All Forum Posts by: Eric DeNardo

@Jessica Ewanic, Like others have said, house hacking is a great strategy to find something you like to live, and build equity with renting out a portion of your home. I do that and it's been a great strategy to get started! 

@Radoslaw Wlodarczyk, you are right on track with cash flow in Denver. It's tough in this market with high prices, high rates, and rents not high enough to cash flow. I've worked with a client to assume a mortgage at 3% and he can cash flow using the rent-by-the-room strategy. However, there are risks with assuming a mortgage. 

You may think about house hacking because of the financing benefits of being your primary residence and your housing costs will be minimal to save for your next house. You may just break even the first two years, but you are building equity and wealth from others, and in a couple of years you can cash flow. 

@Talon Revis, I think it just takes experience and talking to contractors to get a general cost of things. Some great agents know this information and would be willing to help you learn about the general costs of rehab. You may find a contractor that is also willing to help, but they are typically busy and won't waste your time. 

@Darius Wade, I think it depends on how much equity you have and what your goals are. Since it's only been a year, I wouldn't think you have much equity yet, but maybe you do! Therefore, I would buy another house hack and keep your existing house as a rental. I get where you are coming from with HGTV flipping. It can be exciting and fun, but don't go too far from the fundamentals and make sure the numbers work and meet your goals!

@Gregorio Villar, I've heard from an investor that he charges room rates more each month and pays for essentials like toilet paper to avoid this type of situation. Something to think about!

@Clayton Murray, I suggest looking into house hacking. Where you buy 4 or more bedroom house and rent out the bedrooms. It’s a great way to get started and get your foot in the door! 

@Mike S. I suggest looking into a house hacking to get started. You can find something that’s livable, but needs some work. This gives you better financing options.

I’m an introvert as well. What I did to be better at networking is to take baby steps and continuously go to networking events to build up your “social muscle”. I would go into a meet up and have a goal to introduce myself to 3 people. Once I’ve had enough, I would leave early. As I continued to go to events, I got better and it became easier to socialize. Reach out anytime if you have additional questions.

Also, I got really clear on what I want and how I’m going to get there. My goals are more important than my fears!

@Jerell Williams, Welcome to BP! It's a great place to learn and ask questions like yours! 

Many contractors may not put in the time to view the properties before you go under contract for a home, but some might! I suggest finding an agent who is knowledgeable enough about construction to know what work may be needed and can refer you to contractors who are reliable and willing to work with you! Where are you looking to invest?