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All Forum Posts by: Brandon P.

Brandon P. has started 16 posts and replied 232 times.

Post: First Time House Hack in Dallas, TX

Brandon P.Posted
  • Lakeland, FL
  • Posts 242
  • Votes 147
Lewisville, prices are not too high but lots of potential renters in that area, also close to the airport. Forney is a good place, I have heard, for an appreciation play.

Post: Turnkeys in DFW area

Brandon P.Posted
  • Lakeland, FL
  • Posts 242
  • Votes 147

I would recommend reaching out to the Steffen brothers. https://victorsteffen.com/

Post: First-time Home Buyer/ Investing in Dallas, TX

Brandon P.Posted
  • Lakeland, FL
  • Posts 242
  • Votes 147
Quote from @Matt Heidenfelder:
Quote from @Brandon P.:
House hacking, which is what I am doing with my wife now, is an excellent strategy. Of course it doesn't work everyone, not all spouses want it, and if you have kids it's almost a no go. It depends on where you are in life and your comfort level living with someone else.

Otherwise if you will be occupying the home and you don't want to share it, you could try the BEAF method (Break Even Appreciation Focus), this was talked about by Victor Steffen in episode #766 of the podcast. Forney is a good location for this. https://victorsteffen.com/

Best,

Brandon


Thanks Brandon! Great advice! My wife and I are strongly considering some sort of house hack. We understand that SFH tend to appreciate the best in DFW so that is most likely the route we will go as far as our property type but then safety is one thing that we keep having many conversations around. I am reading the book 30-day stay around the Medium Term Rental strategy right now and a great hack they mentioned was converting the primary suite into it's own unit if it has a separate entry via a sliding door, etc.. It's something we are considering if we're able to essentially "lock it off" from the rest of the home.. what type of house hack have y'all decided to pursue if I may ask? Do you own a multi-family?


Currnetly my wife and I have an 3/2 SFR and we use the master bedroom with our own private bathroom. The two tenants share the one bathroom and each have their own room. We make more on those two rooms being independently rented then we would if we would rent the whole house out (without us here). Renting by the room is a great method for sure. If I could have more privacy in my next deal, I will certainly aim for that. We want to start a family and house hacking then won't be the best ideal situation.

Post: Setting house rules when you have roommates

Brandon P.Posted
  • Lakeland, FL
  • Posts 242
  • Votes 147

Below is mine word for word. My wife and I currently house hack with two full-time working individuals. I use turbo tenant as my background check as well as my legal state specific landlord form and insert the house rules in that document. Before anyone signs anything, make sure to ask them, do you understand all of the house rules? This gives no leeway for misunderstanding from the beginning of the relationship. 

Welcome to our property, (Property Address), we are glad you are here. Below are the listed house rules, these rules are to be

followed for the duration of your stay. Entering into this contract you understand and acknowledge that your bedroom is your official private area of the home, no one has access to this room, unless there is an emergency or a maintenance request, other than you. The bathroom is a shared bathroom with the other bedroom tenant(s) in the house, having access. The common areas of the house for both the tenant(s) and the owners of the house to use are as follows: kitchen, dining table, and laundry area. Please read and note the following rules below.

1. Guest Policy - Because this house is created to provide a place to work, eat, and sleep, and because of the size of the house, tenants are not allowed to have guests visit or stay at this property.

2. Kitchen Cleaning - After using the common areas (kitchen, dining table, and laundry area) prompt clean up is required. This means that after making a meal in the kitchen and eating, all dishes need to be cleaned and put back in the proper place.

3. Bathroom Cleaning - The shared bathroom is to be kept clean and tidy, if any water spills on the ground, dry it up immediately. This is a shared space with the other bedroom tenant(s) having access.

4. Garbage - Do not store garbage in your bedroom. If you have any garbage, bring it out to the kitchen garbage can.

5. Quiet Hours - Quiet hours are to be observed between the hours of 11pm - 7am. During these hours, no loud talking on phones, or the use of music, or other media (videos,podcasts, etc.) without headphones or earbuds.

6. Cleaning Items - Toilet paper, paper towels, laundry soaps, or other cleaning supplies will NOT be supplied. Purchase these items as necessary.

7. Bathroom Towels - Keep all wet or damp towels in the bathroom only.

8. Departing - Close all window shades in your bedroom when leaving the house. This will help keep the house cooler when you are gone.

9. Windows - Do not open the windows in the bedroom,unless in an emergency. The windows can be difficult to shut after they have been opened up.

10. Entering and Exiting the House - Make sure to lock the door after you enter/exit the house. When entering take off your shoes and leave your shoes near the door. Also, do not share your front door code with anyone else, this if for YOU only.

11. Lights - Turn all lights off when leaving the room.

12. Included Bedroom Items: (1) queen-sized mattress, (1) bed frame, (1) desk, (1) desk chair, (1) set of bed sheets, (1) comforter insert, (1) duvet cover, (3) throw pillow inserts, (3) throw pillow covers, (2) pillows, and (2) pillow cases.

13. Bedroom Walls - Nothing is to be installed or hung on the walls (posters, flags, TVs, paintings, etc.).

14. Appliances and Electronic Devices: Unplug any items when finished using (hot water kettle, rice cooker, computer, etc.).

15. House Thermostat - The thermostat is not to be adjusted by any tenants. The A/C temperature of the house during the summer season (April to October) is set to 76 to 74 degrees. During the winter season (November - March) the heater will be set to 68 degrees.

Best,

Brandon

Post: First-time Home Buyer/ Investing in Dallas, TX

Brandon P.Posted
  • Lakeland, FL
  • Posts 242
  • Votes 147
House hacking, which is what I am doing with my wife now, is an excellent strategy. Of course it doesn't work everyone, not all spouses want it, and if you have kids it's almost a no go. It depends on where you are in life and your comfort level living with someone else.

Otherwise if you will be occupying the home and you don't want to share it, you could try the BEAF method (Break Even Appreciation Focus), this was talked about by Victor Steffen in episode #766 of the podcast. Forney is a good location for this. https://victorsteffen.com/

Best,

Brandon

Welcome Caleb,

Sounds like you are off to a good start! I have not personally met with them, but I spoke with John Steffen on the phone about some properties in the DFW area. Also his brother Victor Steffen can help you as well. They both are investor friendly agents and work Texas. Victor was just on the podcast about a month ago #766. Here is their website. https://victorsteffen.com/

Best,

Brandon
Great message, Vinod, curious to what "near death" moments are you referring to?

Hello Joshua, 

I live in Lakeland and successfully house hack here, and my partner @Tyler Gibson knows the Orlando area very well. Contact via message if you would like to chat.

Thank you. 

Post: Out of state investing

Brandon P.Posted
  • Lakeland, FL
  • Posts 242
  • Votes 147

Read David Greene's book on out of state investing. https://www.amazon.com/Long-Di...

Post: New member to BiggerPockets

Brandon P.Posted
  • Lakeland, FL
  • Posts 242
  • Votes 147
Welcome to BP, start listening to the BP podcast, comes out three times a week I believe, and you will learn so much within a month! :)