All Forum Posts by: Devin Dang

@Taylor Dasch Thanks Taylor for the kind words!

@Andrew Syrios Thanks Andrew!

@Matt Stricklen I can't take all the credit with the crazy natural Austin appreciation at the time but hey, not complaining at all. Thanks Matt!

@Jeff Schemmel Thanks Jeff! Definitely happy to have locked this one down.

Facebook groups has been my main and only place to source tenants/social media within my friend groups. 

I had lots of demand (50+ responses) so I was able to take my time and find awesome tenants with similar interests and no conflicts. We all hang out and have a great relationship.

Full cosmetic: LVP flooring throughout, interior/exterior paint, kitchen/bathroom cabinet paint, lighting fixtures, and a few smaller projects.

@Dmitriy Fomichenko thank you sir!

Hey Nicolas!

I'm also house hacking a SFH here in Northeast Austin and I'm able to get $700 for my smaller 10x10 rooms and $900 for my master, base rent before utility payment. Could probably get a little more if I really wanted to squeeze it. With increasing prices, 400k is difficult to cash flow but will still significantly reduce your housing expense.

If cash flow is extremely important, couple levers you could pull:

(1) Rent out the master to close the gap

(2) Consider 5 bed and you'll cash flow at that price range. If no 5 beds are available, can get creative with an extra office room, adu, converted garage

(3) Rent by the room off airbnb for monthly room rentals for more cash flow

Hey BP fam, wanted to share my first SFH House Hack in Northeast Austin. Making it a goal this year to meet as many awesome local current/aspiring house hackers, investors, and agents in the area so lets connect! 

Purchase price: $267,500, closed 2/22/21
Cash invested: $50,000 (30k down payment, 20k cosmetic rehab)
Current estimated market value: 400k-420k

A 3 bed/2 bath + office that I'm living in the front office and renting out to other three to completely cover PITI + extra $478/cashflow monthly. When I move out to my 2nd house hack, this will easily cash flow $1000+/month. Was a crazy time but bought right off the MLS during a record low inventory levels, sitting close 0.2 months of inventory by the time I closed. Unfortunately had to come in extra 20k down payment due to unprecedented appreciation causing low appraisal. But the appreciation alone since has made it worth it!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Agent team: The Jordan Moorhead Team in Austin Texas
Lender: @Tyler Hodgson with NXT Mortgage

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $267,500
Cash invested: $50,000

House hacking this single-family home in Northeast Austin! A 4 bed/2 bath that I'm living in one of the rooms and renting out to other three to completely cover PITI + extra $478/cashflow monthly. When I move out to my 2nd house hack, this will easily cash flow $1000+/month. In addition, I put in roughly ~23k into renovations and this property is now worth 400k, creating close to 150k in equity through forced and natural appreciation.

What made you interested in investing in this type of deal?

Ability to live for free and own real estate in one of the fastest appreciating markets in the US

How did you find this deal and how did you negotiate it?

Right off the MLS during a record low inventory levels, sitting close 0.2 months of inventory by the time I closed

How did you finance this deal?

Conventional 3% loan. Due to unprecedented appreciation, appraisal came in low, had to come in with a partial appraisal waiver and come in with an extra 20k to close up the deal but the appreciation alone since has made it worth it!

How did you add value to the deal?

Full cosmetic rehab: interior/exterior paint, paint kitchen and bathroom cabinets, LVP flooring throughout, and updated lighting fixtures

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Agent team: The Jordan Moorhead Team in Austin Texas
Lender: Tyler Hodgson with NXT Mortgage

Thanks everyone so much for your replies and great advice. This was super helpful and overall helped be better understand my goals and product type. I decided I will no longer be moving forward with a house at this price range since it does not make the most sense more my goals long term. 

@Robert Eyers Appreciate the advice, I'll definitely keep everything in mind.