All Forum Posts by: Elliot Friedman

Hello I am new to real estate, and am about to buy a house hack. I was wondering what my fellow house hackers have implemented in terms of rules for their tenants. For example, do you have a schedule for who takes out the trash, recycling, or who does the monthly vaccumming, etc. I am new to all of this, however I know that I need to have all of these details ironed out BEFORE tenants sign the lease so that they know what they are agreeing to. Otherwise I am setting myself up for disappointment when they do not follow rules and I have to pick up after them.

If you are an experienced house hacker or have suggestions, please let me know what rules and things you add to your lease to make sure that your house stays clean and running well.

I have read Craig Curelop's book on the house hacking strategy and it goes through a lot of things and provided me the confidence to go after this deal, however this was one question I still was left with at the end.

I don't believe you'll achieve the result you're looking for through a set of rules in your lease. If you want a tidy home, this is a tenant selection issue. I've house hacked a number of times. If you're talking about people living in the same home as you (not a duplex), then you have to treat it like having roommates. Sure you can set some general ground rules, but if you try to approach it like you're the landlord trying to enforce the rules, it will just get ugly. I've actually been on both sides of this situation in house hacks. This is not a lease issue, it's about picking roommates that appreciate the same level of cleanliness as you.

Thank you for this advice. I will make sure to keep this in mind while selecting tenants so that everyone has a nice living arrangement.

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If you are an experienced house hacker or have suggestions, please let me know what rules and things you add to your lease to make sure that your house stays clean and running well.

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Thank you for the feedback Jaysen. I didn't fully factor basement ARV in, and the deal doesnt work as I have to sink a bunch into the basement which the next owner will not appreciate.

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I am looking at a property that currently has three bedrooms, two bathrooms and an unfinished basement. If i finish up the basement i can make it two bedrooms and two bathrooms and rent each bedroom out individually. Based on the local market, i believe that i can rent the rooms for $600 a piece.

5rooms*$600 = $3,000/month

Expenses


		Expenses			Debt service		Income

	HOA	225		Mortgage	891	1 room	600
	Garbage	20		Insurance	120	1 room	600
	Utilities	300		Taxes	134	master bed	600
	CAPEX	150				Total	1800
	repairs	100
	Assessments	50
	Vacancy	250
	Internet	50
	total	1145		total	1145


	Total monthly cost	2290

		Down payment	15000			Basement bedrooms	600
5bd 3b		Basement fix up costs	35000				600
		Totaling invested	50000
						Total income	3000

	COC	0.1704
	Monthly cash flow	710

Please let me know if this makes any sense. If i were to rent out the house on its own, I would maybe get fifteen hundred dollars a month.

I am a new real estate investor and it was my realtors idea to finish the basement off. The deal only makes sense if i can finish off the basement for a very reasonable price and i can get the rents i think i can get.

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All Forum Posts by: Elliot Friedman

Elliot Friedman has started 2 posts and replied 5 times.

Post: Rules for House Hacking

Post: Rules for House Hacking

Post: Rules for House Hacking

Post: [Calc Review] Help me analyze this deal

Post: [Calc Review] Help me analyze this deal