All Forum Posts by: Brandon P.

In a house hacking situation I would be upfront and honest. It is better to tell them now and hope that they take better care of the property. It would be an awkward situation if they found out after living there for a while that you were actually the owner.

I was thinking the exact same thing...ha

1 Vote

Quote from @Gustavo Mendoza:

Hi everybody. I'm just about ready to househack one of my rooms in my 3b 2b SFH. I have a potential lead, but I need some assistance on getting started. I know I need a separate bank account and rental forms. I also need the background check app, and probably something else that I'm not thinking of. Any suggestions? I would appreciate it.

Hello Gustavo,

You're already ahead of the game by considering house hacking, congratulations. If you want, I'd love to schedule a call with you to go over the app I use to do background checks, as well as house rules that I've created for my house hack in the last year and a half. Since starting, my wife and I in our three bedroom, two bath, have done $26,000 in revenue by renting out two rooms. If you create systems and do your due diligence, you don't have to worry about having bad roommates. DM me if you want, I am willing to help you out.

Best,

Brandon

4 Votes

Modesto/Merced, California

Quote from @Alex Rodgers:

Hi everyone,

I've been looking for properties for months and am still having trouble finding properties that cash flow. I'm aware that with high interest rates and the crazy rates of appreciation we've experienced within the past few years it's almost impossible to find something on the MLS, but I'm not sure what other strategies are working right now. What strategies have you used successfully in the past year to aquire a cash flowing property? Did you go through a wholesaler? Did you buy a MTR/STR? I'd love to hear about your experience!

Hello Alex, I would agree with Michael on the rent by the room method. My wife and I bought our house in 2022 and have been house hacking the two bedrooms. in 2023 both of our roommates paid for our mortgage completely, while giving us a place to live. Did we have positive cash flow overall with taxes and insurance, no, we paid a little bit for that. But this is far better than spending thousands of dollars on a apartment nearby. When we leave this house in less than a year, we will rent out our master bedroom, this will make the deal overall a positive cash flow property. This was the plan the whole time for us, that this property would be an intermediary property until we got our next place. I think this is something that most people need to consider when getting into real estate investing.

DM me if you'd like to schedule a call to chat about this.

Best,

Brandon

1 Vote

Quote from @Robert-Lee Pass:

Hey everyone , real quick, i just came across a decent deal price wise (-175K from comp with garage) its a 3/2 duplex 1100 Sq Ft but has no garage or car cover. thoughts on demand for something like that or challenges ill run into with that decision?

Hi Robert-Lee,

If you think the deal is good, but just missing a garage, I wouldn't worry about that. Worst case scenario you could just buy a carport at Lowe's or Home Depot for a couple thousand dollars.

Best,

Brandon

1 Vote

Colorado Springs, Colorado

Quote from @Juan David Maldonado:

Hey!

If a single family house is in a B or C class neighborhood. What makes the rental appealing to potential tenants? For example a 3/1 vs a 3/2 configuration?

Thank you!

First of all, are you renting out the entire house or will this be a rent by room strategy?

0 Votes

San Antonio, Texas

Quote from @Elliot Mitchell:

Hey Bigger Pockets Community,

I'm hoping this reaches the person/people who need to hear it...

I started my investment journey 1 year ago (14 months to be exact). Reading all the books and watching the Bigger Pockets videos, everything seemed to make sense on paper but was so difficult in practice. Insurances, contractors, realtors, off market properties, cold calling, etc all seemed so difficult....BUT...

After 1 year, I've now completed multiple rehabs, have more properties in the pipeline, have investors on board, and all of those worries are now just day to day operations. I also became a licensed realtor and now assist investors and retail customers in finding their perfect properties.

If I can do it, YOU CAN DO IT TOO! The beginning is always daunting but stick it out. You got this!

This is hugely motivating to hear this. Thank you so much for sharing, Elliot!

0 Votes

Baltimore, Maryland

Quote from @Julius Clark:

Hey everyone,

Hope the start of 2024 has been great for you! I know I have been busy thus far.

I find that this time of year is when the most fruitful conversations about strategy and growth go on. I would love to connect with some new individuals here on Bigger Pockets. Reach out if you would like to connect!

Hello Julius,

I sent you a dm.

Brandon

0 Votes

Indianapolis, Indiana

Quote from @Stefan Fabry:

Hello, fellow investors

I'm trying to decide which property management app to use for remote investing.

Does anyone have experience with Turbo Tenant and Rent Ready? Would you recommend one over the other? If so, why?

Or are there resources you can point me to so I can dig deeper?

Any answers are much appreciated

Stefan

Hello Stefan,

I personally have used Turbo tenant the last year and a half and have enjoyed the functions it provides. I use it to collect rent, and this last year I've used it to market my place online. When I look at rent readi, it seems that they offer both the same features. I wouldn't get caught up too much on which one to choose, rather, just choose one to go with it.

Best,

BrandonHello Stefan,

I personally have used Turbo tenant the last year and a half and have enjoyed the functions it provides. I use it to collect rent, and this last year I've used it to market my place online. When I look at rent readi, it seems that they offer both the same features. I wouldn't get caught up too much on which one to choose, rather, just choose one to go with it.

Best,

Brandon

1 Vote

Quote from @Mike Boss:

I've noticed that sellers in today's market really don't want to lower their overinflated listing price. It's becoming more difficult to find good deals. I found this one SFH listed for $95k in a neighborhood where all the comparables sell for $130k-$150k. The property needs a good amount of work (around $40k). It would make sense for me to buy the house for $50k and put $40k work (all in $90k). And sell for $140k. But the seller doesn't even want to go below $90k from the $95k list price. It's been on the market for a while now because he keeps rejecting everybody's offers. I told the listing agent to call me if he ever changes his mind.

Until then I keep searching for properties in Ohio and submit low ball offers. It almost feels like I’m casting out a fishing line but no bites. I’m frustrated because I have the cash but cant seem to find anything. And I don’t want to force myself into a deal that isn’t good.

I’ve thought about using prop stream or batch leads and calling a list of 1000 homes. Not sure if it works or not?

I'm trying to find those rare deals that are very undervalue. For a flip I want to net min 30% ROI. And for a rental I want to hit a minimum 15% net ROI annually. some people think my numbers are unrealistic but I know it's not impossible. I just need to figure out how to find these deals.

I wanted to see if anyone has been in my position. I’m a young investor and sometimes it’s easy to become impatient or frustrated. I also invest in stocks but I missed the opportunity with Bitcoin and NVDIA. I wish I could go back in time. Now I try to keep my eyes wide open and look for opportunities whether it be real estate, stock market, or something else.

Hello Mike,

First off don't beat yourself up from not making investments in the past, but learn from it. Second, if you are looking to invest in Ohio I would recommend reaching out to @Joshua Janus and @Remington Lyman as they both know Columbus and Cleveland very well and have properties there themselves. They will be able to guide you into making good offers that will get accepted by the seller.

Be well and keep your head up!

4 Votes

Quote from @Amit Sen:

Hi,

I'm considering a long term rental investment property here. Just wondering if anybody has any insights on the area and if there are any real Estate Agents/PMs that could give me an idea what rent I could expect from a 5BR home.

Thanks.

I am a local agent in the area, and would love to schedule a call with you to review your objections for an investment property.

1 Vote

Orlando, Florida

All Forum Posts by: Brandon P.

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

Post: Should I Tell the Roommate that I'm the Landlord?

Post: Rental application & background checks

Post: What's your cash flow strategy for 2024?

Post: Garage or No Garage?

Post: Ingredients for a great rental

Post: You can do it too!

Post: Connecting With Great People!

Post: Comparing TurboTenant with RentReady?

Post: Struggling to find good flips

Post: Villamar Winter Haven