All Forum Posts by: Derek Roche

Quote from @Kimothy Bynum:

Quote from @Derek Roche:

I have structured a unique house hack... and its working out pretty well, I think.

Closed on my first duplex (Up/Down - 2bed-1 bath each) 2 months ago that needs updates and repairs badly. Mostly cosmetic, and deferred maintenance. Closed the deal with upper unit vacant and lower unit tenant staying in place. The plan has been to rehab and increase rents one unit it a time. Rents were 600 -650. About 300-400 below comps in the area. I just got the lower unit rent increased approved by section 8. 650 increase to 950 through section 8 (no change to what the tenant payment is). PITI is about 975. Nearly housing for free as a 29 year old. Just the start of my REI journey and goals.

While I am working on rehabing the upper unit I am living on the property in my skoolie (Converted school bus to RV). Once the increased rent check comes in my personal housing cost is only going to be utilities and insurance on the RV. About $300 a month. The skoolie is going to play a major role in my REI journey. It essential allows me to demo/gut/rehab a property or unit without having to sleep in drywall dust. Im a woodworker/cabinet maker and project manager for my W2. And I have always fixed or repaired something. So this is just another big project on my long list of hobbies. 

The tenant is fine. No major problems to report or get overly frustrated with yet. 

Located in Rochester, NY. Good luck to all fellow house hackers!

Bro your living in a bus! It looks sick tho!! That’s what’s up tho. You have an electric meter running to it and water? Looks comfortable honestly. Where did you get this idea from.  

 Ha thanks! Both units are electric metered separately and I have the bus plugged into the rehab unit. 1 city water meter at property and im hooked into water. Gas stove and hot water heater in the bus run off of bbq propane tanks. Most of the build for the bus is documented on instagram and facebook at 5speedhouse (https://www.facebook.com/5spee...). The idea isnt too unique lots of folks in the bus life / van life community but most are nomadic or find a plot of land to post up on. But it started 7 years ago as a project with an ex-girlfriend.... Just spent the last two years hustling every weekend to get it done... figure about 4000 man hours. I started getting interested in wealth build through REI in the last year and a half. Doing my research, looking at how I could leverage the bus to meet those goals. Think of it as like the nicest job site trailer haha

It is pretty comfy. 220sqft of floor space. kitchen, shower, fridge, and a tv. Dont need much more than a place to lay my head and brush my teeth as a single dude. Scaling my personal housing and life needs back. loose five year plan is to do rehabs on at least another four units and keep living in the bus. Owner occupant loans. I dont ever plan on living in my current duplex. It not my home (liability, its my rental income (asset).

I have structured a unique house hack... and its working out pretty well, I think.

Closed on my first duplex (Up/Down - 2bed-1 bath each) 2 months ago that needs updates and repairs badly. Mostly cosmetic, and deferred maintenance. Closed the deal with upper unit vacant and lower unit tenant staying in place. The plan has been to rehab and increase rents one unit it a time. Rents were 600 -650. About 300-400 below comps in the area. I just got the lower unit rent increased approved by section 8. 650 increase to 950 through section 8 (no change to what the tenant payment is). PITI is about 975. Nearly housing for free as a 29 year old. Just the start of my REI journey and goals.

While I am working on rehabing the upper unit I am living on the property in my skoolie (Converted school bus to RV). Once the increased rent check comes in my personal housing cost is only going to be utilities and insurance on the RV. About $300 a month. The skoolie is going to play a major role in my REI journey. It essential allows me to demo/gut/rehab a property or unit without having to sleep in drywall dust. Im a woodworker/cabinet maker and project manager for my W2. And I have always fixed or repaired something. So this is just another big project on my long list of hobbies. 

The tenant is fine. No major problems to report or get overly frustrated with yet. 

Located in Rochester, NY. Good luck to all fellow house hackers!

Hey BP,

I closed on my first duplex / first property almost two months ago. I have been chipping away at the rehab and saving all my receipts. Id like to get in touch with an accountant who can help me with tax prep and general financial planning.  I'm located in Rochester NY but not opposed to working with someone based elsewhere in NY. 

Thanks for your time and recommendations!
Good luck fellow investors

I'll share a bit of my story...

I took a part time job doing handyman/ trim carpentry work. The guy I worked for and with held several rental properties and was partners with other folks on a few more commercial properties. As we worked on the properties we would chat about all sorts of things real estate/ landlording/ finance. I worked for him for almost a year and gained so much knowledge and a better understanding of all the things real estate because I could ask questions to someone that was actively doing it! 

Now that I have my first duplex -  I can call my old boss/ friend and ask him construction questions, vendor/ tradesman referrals etc. All this to say the few thousand dollars I made laboring for him is nothing compared to having him as a resource. --- Like Rich Dad says - Don't work for money.

I would give Rochester Colonial Window and doors a call