All Forum Posts by: Anthony Swain

Hey @Tomas Nuno,

House hacking with a significant other can be a super power! 

Single family house will require you both to be creative and adaptable, but it is definitely possible. 

I have clients that recently purchased a large single family home that was converted to two units. They plan to rent out one of the units, while they will be splitting costs between themselves too. 

If could still do same strategy without it being completely separated. Maybe you could have a walk out finished basement? Or a separate area of house with private entrance/exit? Maybe a garage conversion or ADU.

There are many ways you can do it! It all depends on your creativity and adaptability. 

Good luck Tomas! Keep us posted!

Hey @Sidney Duquette,

Do you plan on going the small multi route or a single family to rent out different portions of the home?

Small Multi- Should give you the most privacy. I'd just make clear private entrances, parking spaces, separate patios, etc.  My wife and I went as far as putting a fence down the middle of the back yard to separate the spaces. 

Single Family: Can you find a house with a separate walk-out entrance/exit? I see a lot of split level homes that would be perfect for this scenario. You can give them separate living quarters, separate entrance/exit, bathroom, etc. 

Hey @Ryan Haltom,

I agree with the others. It is the intention to live there, but if something comes up i.e. neighborhood troubles, job placement, additional family member, etc. then there isn't an issue. 

I'd shy away from actively openly sharing the intention to do it beforehand. 

However, 'm sure there are ways that you can make it work.

Good luck with it Ryan

@Masyn Grant Barney Hey man! 

This sounds like a great idea!

Small multis are tough to come by in Charlotte too. I think people are getting more creative thinking about separate living quarters (basements, split levels, etc.). 

That would be a great value add finding one that you could add a kitchen/kitchenette to make it more like a separate apartment. 

I love the value add in general because it helps your wealth-building potential and equity position. 

Thanks for sharing this Masyn!

Hey @Cody Sears,

Good for you! 21 years old and already educating yourself on real estate. Love it!

Fellow house hacker here too! I think house hacking already puts you in a good position to start, so additional creative strategies will help even more. 

You're on the right track! You can increase income by adding additional "rental units" whether that being an ADU, garage conversion, renting out extra living quarters, renting by room, etc.

You can increase income by short-term rentals depending on the regulations and profitability of the area.

My wife and I renovated our duplex to make it more appealing to short term renters. Now, we rent it out as a "mid term rental" with short term stays in between. It's been very profitable for us. The one unit nearly covers our entire mortgage. 

I'd say some things to focus on renovations $$$ are the kitchen, living area, bathroom, design, and photos. 

Good luck on your house-hacking journey. Please reach out if you need help with anything! 

-Ant

Hey Jim,

I think it is great you're thinking of how to give someone else an opportunity. However, a big investment like real estate takes careful consideration. I would tread lightly with a partnership like this. Without clear-cut expectations, exit strategies, roles, etc., then it can get uncomfortable fast. 

To piggyback on @Clayton Silva thoughts, you won't be able to use an LLC with FHA loan. Since it is conventional financing, then your friend/wholesaler may not even qualify without predictable income for 2+ years.

Partnerships are definitely possible and can be rewarding, but I would just make sure the relationship is outlined thoroughly and both members are contributing to the deal in some way. 

Good luck with everything Jim!

Hey @Ali Khalid,

Do your research on the different neighborhoods. What are the market rents, appreciation YoY, rent growth, etc. 

Run your numbers to see if the ROI makes sense.

I have friend that had a duplex in NJ and it appreciated very nicely for them in just a few years. They ended up selling for a healthy six figure profit.

I agree with @Nicholas Coulter. Connect with a local investor friendly agent and start attending local real estate investing meet ups.

Good luck! Feel free to reach out if you have any house hacking questions. I'm happy to help. 

Hey @Leah Miller,

I can imagine you may run into some issues with CC&Rs for occupancy and uses. 

You could get roommates to rent the extra rooms?

Are you very set on the condo route? Maybe you could find a smaller home with the ability to add on an ADU or garage conversion?

Also, are you set on Los Angeles?

Hey @Diego L.,

Potentially a pressure wash like @Scott Mac mentioned. You can use one of those special soap mixes to pretreat, then pressure wash.

Ozone machine?

I read online this recipe haha

mix one teaspoon baking soda, one teaspoon vinegar, ½ teaspoon orange essential oil, and about 5 ounces of hydrogen peroxide

Good luck with it!

Hey @Jake Kinney 

Awesome that you came back to share how your deal is doing and how a BP rockstar helped you on your journey. That is what it is all about.

It sounds like your property is quite the income producing piece of real estate with multiple income sources. Great job managing that!

2) The new Fannie Mae 5% down small multi-family was introduced last November. It is a game changer. Many sellers were skeptical of FHA financing because of all the extra steps. The conventional loan product can help eliminate sellers concerns while still keeping a low down payment.

3) I would just compare your rents versus market rents. If you are a lot lower than potentially consider rent increases. You can include your tenants in this by explaining your market rent findings, rising costs, and giving the tenants an option to suggest a fair rent increase. They may be less resentful this way than if you just blatantly raise it with no explanation. Just my thoughts. 

4) Sometimes faster isn't always wiser. Investors way more experienced than me suggest building a portfolio of high quality properties that produce well instead of a ton of low quality under performing properties. 

Eventually, your property snowball will start building momentum and your efforts will start compounding. 

Keep at it Jake! Keep us updated on how things go.

Anthony