All Forum Posts by: Andrew Powers

For those who manage properties, whether they're yours or your clients, whether you manage 1 or 1000 units.... PLEASE fill out this 1-minute survey in the google forms link below! @Michael Castano @Christian Cardozo and myself are collecting data from investors / property managers to see if there's a need for better PM software... in our experience, there definitely is! We appreciate your help!

https://forms.gle/Pu3qzqNm3BdUd1mB7

Hi Russell thanks for your input. I'm curious I regards to temperature. It's not such a big area so not concerned about cost of heating/cooling the area.

I would think the temperature from each unit would bleed into common space as you mentioned. Just want to see what other buildings are like 

Is it typical to have a HVAC to a shared entry hallway in an apartment? I'm redoing the HVAC system in a top/ down duplex. The space contains a short common hallway on the first floor, and continues to the 2nd level staircase (top unit entry door is at the top of stairs). Currently there's no vents here. Location is in Cincinnati. Thanks!

Both bedroom rental or multifamily house hack works. Depends on your comfort level with living with others/ management, the numbers, if your market supports room rentals, ... 

After moving out it is easier to rent by unit instead of rooms because of management but it's totally doable.

With single family, you have first time home buyer conventional loan option which is 3% DP.... more competitive than FHA 3.5% DP.

Like anything there's pros and cons. I'm just mentioning things that come to mind.

Try to talk to other local investors / owners and see what they pay for each utility. If it is similar size, year, and occupancy then that would be a good basis. If smaller or larger size, scale #s

I recommend connecting with local investors and realtors to get an idea of where in the town to look. And start analyzing deals. Spend a weekend in town to see potential neighborhoods. 

It depends on local laws, house, neighborhood, local tenant pool. Overall I like it because it increases income and is more than 1 revenue stream. So if 1 tenant moves out your mortgage is still covered (unlike if a family moves out of the house and you have no income). Downsides are there's more turnover to deal with and can be more management with issues between roommates... this can be minimized with good tenant screening, leases, roommate agreements.

I make sure the house is profitable as a normal rental along with room rental incase something comes up and strategy needs to change. Room renting is usually best for 3+ bedrooms and less bathrooms shared the better. Make sure there is adequate driveway and street parking for roommates and potential guests. 

Welcome and good luck on your search! I house hack a single family by renting out rooms. I recommend considering this if possible to increase number of properties in your search & more loan options

Can you consider roommate house hacking or find single family home with mother in law suite? 

Tough market on the MLS. Try waiving inspection contingency if you are comfortable with that. Consider off market properties to eliminate the competition, I suggest a forum search for methods of finding these