All Forum Posts by: Chad Maxwell

@Inga Fonder - Thanks for the response, not sure how I missed the notification that there was a reply. Your comment "as long as it's regularly cleaned", makes me wonder if you clean the bathroom for them? That seems like a lot of work if true. Also, I am curious, why STR? The turnover is quite involving I imagine. You most likely provide a furnished home?

The bathroom thing still confuses me.  Do you have a special lease contract that states rules to follow when the bathroom is shared between tenants?  My belief, while maybe baseless, is that tenants would be upset with each other over messes, time management, "borrowed" items.  

I am closing soon on a property that I intend to "house hack" with. It is a 4/3 with more bedrooms than bathrooms. At first I imagined just renting out two bedrooms, however, if I rent out a 3rd, I will cash-flow.  I read Craig C's book on HouseHacking but I didn't observe anywhere in the book where he covers this dilemma. 

The issue is not having enough bathrooms and I am wondering if there is a large enough rental pool for folks who don't mind sharing a bathroom.  Is this typical with house hacking or is it normally 1/1.  I am hoping someone here has experience with this and can provide details on how this works.  Is there a set of rules that are agreed to by both tenants?  What happens if both need to use the bathroom at the same time, what do they do, etc.

@Account Closed - DM'd you. Thanks

Hi Vilena,

We typically buy homes in the 300k range and sell for over 400k.  At this price point we purchase custom cabinets from a manufacturer in Arlington, TX.  They can make just about anything in 3-4 weeks time and prices have ranged from $6k - 15k depending on the level of customization we desire for that home.  These would typically cost $25-70k from most other manufactures which is why we purchase from this vendor.  We just finished a job here in Plano, TX that cost $7k for cabinets installed. 

@Ryan Kelly thank you. Out of those areas which would you believe would have the chance of most appreciation? Also are these neighborhoods mostly B and C type? I am trying to stay in a B but would consider C.

I am looking to purchase a SFR and house hack in North Austin. My employer is having me relocate to this area from Plano, Tx. I have already been approved for a loan with 5% down from my credit union. I don't want to spend more than 350k and I want to be as close as possible to breaking even as possible.

Couple questions, what is the best markets to be in? My job is in North Austin but I could venture a bit. I have flipped homes in the past so remodeling doesn’t scare but vacancy does.

Any thoughts and advice are appreciated!

@Andrew Postell - I wish this information you provided was easy to find. This is incredibly valuable, since I assume most of us newer investors believe 20-25% is the standard and minimum. How do banks know what the ARV is? Isn't it a bit arbitrary since each home will be repaired/updated according to the investors idea of repair? Will reach out to you later today, thanks again.

@Joe Splitrock - Great information, especially regarding the settlement statement example. 

@Andrew Postell - PM sent 

@Christopher Cornett - thank you for sharing, would you mind sharing your brokers info?  Communication is important to me.  Also, can you share details of your loan (amount, down payment, rate, term) and how you were able to close in 15 days?