All Forum Posts by: Dylan Greytak

I listed my first property 2 weeks ago at 1750 (a little wishful thinking) and heard crickets. After a week I dropped it down to 1600 and made sure it was listed on all major platforms.

After the first drop, I have been contacted by about 30 prospective tenants (only 3 from Zillow, everything else from Facebook)

Only 4 of them filled out the pre-screening form. Of those 4, only 1 was qualified and they ghosted me on the day of the showing.

We're house hacking this property so I'm being careful about screening, which may be a turn off for some potential tenants. (6 questions pre-screening form, followed by a short phone screen and set up showing before requesting application)

We aren't in a crazy rush to get this filled, as the mortgage is manageable and we're using it as our residence, but after a week at our lower price I am considering dropping it again.

Another concern I have is how 90% of the inquiries I get are from Facebook. I assume there are more people casually looking on Facebook that take it less seriously. 0 leads from the other big platforms besides Zillow is leading me to believe that my rent is still too high for serious applicants.

Thanks

Hey Anthony, in my experience, cash-only deals are set up that way either because they're listed at a great price and they want it closed fast, or because the house is in too rough of shape to qualify for traditional financing.

Since these homes have been on the market for a long time, I'm going to assume the latter. This might mean that it won't be as simple as having someone buy it cash and paying them with financing. You'll likely have to rehab the home to fit the requirements of the lender before refinancing.

For the cash financing, a quick search of the forums for local recommended hard money and private money lenders should be enough to get you started. Best of luck!

Quote from @Michael Haynes:

Hello Dylan Greytak in Tampa. You look like a nice, suit and tie guy with an education and a JOB. You have to learn that, "your Profit is when you Buy a Property." You did not give the address of the Duplex. You did say you want to House Hack, so, you are willing to live in one apartment and rent out the other. "Never buy a house you would not live in." Did anybody ever tell you that you need a Home to live in and that your Home is not an Investment? You need to read IRS Publication 523, Sale of a Residence. You can live in your Home for 2 out of 5 years and Sell, Tax-free up to $250,000. Think...in 2 years you can Sell, Tax-free. Do you think that in that Time your property will Appreciate anything at all? What about going to the 5 year limit? If not, then what? Your stuck with what we in Florida call "A Gator." Real Estate Investing depends on the Business and Real Estate Cycle and if you don't know where you are in those graphs, then, you are not knowing when to "Buy Low and Sell High." I hope you did not buy on the East side of I275 running North in Tampa. 

Thanks for the advice, Michael.

I saw many listings in that area during my search, but I ended up in Clearwater. I don't mind living here for the next 2 years and I am hopeful that this market will continue to appreciate.

As for a buying a home to live in and not as an investment I'll have to disagree with you. If I were to purchase a single-family residence, I would be paying more each month, and I wouldn't get any hands-on education of managing rentals.

I'd love to hear more about how/where you're investing in Tampa.

Quote from @Alan Asriants:

@Dylan Greytak

I would avoid Section 8

As someone mentioned here. The only guaranteed return is the one paid out by the housing authority.

The tenant portion is never guaranteed.

You can get lucky with your tenant and score a good client. And to be honest with you, I have met some very nice people on section 8 and they were great to work with when I was managing properties.

But those were needles in haystacks.

Try the normal route.

Your returns are great but there is nothing better than a tenant who takes care of your place and pays on time.

I will sacrifice returns for that kind of tenant any day. Your property is your first investment, and your tenant is your second.

Invest well into that tenant

Solid points Alan, I think I am going to do the normal route. The potential for an extra couple of hundred a month just isn't worth it. Going to focus on finding a tenant that I don't mind living above. Thanks!

We're finishing up renovations on a duplex that we're house hacking and considering section 8. I have heard all the horror stories about section 8 tenants. I know that it could end up be a nightmare living above a bad tenant, but it seems that in my area I can get much more for rent with section 8.

Market rents are around 1500 - 1700 and the section 8 payment standard is 2100. (Still unsure if this actually correlates to rent price as the housing authority rep that I spoke to was very ambiguous when I asked what potential rents I could receive)

The only reason that I'm considering is because this purchase was by no means a great deal, I just wanted to have something cheaper than my rent while learning how to renovate/manage a property. I also didn't realize that the neighborhood I am in is mostly section 8, so I am concerned that it will not be as appealing to "normal" tenants.

If I'm able to get >= 1850 for rent, this could end up cash flowing well when I move out. 

I would love to get more info from experienced section 8 investors and learn more about the dos and don'ts of screening them.

Thanks!

Does anyone in the Tampa area have experience with converting garages into studios or converting a large room into an ADU?

I have been actively looking for a small MFH in the Tampa Bay Area to house hack for the past 4 months now. Every good deal I see seems to get scooped up before I can get an offer in and I am getting tired of tossing 2k a month to my landlord. 

This brings me to the thought of buying a SFH and converting it so I can house hack.

Has anyone found this to be a solid strategy in our area?

If so, what can I expect to spend converting a 2 car garage? What about a small studio adu?

I am pretty handy, and my job allows me a lot of free time during the day, so I would probably do most of the work myself.

Hey Marvin,

I'll be graduating from FHSU and moving from Hays Kansas to Fort Worth in a few weeks. I am going to be looking for deals to start house hacking when I am in the area. 

I have no experience in real estate, but I am extremely interested and ready to learn as much as possible.

If you do happen to start any new flips down there, or just want someone to bounce deals off of, I would be happy to swing a hammer or give my opinions.

Hey Jack,

I am in the same boat as you. I will be graduating in a few weeks and then moving to Fort Worth. I will be renting for a year while actively looking for deals in the area to start my first house hack.

Feel free to reach out and I'd be down to meet up and talk about future goals when I move to the area!