All Forum Posts by: Brian Bohrer

Great Information!  Looks like a great opportunity to get your rental purchases planned out before they open in 2026!

I have never heard of this!  I live in area with a large military community.  I will keep an eye on this thread as I am eager to learn more!  Thank you for posting

Hello @Mollie Hess,

Great to hear that you are about to take one of the most advantageous steps to growing your wealth slowly!  House Hacking is the absolute best way to get started and is exactly how I am growing my portfolio out here in Colorado Springs.

I agree with Olivia, that you will want to figure your numbers on as if you were not living there and would be renting the unit as a long-term rental.  This will allow you to be conservative on your expectations and to cashflow even under the worse circumstances.  My crystal clear criteria was to find a 2 level house with a separate entrance for the lower level.  Perfect fit for me would be 2bed/1bath on each level.  This would allow me to easily split the living areas and provide an "entire space" to list on Airbnb as most travelers do not want to share breakfast with their host!  Also, by aware of extra parking, lower level kitchenettes, and outdoor living spaces as those can really help boost your returns and lower vacancies!  

I wish you the best on your real estate journey!  Take Care,

@Grant Shipman

No apologies, this is great information!  Thanks again

Hey Brian,

It sounds like you have a good strategy you just need the nudge to get out there a do it! The HELOC is a nice way to start out with some cash but the variable rate could come back and bite you a bit if rates continue to creep up. It could be a good strategy to get you started but you would want to pay that back asap and sometimes BRRRR's can take a little longer than you like if you don't have a good plan and construction team ready to pounce when you are!

You may consider using the HELOC for the Downpayment and utilize those nice juicy W2's to qualify for the best rate you can get on a mortgage! After all, that first payment usually isn't due until 45 to 60 days after close... That's a lot cheaper than paying the interest on a $300K HELOC while you are renovating! If you had a standard mortgage on the BRRRR house then you could use the HELOC to finance your renovations. Once completed you could refinance into a 30 year loan to pay off your HELOC and set up the next purchase!

It is true what Nicholas said, it is going to be hard to find cash flow and full equity in today's market unless you are shopping in the midwest (I have a Nebraska home that works!).  But homes in those markets do not appreciate anywhere near what a home would in a more expensive market.  I wouldn't worry too much about year one not making the cash you expect, its year 5+ where the money starts to roll in!

I wish you the best on your Investment Journey, Keep us posted!

Take Care,

 So you can simply state the sqft of your "rental" and then write-off expenses at the same ratio as your "rental" sqft to personal space sqft?    

So for an easy math example, if you had a 1000sqft home and rented a 250sqft room, then you could right-off 25% of your monthly/yearly utilities etc?

Hello Mariah,

Sorry to hear about all the troubles you are having with your house hack... Luckily you do have some extra income coming to help smooth over the costs!  Honestly, $17,000 isn't that bad for the work you are having done.  I spent about the same amount to do 50 linear feet of waterproofing with a sump pump and outlet in my basement in Nebraska.  We also had to do some carbon fiber strapping as our foundation was bowing inward as well.  We only had issues when it rained but since we remodeled the lower level we did not want to risk damaging all of that new work.  

One thing to consider is your exit strategy, and since you now know there is a problem with water intrusion, then you will have to disclose that to the next buyer when you sell.  So you are going to have to address this problem at some point, or discount the house to the next buyer so they can address the issue.  

These foundation and waterproofing repairs are considered permanent, and in my opinion, worth the investment into your business!  The problem is only going to get worse if it is not addressed sooner rather than later.

I would take the time to get at least 3 estimates from different companies on the costs and extent of the repairs and choose the one that makes the most sense for you!  I hope this helps and please reach out if you have any questions!  I wish you the best! Take Care,

Welcome to the party!  Sounds like you already have a great plan AND most importantly you are starting out young!  I wish I had my head on straight when I was 22....haha!

Best of luck to you both!  Take Care,

Hey Sarah,

Is there a particular reason for not having two separate policies besides convenience?  If no one offers them together, then you probably aren't saving much money vs a potentially non-existent provider who could offer both under one policy.  If time is of the essence, then take the 2 providers.  If not, wait it out and see what comes along :)  Have you contacted local insurance brokers vs agencies?

I wish you the best!  Take Care,

Hey Jacob,

I am a new real estate investor and agent in the Colorado Springs area and the best thing I have done to grow my exposure to investors in the area has been to join as many meetup groups as possible!  Real Estate Meetups, Bitcoin Meetups, House Hack Meetups, Financial Independence Meetups are all good places to start!  

Put yourself in the mind of an investor, where would you be going to meet other investors who are like minded and looking to grow their portfolios?  Follow the money by putting yourself in scenarios where you are sitting at the same table or mingling elbow to elbow with those who are looking to make their money work for them!  Then just be yourself and the relationships will grow!

I hope this helps, and I wish you the best in your search!  Take Care,