All Forum Posts by: Conner Olsen

No HOA. Rules can change and ruin your investing strategy.

Separate bank account makes it easier. If you are living there I wouldn't worry about getting all that setup because it's difficult to separate everything out while you're still living there. Just keep receipts and bank statements for income. I would at least get a new credit card and put all home expenses on that. When you move out definitely set up a new bank account and credit card.

 When you have the market dashboard set up there is a table with all the nearby listings. There's a field for minimum stay. Filter for  >30 days and you'll see all the MTR listings.

They are very difficult to do if they require a big rehab. I would only use a lender that has experience doing them in the past. Many I've talked to avoid them because it takes a lot of extra work for no extra pay.

Hey Luis, I'd recommend finding an agent in Houston that knows house hacking. They should be able to refer you a lender that can walk you through ways to limit your cash to close.

For your specific questions, an FHA loan is probably going to be your best bet. If you are strapped on cash and have the ability to save a lot of money in the near future, a fixxer upper might be a good option. If you are not able to save a significant amount of money in the near future, I'd recommend something that is already renovated. If you want to do a renovation, ask your agent and lender about an FHA 203k loan. They allow you to roll in the renovation costs into the loan. It sounds great on paper, but is a big hassle to get it done. They should have more examples and experiences of doing them in the Houston area. Good luck!

I'd start with househacking. If you plan on being in the area for awhile it's the best way to become a landlord. I'd also get creative on the rental strategy. Look into rent by the room, MTR, or STR to see if any of those work in your area.

Duplexes are typically the easiest option. ADU's might not be super common in Houston. They aren't that common in Austin unless you're above $750k. I'd start by looking at homes online and just driving the neighborhoods. You learn a lot just from seeing what an area is like.

MTR/STR are great options to increase cash flow. We are doing that with a lot of our clients where the rents are not higher than the mortgage payment.

Turno is great! I rely heavily on the cleaners ratings. It takes a couple to find the right one. Make sure you check their work!

If your finances are simple and you only have one rental, it's probably fine to do it yourself. I think accountants are more helpful when strategizing taxes and not only filing taxes for you.