gold...

“Wrapped around your finger” is the song @Mark Sewell

Thank you all for the welcome!

I have been searching the forums and doing some more research and I have simply realized that markets near me are possible to work in but not ideal because I could get $1000/month rent on a $50,000 house in Detroit MI or I could pay $100,000 for a house in my local or surrounding areas and get the same rent.  

Obvisouly this is generalizing a little bit but I still feel like inevesyiknh our of song area would be worth it.  

I think I got everything ready to buy my first deal, except for a way to finance it.  

If you were young and had limited money would you partner for your first deal or try to work a way to get private money on let’s say a $50,000 house?

Thank you.

Thank you for the response and the wishes on my future RE carear.  I appreciate your time!