All Forum Posts by: Devin Dang

Thanks @Ryan Thomson! Happy to connect @Jake Burkons as im also in ATX,love to see youre thinking about this at a super young age. 

@Keith Mintz

Really cool stuff and great insight!

In both my coliving houses I also realized that so many people that are renting a room arent just there but they HAVE to but because they WANT to.

Loneliness is an epidemic, especially in the states post-college where it can be more difficult to find community/their tribe. During college everyone is around you and near you, primed to create friendships vs post-college where people get stuck in their mundane routine and as a result a pattern of isolation.

This is awesome @Keith Mintz! 

Great way to test out coliving strategy without locking yourself in completely. Not that I'm worried coliving numbers wouldnt work but just personally if you enjoy the lifestyle and community.

How did you approach the furniture in the common area and rooms?

@Parker Reyna definitely not the easiest market to make numbers work but Im confident that getting creative and finding ways to cashflow in a heavy growth "appreciation only" market is going to pay off really well long term. 

Strategies Im seeing the most success in personally:
1. Single family co-living with minimum 6 bedrooms

2. Duplex or triplex mid-term units

3. STR 2000+ SQFT with great amenities

Any of these strategies if combined with house hacking #1 way to achieve most investors CoC targets.

Game changer! After listening to biggerpockets and studying for years, I thought I was ready to house hack and knew it all until @Jordan Moorhead gifted me this book and realized how much I didnt know.

Highly recommend for anyone wanting to get into house hacking, lots of info out there but organizes it very well.

Excited for you @Daniel Steinmann!

Like for a lot of people here house hacking was the gateway/entry into other strategies and objectively the best way to get started in real estate.

After my first 2 house hacks, was able to scale up with two traditional airbnbs (1 vacation rental STR & 1 MTR duplex) all thanks to that first house hack domino.

Resources:

1) House hacking strategy book by Craig Curelop - will get you 70% there as quickly as possible. All the information is out there but having it in one concise place will make it so much easier 

2) Curate your social media to follow people on instagram/youtube that house hack or talk about it, that way you can get in your daily reps on platforms you likely already use

3) Network and connect with other house hackers 1-2 steps ahead of you ASAP. I used to think I had to wait until I got my first property until I was "valuable enough" to connect with others but real estate investing community is generally helpful and finding your community will 2x or 3x your timeline

Hope this helps!

“Most people overestimate what they can do in one year and underestimate what they can do in ten years.”

Congrats @John Bolstad! Life can change very quickly so Im excited for you on your real estate journey to see where it goes from here. I also got my start in house hacking and allowed me to scale up much faster than I ever thought possible.

House hacking = #1 to build wealth through real estate hands down

Hi @Michael Orlando I'm no lender but will try my best because I wondering the same for a while when I was going from 1 -> 2.

From my experience, first depends which type of loan (conv vs FHA) youre going into next. One major downside going into FHA is that they cant qualify any rents from your departing residence. Whereas if you go into conv house hack next, they can qualify 75% of LONG-TERM rents (no MTR, STR,ect) to help you qualify for the next house.

So they should at the minimum count $1050 towards qualifying income ($1400*75%) and if you have another long-term lease for your side that will start soon after closing, they should count 75% of that as well. Not 100% on your side so definitely get in contact with a lender!

@Jeffrey Anderson Just out of curiosity, apart from maximizing returns do you have a preference on your own lifestyle between having a LTR roommate vs MTR roommates? 

If your #1 goal is to maximize returns then extra effort for MTR numbers will almost always beat LTR numbers (check out roomies.com for LTR room rental rates). For example, say it cost 3k to furnish a room and you could get an extra $250/month in MTR rent then thats a 100% ROI on your money and 1 year break-even.

If you dont want to deal with management, turnover, setting up listing, cleaners, new people in your house throughout the year then LTR can often make sense so you can spending more time on activities you find more valuable. If you want to build out an airbnb business, then there's value in starting to learning MTR strategy now. 

All depends where you want to go and what strategy helps you get there the fastest!

Great post @Julien Jeannot! Thanks for sharing