All Forum Posts by: Devin Dang

Congrats on taking the first steps to buy your first rental property @Brandon Dinsmore! 

+1 to Andrew to explore FHA for multifamily. Youre right, 3 vs 15% is a HUGE difference so thats why I personally would use conventional 3-5% down for SFH or a 3.5% FHA loan for multifamiles to use the power of leverage for great cash on cash return. If your current home you live in is an FHA, have you thought about refinancing into a conventional loan since you'll have to down the road anyways to get rid of MIP?

Welcome to Austin @Melvin Mickens and congrats on almost finishing up your real estate license!

Start with the end in mind. I agree with with Jordan that long-term your time is probably better spent focusing on residential sales especially with your goal to own multiple rental properties one day. Faster you get in the game and learn, the faster you can acquire the skills to do it for yourself. With that being said, I dont think it hurts to knock out some leasing for fast cash but let it steer you away from your long-term goals and staying on the path will get you there the fastest.

Good luck!!

Hey Timothy! Bungalow is one in the austin area but also not sure if they reach all the way up to Georgetown.

Is this for yourself? I highly recommend self-managing for anyone living in a rent-by-the-room situation to get the landlord experience and usually after the initial set up, its extremely easy if find great tenants. 

Hey BP fam,

Calling local Austin investors who have built either a tiny home on wheels or detached ADU in the back of their SF3 SFH to airbnb!

Would love to learn more about why you decided to choose one type of build over the other and how it's been for you. Working on a property over in East Riverside (78741) and meets all the criteria for an ADU build but its difficult to stay within the dwelling building lines in a way that isn't awkwardly placed in the yard.

Questions:

1. Does a tiny home on wheels have to conform to the same placement rules as an ADU that is attached to the foundation? (within dwelling building line, 10 ft from main building, ect.)

2. Have you or know anyone that has been approved by the city to shorten dwelling building lines?

Love to connect and learn more about your personal experience on this luxury style house hack/airbnb!!

Thanks for sharing!

How much are you able to rent each of the rooms for and what does the cash flow look like each month?

Curious to see how much this differs from my house hack just a bit farther up from you in Austin,

Welcome!! My first house-hack changed my life and know it'll do the same for you, good luck

I get where you're coming from, the real estate process can be extremely daunting and the reason most people never start! But I'd say that often the perception/perceived difficulty of the tasks we build up in our minds is usually way worse than the actual task itself. I found that to be true with my first house-hack/investment property.

Like @Gideon Pfeffer said, one step at a time! Personally I'd get with a local real estate agent that has done the strategy you're looking to do. Rockstars hang out with other rockstars, so a great agent will be able to refer great lenders, talk through strategy (price, location, anticipated returns, ect.), contractors, property managers, and walk you through the process one step at a time so you dont have to figure it all our on your own.

Awesome, thanks for sharing! Im a huge Ryan Serhant fan so the power of leveraging social media is super powerful and something I'm personally interested in. Whats your tiktok account? I'd love to check it out

Ill be there, see yall then!

Hey @Cameron Cooper! 

I'm currently house hacking a 4/2 single family property.

I love rent-by-the-room on single family properties and the co-living space is blowing up especially with so many people moving here. Along with that, makes it more difficult to cash flow but no impossible. Seeing about 5+ bed SFH minimum and even 6 to make it work.

With austin being relatively smaller than other major city, honestly anything within 30 minutes of downtown works great. I personally really like east/northeast austin as areas of opportunity with lots of builders/flippers moving more and more out that direction everyday.