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All Forum Posts by: David Yamamoto

David Yamamoto has started 3 posts and replied 19 times.

Post: House Hacking - renting bedrooms, screening tenants

David Yamamoto
Posted
  • Posts 19
  • Votes 26
Quote from @Jake Andronico:

@David Yamamoto

Great question. I've house hacked 2 SFH's by the room, and my understanding is you can be more selective when you're living there (although this is not legal advice, and I'm not a lawyer). Always make sure to consult w/ one to know State/Federal laws to be in compliance.

I have tried 4 different self-managing rent collection portals and Turbotenant has been by far my favorite. It has the ability to screen tenants, upload their signed lease agreement, record communication, get you ready for tax time, etc. 

I've gotten multiple compliments from different tenants using it. I'd start there and @Scott Trench posted some helpful info about state specific lease agreements. 

Best of luck!!


 Thank you Jake!  

Post: House Hacking - renting bedrooms, screening tenants

David Yamamoto
Posted
  • Posts 19
  • Votes 26
Quote from @Preston Dean:
Quote from @David Yamamoto:

Hello folks,

For those that have house hacked while renting out bedrooms to tenants... how do you screen them?   This seems a so much more personal when you have to actually share the same living space with tenants.  Do you screen with a company or do it yourself? This is a brand new concept to me... 
(Property in question is a 3b single family home). 

Thanks,
David. 


 Hey David,

My suggestion to you is just to screen them yourself so you can see the data firsthand. Then maybe bring in a 3rd party/ agent/PM/Friend/ & ask them to help analyze the tenants with you. Then when it comes time to accept or deny them just let them know that based off the screening and after speaking to your "team" they don't fit the criteria for ____ reason. 

If that seems too confrontational to you maybe ask a PM company to screen them for you. It won't cost much. Maybe a couple hundred $$


 Thank you Preston!!

Post: House Hacking - renting bedrooms, screening tenants

David Yamamoto
Posted
  • Posts 19
  • Votes 26

Julien and Michael, 
Thank you very much for the insight, I appreciate your input!
David. 

Post: House Hacking - renting bedrooms, screening tenants

David Yamamoto
Posted
  • Posts 19
  • Votes 26

Scott, thank you so much for this incredibly helpful information!  I really appreciate your time.
David. 

Post: House Hacking - renting bedrooms, screening tenants

David Yamamoto
Posted
  • Posts 19
  • Votes 26

Hello folks,

For those that have house hacked while renting out bedrooms to tenants... how do you screen them?   This seems a so much more personal when you have to actually share the same living space with tenants.  Do you screen with a company or do it yourself? This is a brand new concept to me... 
(Property in question is a 3b single family home). 

Thanks,
David. 

Post: Hello, new member, excited about this adventure

David Yamamoto
Posted
  • Posts 19
  • Votes 26
Quote from @Michael Dumler:

@David Yamamoto, Congrats on the deal! What indications are there that you may have overpaid for the property? Does the deal still cash flow? Did the appraisal come in lower than the intended purchase price? Do comparable properties support the purchase price? Did other competitive offers bid up the property? I agree with you, the best way to learn and sharpen your investment knowledge is to dive in and take action. Best of luck! 


 It is a competitive market there right now... every listing was going over asking and multiple offers.  I sort of got caught up in that mostly because of a locked in rate that I couldn't let pass.  So a little more on the purchase price at a lower interest rate seemed like the way to go. 

Post: Hello, new member, excited about this adventure

David Yamamoto
Posted
  • Posts 19
  • Votes 26
Quote from @Bobby Burns:

Hey David,

Congrats on purchasing your first real estate investment. I heard Huntsville was a growing market. What were some factors that helped you decide on Huntsville as an investment market? I live here in Washington but purchased two properties while living in Louisville, KY and plan on purchasing more. 


Best,

Bobby


 Hey Bobby,

It's such a growing market with tons of jobs coming into the area.  I was looking for a place that is affordable for retirement too - thinking maybe I'd eventually move there.  Another factor was my buddy became a realtor there so I felt a little more comfortable with boots on the ground I could trust.  

David. 

Post: Hello, new member, excited about this adventure

David Yamamoto
Posted
  • Posts 19
  • Votes 26

Hey folks,

I'm from Seattle and just bought my first investment property near Huntsville, AL.  Probably overpaid a little but I figured it was time to stop the analysis paralysis and get some skin in the game.  I've read a lot of books over the years and have been listening to BP podcasts, but I figured the real lessons (and cost of education) will come with jumping in and learning through doing. I had to do a turnkey for the first one since I'm a little intimidated about trying to reno a property remotely. 

Hope to learn a lot for you folks!

David. 

Post: First-Timer w/ Interest in BRRRR

David Yamamoto
Posted
  • Posts 19
  • Votes 26

I'm brand spanking new to this as well... currently reading a book "Long-Distance Real Estate Investing" by David Greene, published by BiggerPockets (which lead me to this website).  Greene lends confidence that long-distance is doable.  Give the book a look!