All Forum Posts by: Devin Dang

Hey @Robert Love, just know you have a super exciting opp ahead of you to create a strongg community and culture for people to connect, some of which may be new life long friends because of you!

1. If your goal is to maximize cashflow, then mid-term. For me, I want most value for my work + build long-term relationships instead of constantly dealing with turnover so I'm a bigger fan of long-term but either could work! 

2. facebook groups, roomies.com, and word of mouth through targeting communities that you personally enjoy (pickle ball groups, church, ect)

3. Great question! I typically write a longer than average post than most with everything laid out (what Im looking for, expectations, general location, rent, room situation, ect). If anyone responds asking a question I've already answered, I'll ignore! If someone writes a detailed response and feels like they actually put effort in, I'll follow up with then for a phone/zoom screen.

4. I have my roommates agree to a rotating chore chart that is built into the lease. I also emphasize 2/3 times during the screening process that my #1 rule is NO DIRTY DISHES OVERNIGHT. That will mitigate 75% of potential roommate issues. Couple others are quiet hours after X:XX PM and rules around guest/pets.

5. Thinking about shared kitchen space, pantry, ect should dedicate and label each shelf or cabinet for each room in the house so old food doesnt get forgotten about. I recommend getting a second fridge and throwing in garage in kitchen if there is space.

6. Monthly house hangouts where we go out to an event, dinner, grill, ect. Surprising but even though you live together, its easy to get into routine and not talk throughout the work days. Events will ensure fun culture, bonding among roommates, and ultimately less turnover.

7. Keep it as clean as possible

Hope this helps! Reach out if you need anything else

Congrats on the home purchase @Aashish Gottipati! I've set up two co-living houses now in Austin and have helped others do the same and have found a few key places to work well.

1. I'd recommend flexible leasing/housing/room rent facebook GROUPS instead of marketplace. Marketplace have gotten too much spam in the past and not worth the time

2. roomies.com a marketplace for rooms for rent

3. The best is through word of mouth, friends want to help but sometimes forget or dont know how. Reach out friends and see if they've met anyone recently that might need a place to stay. Target the communities you enjoy being apart of (church, pickleball, work, ect) to find people with similar interest/values.

Hope this helps, feel free to shoot me a message for any additional Qs!

Yoooo @Courtney Mccrear! 

Not sure if this is you but a lot of first-time house hackers I work with fall for this trap (including myself) in the beginning about trying to maximize financial return at ALL COSTS.

Often avoiding the most important question of all, where do you want to live and would enjoy the most? While youre not living there, 1 year doesnt seem that long. While living in a place you hate, it feels much longer than a year. 

To provide some context around house hacking in Austin here's what to expect if you dont assume a loan:

(1) Single family house hack with at least 5 bedrooms

(2) Multi-family with mid-term or short-term strategy in the other units

(3) Sneaky duplex - find a single family and convert a portion with separate entrance to run as hotel style STR

This is what it takes to make something work with todays rates, so if you can supercharge it with an assumable loan, only gets better!

From the king of coliving himself, that HUD HCV would be a gamechanger!

Without the right people in your corner, could easily see how someone could make a well above 10k+ mistake, esp if you get into the wrong property, wrong location, wrong renovation plan, ect.

Hi @Austin Berlick,

Great to meet you! When I was in my first house hack (4 guys in the house) I found a super reasonable used fridge on facebook marketplace and hasnt had any issues yet (2 years now). There are plenty that get the job done as a second fridge but a used appliance store will also do the trick.

As for washer and dryer since that gets tons of use and could severely lower the quality of living, I'd recommend buying new from home depot/lowes. Dont need to go super fancy but basic white reliable washer/dryer combo. Best thing is that there is delivery option so youre not worried about finding a way to transport it from a store/marketplace.

Hey @Kyle Bray! I help a lot of house hackers and this is a common question, usually centered around the absolute best ROI and going purely off numbers.

My question back to you is where do YOU want to live? If you have the opportunity to house hack anywhere, I would pick the place where your lifestyle isn't compromised because no investment is worth hating where you live.

With that being said, a general rule is that after 600k median price market then it gets a lot harder (not impossible) to house hack. So I'd stay away from the top end of expensive cities (LA, NYC, San Fran, ect).

Hey @Arezou Ed! Im big fan of vacation rental markets especially in the hill country. Austin is very saturated, can still do well but need a premium/unique product!

New braunfels is generally pretty difficult due to STR restrictions. My favorites are canyon lake, dripping springs, wimberely, fredricksburg, lakeway, lago vista.

Here is the one in canyon lake @Jordan Moorhead was referring to earlier: https://www.airbnb.com/rooms/8...

Happy to chat more via zoom/phone!

Hey @Mike Lee! Great question, I was in a similar position when I was working on my 1st house hack in 2021. Multi-family options were limited and single-family allowed me to be in better areas, newer home, and more in line with my lifestyle.

But with house hacking there will always be some sacrifice in comfort but for the exchange of financial freedom, flexibility, increased savings rate, ect, 100% worth it IMO

I dont know charlotte but generally AT LEAST 4 bedrooms or spaces (ADU/garage/basement) and if you can push 5+ will put you in a good spot at least here in Austin. Second rule with be to have enough bathrooms to support the # of beds, no more than 2 people sharing one bathroom. There's more but this will get you started on the right track.

Congrats on the first property and house hack @Andrew Thomas Vedder!!!

1. My personal rule is no more than 2 people sharing one bathroom so youre good here (I've had to do 3 people to 1 bathroom before and still works but dont recommend)

2. Screen the tenants and understand their lifestyles to predict if this might be an issue. If one is a gamer that stays up late and the other is a crossfit coach that wakes up super early, may not be a good fit. Does one party consistently and the other likes to stay home and read? Ask the right questions and use your best judgement if they would be a good fit

3. Roomies.com / facebook groups / facebook marketplace can get a lot a spam or unqualified candidates but can work if you have the time to swift through them

Hey @Ryan Leake, congrats on taking the next steps towards buying something here in Austin (assuming its your first here)

1. If you goal is just to reduce your living expenses then a 3 bed MAY work, may not. Even when interest rates were in the 2s, the standard rule for single-family rent-by-the-room (RBTR) has been 4 beds. With where prices are now, if your goal is to significantly reduce living expenses, live close to free, and cashflow after moving out: you will need to do a 4 bed <~425k or 5 bed <~525k

My recommendation is within 20 minutes of DT or The Domain to attract people of similar stage of life. Other areas can absolutely work as well but your tenant pool will be significantly smaller as younger professionals tend to flock around those two areas. But Ive seen people make it work in Leander/Georgetown as well, just different tenant pool.