All Forum Posts by: Andrew Powers

Awesome! Are you looking to do single family room renting or multifamily? I you haven't already, I recommend getting familiar with the types of loans available, and talk to multiple lenders (there's many on BP).  Good luck!

Congrats on the house! How extensive are the renovations required? Maybe you can rennovate the one room, rent it out, then pick at the other renovations over time while roommates are there

What do you mean by contract... does it serve as a "lease" agreement? And why do you want them gone if they are paying on time? The laws are published online

Hi Vince, I suggest talking directly with the building department. I'm sure they would give direction quickly.

I agree with the above. You don't need an LLC, it doesn't make things any easier. Main thing to consider is if you have personal assets (including the house) that could be targeted in a lawsuit. But since it's a house hack, you have better control over how your roommates/ tenants use the property as you live at the property.

Also consider if you have the house under your name and you move out in the future, your sphere of influence decreases which inherently increases potential of liability.

Welcome! Educate yourself with the forums, real estate rookie podcast, books in the BP bookstore, introduce yourself to other investors. Learn and narrow down what type of real estate you would like to go into. Try to make investment goals for yourself like how much cashflow, COC ROI, etc you want to target. Also become an expert on the numbers... use the BP calculator to start understanding how to determine if a property produces good returns or not.

As recommended, house hack is great reduce / eliminate your personal housing expenses.

Hello, in general yes those are true. But depends on your goals and target returns. If you find a property on MLS, it is retail price. Sometimes you can get creative with a MLS property... for example AA allows ADU so that is an option to investigate. Ypsilanti is cheaper but does not have the commodities of AA.

How long is left on the lease? I would notify the landlord that you are looking for a house to give them a heads up. I was able to work a deal with my landlord before I bought my house hack... I would find the replacement tenants. It helped both of us as I did not have to pay for rent + my house, and she raised rents early.

I agree with the other posts, you can do both at the same time. It's nice to have a home base to park your stuff and gives flexibility. For example when i move out of my house hack, I plan to keep some items in a portion of the basement instead of paying for a storage unit!

Looks like you did a great job financially and by those pictures! What town was it in?