All Forum Posts by: Craig Anderson

I believe House Hacking is the least riskiest of investments. Think about it, if you have the money to buy a 3-5 Bedroom home already and can afford the mortgage, then your risk is minimal because you already have money to cover expenses. The tenants that you get, offset what you would normally pay, so it's a great set-up with less risk than having 2 mortgages to pay for if you lived in a home and rented out a 2nd home when you start this REI journey.

In Gilroy, you will get appreciation, and you should be able to rent out rooms at a good price point.  Just make sure that you have house rules and expectations set up ahead of time.

Hey there Steven, I'm a little concerned on your numbers especially if you're getting a HML. If you're looking at $150K and $15K in rehab, and an ARV at $185K or so, then you will not be making any money on your deal after paying back most likely 12-15% HML. Plus, you have to factor in holding costs during rehab. You might need to rethink and recalculate your numbers so that you can make money off of a flip.

Listen to past podcasts from Yarl and Jay. Both were ex-flippers turned into BRRRR guys.

Read and learn, read and learn, read and learn. The first book that you should read is HOW TO INVEST IN REAL ESTATE: ULTIMATE BEGINNERS GUIDE TO INVESTING
BY JOSHUA DORKIN AND BRANDON TURNER

Then, go from there.

It depends on how much you are doing yourself, or hiring out.  Depending on the size of the rooms, and what you want to do, a contractor will most likely average about $3K-$5k per room.  If you do it yourself, you can save about 50% of that.  Remember, paint goes a long way to make your house look new. It's a great, inexpensive alternative to total rehabs.  

Thank you for the advice Grace.

I'm new to house hacking, and right now I have 2 of my 3 rooms occupied.  What are some good ways to keep rooms filled that you have experienced?  I'm connected to Traveling Nurse and Professional sites that connect me with leads.  I've also went on Facebook, but you get all kinds of weirdness.  I'm thinking of college kids, but not sure.  Any other ideas as I'm looking for short or long term tenants, preferably short term.  I'm hesitant on AirBnB as that will create tax implications.  Any ideas would be great.  Thanks!

Hi there, I ignore all of that "don't buy", and "buy" speculation.  With any investing, the best time to invest is when you are ready and are willing to be consistent with a plan.  There is never the perfect time to buy, and "timing a market" is they way people lose money.

My wife and I saved, and made a plan to house hack. We dove into a hot market, and we were able to get the house UNDER market value. Then, it appraised for $30K more than what we paid.  So we've already increased our wealth due to the equity. Now, we just need tenants, and I believe that is going to happen soon. We have 3 rooms to rent with lots of space to spread out around the house.

Find the right property that works for you, and get in the game. Good luck!

Hi there, I will be house hacking this month, and wanted to get some input on the best, and most user friendly tenant screening apps. Can the BP community send some ideas?

Thanks,

Craig

I would start by reading "HOW TO INVEST IN REAL ESTATE: ULTIMATE BEGINNERS GUIDE TO INVESTING"
BY JOSHUA DORKIN AND BRANDON TURNER