All Forum Posts by: Ashley K.

I'm interested in "creative" house-hacking strategies.... My goal is to live in a nicer place than I do now and make my cost of living $0 or much lower than what I'm currently paying in rent.

Example Scenario

Rent 4 BR house @ $2,000 mo

Get 3 roommates, Rent 3 rooms out at $650/month+1/4 utilities. I live for free in the 4th bedroom and just pay my share of utilities.

No closing costs, no repairs, no mortgage... and I live in a nicer home.

Has anyone ever done this?

I am working with a property management company to rent out my home. These fees seem exorbitant to me. I have asked if they take a kickback and they said no.

$2,000 to make Ready Home (750 sq foot, 1 story home) 

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$95.00 - Landscaping / Clean Out Flowerbeds

$150 - Exterior Painting

$150 - Landscaping / Tree Shrubs

$250 - Haul Off (Limbs, Tires, Furniture)

$225 - Full House Cleaning (One Story)

$495 - Wall and ceiling repairs/Paint Touch up the house from nail holes and scuff marks Seal the joints in the bathroom Walls, trim, and doors touch up Seal above the kitchen cabinets

This all seems excessively high to me... isnt this $15/hour work with a handyman?

I am a first-time homebuyer wondering if I should walk away from an older, renovated home that has foundation problems.

I just had the Inspection complete on a home. The Inspector found Deteriorated Piers and Support in the Foundation. I'm wondering if I should walk or accept the seller's offer.

From the homeowner:

"We are willing to make repairs, but not with a foundation repair company as the company will want to put in new pillars, and with the age of the home and the updates done, it could cause more damage to the windows and leave cracks around the house. They are willing to add some support for the existing piers."

Is this a valid argument? I have no interest in buying or fixing a home with a shoddy foundation.

Thank you for any advice!

Thanks. I appreciate the thorough responses!

To be clear, I'm just trying to purchase ONE property. Not trying to make my living in real estate.

It looks like online searching isn't going to work to find the best property. Everything good seems to be taken quickly.

What should my approach be then? Email a few realtors?

I'm a busy entrepreneur and don't have a lot of time to look at properties, nor do I particularly enjoy the process of house hunting. I know what I'm looking for.

I live in DFW and it seems the most desirable property and good deals are VERY fast moving and sells in days. Where are these deals? 

Everything on Zillow or other sites say "pending".

Are there house hunters out there?

I don't mind working with a realtor, but I have found a lot of them are only interested in closing and when I provide my contact information, I get hounded as if a telemarketer. 

Thanks Kevin. Yes I have an appt with my CPA .

Thanks for your reply, Samir. 

It would be hard to summarize my business in one sentence, but I sell a mix of digital and physical products online. 

Hello,

I'm planning to purchase my first investment property. I'd like advice on what would be the best course of action. I have a few interesting circumstances to note.

I'm an entrepreneur / nomad (work from computer) and can live anywhere in the world. I own no real estate. I have rented my own apartment (dirt cheap, $650/month) for the last 10 years. I think renting my own place may still be better then owning. I am single, no kids, and like to travel. I don't like to maintain homes, repair, decorate or be tied to own place.

I just want to purchase 1 property to start. 

My concern is the real return provided by rental income. $200 a month is not very appealing to me. I have a business that returns $30K a month. I don't want to have lots of cash tied up in a down payment, to return $200/month. I have better uses of cash.

1) Should I buy a duplex or SFH? What areas of DFW do you recomend?

2) Should I stop renting an apartment and buy my own home? I have to live somewhere.

3) I'm only interested in property if it can produce cash flow 

UP FOR CONSIDERATION:

Buying a duplex ($150-$250K) in DFW area, living in one side and renting out the other. 

Goal is to cover the mortgage and all expenses, and have a place to live.

FINANCIALS:

- Can spend up to $25K on a down payment. DON'T want to have money tied up in a big down payment.

- Have no interest in fixing up or rehabbing homes.. If anything this would be delegated to an outside service. However, this sounds like it would eat up all the profits.

Thanks for any advice.