All Forum Posts by: Didier Bizimungu

I think there is a massive misconception that house hacking must be more than your mortgage payment. 

House hacking income is supposed to supplement your payment, if it overtakes it - fantastic! If not, that's completely normal. 

One can't discount the benefits of having a lower payment in the home that you would have had to otherwise pay for regardless. 

Specifically, this is a program within the NACA system called HOT-PHA.

More on that: https://www.naca.com/the-naca-...

As to how this can affect investors, this program is more stringent in its requirements than the typical NACA process.

I don't see it making a dent in the available renter market. As the entire NACA program itself doesn't.

In terms of solving the housing crisis - with NACA requirements and process, adding this program has even MORE requirements. I don't see this being the solution; maybe just playing a tiny piece.

Hi Joseph, 

I'll let others cover the requirements for loans. On getting out of a NACA loan,all you need to do is refinance into a conventional as you would any other loan.

From there, that would remove the Primary only requirements of NACA.
 

This looks fantastic, Rachel! And congratulations on getting this launched to you and your family! 

Did you rely on any local partners to get started or are you self-guiding through this process?

Thanks!

Hi Mary! 

They exist. Unfortunately, without a local connection, your best bet will be the phone. 

Most PMs have a ready and available phone number, and it should be a quick 5 min call as to whether they support rent by the room. 

You can also get to the same answers using a local, investment-friendly realtor who might have deep local connections.

Respectfully, Dan I must disagree here. Like most services, you can shop around and find terms/pricing that fit your numbers. 

Hope this helps!
 

Hi Daniel! 

I'm starting a similar partnership here in August. How do your profits compare to LTR if you don't mind me asking? 

And are there any increases in maintenance or other issues you've experienced with the transition?

Thank you, 

@Brendan Simpkins I use the multi-family option - it doesn't have a rent-by-the-room option like Law Depot. 

I might get crucified here, but I usually have two rules. 

One, dishes cannot be left in the sink overnight. They must be washed. And two, if the tenant has a cat, the kitty liter must stay in their room. 

Other things I like the tenants to figure out amongst themselves. 

Here for any follow up questions! 

Lawdepot.com guides you through the process of creating a lease. 

It has a free trial that should be more than adequate for your needs. It also includes room rent options and is customized per state/county. 

That's what I use for my leases. However, I'm currently trying out Zillow Leases as it has online signings—a significant drawback to Law Depot. 

Let me know if you have any questions. 

Congratulations, Kayla! 

Quote from @Ashley Peck:

Hi everyone! I am very new to the process of potentially buying my first home in the St. Pete/Tampa area. St Pete currently has exploded tremendously. Houses that I can afford need a substantial amount of work. I have never undergone a reno and not sure I am interested in doing that as a first time buyer. However, there is a new up and coming area called Parrish about 30 minutes from St Pete/Sarasota. The area is growing but not fully developed. I’ve thought about buying a new build with the intent of having roommates. From those who have rented out to people, are people interested in renting/being roommats with a 30 minute commute to the cities?

The easy answer is yes! Don't assume everyone who would live there would be leaving the area for their work. 

Quite a few remote workers nowadays are looking to live in the suburbs. I do rent by the room as my main strategy in St. Pete and have quite a few of those.

Also, I recommend that program Hamp pointed out. 

Let me know if you have any other questions!