All Forum Posts by: Account Closed

@Chris Newman one bite at a time. 😉

I will be spending the next 6 months developing a business plan. During and after which I hope to have it reviewed by colleagues/a mastermind group ( I hope you won't mind being included) to find fatal flaws. But yeah, value added is the way to go. And I'm glad you brought up this point- I've seen it often at the urban farms I've been working/studying at- who are the actual farmers?! Lots of marketing & admin, but not enough consistent labor. Many depend on students & volunteers. So that is something that HAS to be factored in, i.e. if your main money maker is the produce.

I'm very weary of any sharecropping arrangements- mainly from a historical pov, it hasn't worked out too well for my folk. Also, in my city alone, 2 farms-which are pillars of the urban farming movement-are being forced to close within the year. Leasing agreements. I understand growing where you are, for family sustainability- but as a business practice...seems better to own where you grow. I mean you can't just up and move your farm, the well you dug, the soil you improved, etc... When the lease is terminated, years of hard work & development are destroyed.

@Johannes Ariens sure! DM me. Can I get a spoiler meanwhile?

My friend does it- started out of a 2 bedroom apartment her and her husband rented- & used it to finance the purchase of their own home. They had a great occupancy rate and cash flow and lived in a very basic apartment in an okay or rather trendy-area-adjacent part of town. I 

I'm looking into using this strategy as a house hacking 2.0 approach- especially since I have a growing family with no interest in sharing living space with a tenant, yet still need owner occupied financing types. I hope to do this on a homestead property of at least 3 acres in a peri- urban area, ensuring a bit more privacy. Crazy or not? I would hope this would launch me into traditional REI, otherwise the barrier to entry would be quite high for my family & our financi circumstance.

Thx for sharing your stories. Let's me know it's possible.

FYI, there are Airbnb property managers out there.

I am looking to do something similar when I purchase a home. I've even seen people out tree houses (luxury) and camp/RV parking spaces on Airbnb & similar sites. I've also been to farms that offer event space and have nice "outhouses/bathhouses" to offer guest. I'm also wondering if it is a portable structure such as a tiny house on wheels or mobile home, if that circumvents the need for certain permits?

Who's actually done this successfully? Let us know?!!! 

Thx for sharing @Ana Marie B. let's me know that it isn't a crazy idea after all!

Congrats on the purchase & your foot in the door to REI. I hope to follow suit. My current landlord buys homes cash at auction. They (a couple) stick to a neighborhood (not trendy areas, but descent working class/being gentrified/peri urban) and simple buy, rehab & rent. They've bought homes with the same or less than the cash you have. Usually 2-3bed bungalows. However, I guess your issue would be having money left over for rehab. I'd have to ask to see how much they put aside for that alone, cause I really don't know.

@Stephan Nemeth Any update? I live in Atlanta too & would love to hear how it all turned out. Owner occupied financing is our best option, yet house hacking a multiplex isn't desirable for us as we have children, & as some posters mention neighborhood plays a huge factor regarding livability (& not trying to share space with a tenant).

Wondering if you figured things out, financing wise, & what area you purchased in. So yeah, what's new? Best of luck to you!

and why is my profile photo still sideways?! I keep fixing it...

Greetings!

My husband and I currently rent and have a young family. He works, I don't. It seems like house hacking is a logical first step for us getting our foot into the door re real estate investing. However, we are not interested in living in a multiplex having kids & especially since we don't know how long it would take to get out of that arrangement.

I've shared in other posts that we are also interested in purchasing farmland/a home on a large plot (@ least 3acres) for homesteading purposes. I was thinking to use cash to build separate structures on the property (garden studio/guest houses?) to rent out as vacation rentals or via Air BnB- a different take on house hacking.

I'm just trying to figure out how we can own our home AND gets some cash flow when living in a multiplex isn't desirable for our family.

Anyone done this or have any other creative solutions?

Genuine regards,

Candis

Oh, I have plenty of imagination! But there is a sobering side to it. Lots of farmers, i.e. small/niche farmers, are operating in the red. That is why I'm looking toward real estate, and other value added revenue streams, rather than simply selling produce.

Trying to see how my real estate investment style will fit into that overall lifestyle. Like, what does a homesteading real estate investor look like? lol

@Karen Margrave Thanks or the info! Checking it out now. 

It is possible! One of my favorite success stories is Serenbe. It started off as a family's seasonal retreat, turned permanent residence, turned bed & breakfast, turned New Urban Village.