All Forum Posts by: Bradley Dosch

Hey Brooke, it's so cool you want to start house hacking in western Washington! What a great place to do so. I think your plans to start small and self manage in order to develop skills and network is super smart. 

In terms of keeping momentum, sounds like you are doing the big things by saving money and educating yourself. Definitely keep those up! In terms of education, it would help to learn the markets as best as you can. Know what things sell for, get really good at analyzing a house hack, and recognizing good deals. Also continue to refine your criteria as this well help the process go smoothly.

From personal experience, I've also found lots of joy from disconnecting and recharging by doing things you love (besides real estate lol). For me, that involves exploring these beautiful mountains we have here in Washington. Whatever that is for you, make sure to invest energy there as well!

I've house hacked in Tacoma and have a great friend who house hacks a duplex in Bremerton. They are both great places to live for free and cash flow. Let me know if you have any other questions! Good luck Brooke :)

Let's gooooooo!!

Hey Alyssa! that's awesome that you're getting started so early. It can certainly feel daunting with all the information overload and variety of different avenues you can take. My go to rec is to start house hacking. Buy a SFH with a super low down payment and rent out the extra bedrooms. First step would be to connect with a local agent and lender in your area. They can help you refine your criteria and will help you get after it. Good luck on your journey! 

Hey Greg, that's awesome that you're getting started so early. It can certainly feel daunting with all the information overload and variety of different avenues you can take. My go to rec is to start house hacking. Buy a SFH with a super low down payment and rent out the extra bedrooms. First step would be to connect with a local agent and lender in your area. They can help you refine your criteria and will help you get after it. Good luck on your journey!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $790,000
Cash invested: $100,000 

This is my third house hack. I bought this house because it fit my criteria well - it is a split level single family house with separate kitchens, laundry, entrances, and living areas. I currently live in the upper level with long term rent by the roommates and then airbnb the basement. We are able to break even while living here and hope to cash flow around $500/month when we move out. We = myself and my parter Chloe

What made you interested in investing in this type of deal?

I was interested in this deal because of the separate living areas (kitchen, entrances, laundry)

How did you find this deal and how did you negotiate it?

On the MLS

How did you finance this deal?

5% down owner occupant 30 year conventional mortgage at 4.25% rate

How did you add value to the deal?

Renovated the basement and added egress windows.

What was the outcome?

Living for free

Lessons learned? Challenges?

We've had multiple issues with flooding and moisture in the basement.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Represented myself as the agent. Used Albert Bui as my lender again and would recommend him!

Hey Luis, there are lots of options for you after you fulfill the 12 months owner occupancy requirement. This is where the real magic of house hacking begins! Ideally you can find a way to move out of your first house hack and then buy another one. This is a careful process that requires the help of a good lender who understands what you're doing. 

Depending on the amount of equity you have in the first house hack, you can pull it out to help with the next one. Although, the down payments are so low that you could just use your own savings from the past year. I would recommend against a refinance though. If refinance with an owner occupant loan, you'll have to stay there another 12 months. If you do investment loan, the terms will be much more unfavorable. I would recommend a HELOC. Do this while it's your primary residence and there's no requirement to stay for any period of time. I'd get a HELOC even if you don't need it because it's a great way to access funds if you need them in the future.

Again, it can be slightly tricky DTI wise covering your first house hack and then transferring to your second. Having a good lender will help you a lot. Hopefully you're able to make it happen Luis! Lmk if you have any more questions

Hey Jason,

Great questions and super exciting that you want to get into a rental in the Seattle area. I think you have the right idea of looking at rental comps (like rentometer) and renting them as if they were on their own. You should explain it well in the advertising for the listing of course that they're combined. 

Sergey also makes a good point about permitting and confirming everything is clean on that end. 

Hey Christina, that's an awesome idea and something you should definitely do. In terms of finding local laws, I'd try finding someone in the city hall who can answer your questions. 

I don't think it's too ambitious. As others have said, it all depends on your goals and criteria. The price point doesn't change the mechanics of the house hack too much. It's just that the numbers are different. Good luck Jayden!

Hey Ben, that sounds like an amazing house hack! I do the same rent by the room strategy with my house in Tacoma. I'd say the only reason is that it's just unknown and scary to most people. It requires slightly more work upfront but once you get your systems down, it's pretty smooth sailing. If you get good tenants, communicate well, provide them with an awesome place to live, and just be a good person it'll be a very rewarding experience. Hope this helps! Good luck Ben