All Forum Posts by: Daniel McDonald

 Sure, shot you a DM

@Devin Nellany I have been house hacking the past 5 years in MA, in Beverly. Yes, it's expensive, yes, it's not a landlord friendly state, but yes, it's a great place to invest ESPECIALLY when it comes to house hacking. I'll say cash flow is hard here. I'm not going to be retiring any time soon with two duplexes. But I will say the appreciation is insane. And when you do the math, it's way more than I've ever heard of anyone cash flowing a month. I also manage 11 listings out of state with my PM company. It's hard. And I see how expensive it is from the owner's perspective. So I am still going to say if you're living here any way, why not take advantage of house hacking? I have yet to meet a seasoned investor in MASS who regrets it. 

Hey @Chris Richards, I’m in Boston myself, been house hacking here since 2020 in Beverly. Before you learn how to analyze deals I’d do use on what strategy you’re going to do. Analyzing a house hack is very different from a flip. Course you can gauge a bad deal pretty easily but the good ones or workable ones may take more finesse or tweaks. Happy to chat through my experience. 

I'm on my second house hack in Beverly, MA. It's definitely a game-changer and allows my wife, daughter, and I to live in the town we want without being house poor. What I will say about the North Shore and probably southern NH too is the appreciation is where it's at. Cash flow is definitely harder to come by but getting into a multifamily and being patient will pay off. 

Is this a house hacking situation? I live in North Shore MA so I am well versed with how old things are here but that is intimidating for a first purchase. Have you calculated the ARV?

I'm in the north shore and the only way I was able to get into the second duplex was by house hacking. Agreed man it's hard to save 20-30% on a 800k+ home. 

Airdna is your best bet. I manage STRs in TN and FL. There numbers aren't 100% accurate BUT give you a pretty good idea. IF you go that route you'll definitely want to invest in Pricelabs to make sure you're not leaving money on the table. Also definitely check the rules around airbnbs in the area. I assume it would be fine their but maybe not. Usually being owner occupied is a good way around it. 

 I don't know enough about your market but happy to jump on a call at somepoint and share some tips, just shoot me a dm. 

@Tayson Neal House hack 10000%%%. I will fall on my sword here to say it's the easiest and most forgiving strategy to get into when you're starting, and if you're young and willing to sacrifice, it will 100% be worth it. 

Disclaimer, I say "easier" knowing that there will be times you just want to burn it to the ground, but I've yet to find someone who says they regret their house hack. I have though, met plenty of people who regret that flip, or that STR, etc.

To me, it makes sense because you need a place to live anyway, right? That's not going to change, so why not, at the very least, just decrease that bill? People get too carried away with living completely for free, but literally cutting your living expenses down at all is still progress. 

Another underrated aspect of house hacking is the confidence it will give you. You'll start to pick up on things, build a business, become a pro at running numbers, etc. Then who knows, maybe you'll upgrade to a 4plex or buy a Boutique hotel. Either way, I think it's an amazing stepping stone. Then again, like I said, it is very forgiving. 

As for the market itself, is there a pool of possible tenants? Yes? Okay, do it. I live just north of Boston. If I had a dollar every time I heard BP or someone investing in Cleveland tell me how dumb I am for buying here, I wouldn't need to invest. But you will never be more comfortable and be able to handle more curveballs than in your own backyard. That is keyyyy. 

@Calvin Driscoll oh nice man. Apparently the support. Glad to connect.