All Forum Posts by: Essien Benjamin

@Michael Sgandurra Thanks again man!

@Stephen E. Thank you Stephen! How exactly do I get a "Homestead Exemption"?

@Michael C. This does help, thank you very much. I'll check out Keydata!

@Beau Guidry Definitely, thank you for the feedback!

@Dmitriy Fomichenko Thank you!

@Michael C.Thanks for your feedback! I was going to pay for Airdna and Mashvisor to also help run the numbers. Do you have an opinion on using these tools for analysis?

Hey BP!

I am excited to announce that I'm closing on my second house hack tomorrow! It is a side by side duplex that I originally analyzed with a long term rental. The numbers are pretty good and I'll be living in the middle of the city for a very cheap price. However, I was thinking about doing Airbnb on the other side instead. I've never done Airbnb, and under normal circumstances (without COVID), I know that New Orleans would be a great place to do it. But as we all know, there is a pandemic still going on and a lot of New Orleans is still shut down. Does anyone know if this area is still profitable for the short term rental strategy? Or should I just stick to doing a long term rental? Any suggestions would help, thanks!

Hey BP!

I was finally able to secure my first house hack in Everett, WA a little over a year ago. Unfortunately, due to the pandemic, I had to find a job out of state. I own a 3 bed/2 bath condo and I am renting out the other two bedrooms right now. I would like to rent out my room once I am ready to move out in a couple of months. However, I would also like to get property management in place to help me with this since I'll be too far away to manage it myself. Does anyone know any property management companies willing to take on room rentals instead of whole units? I could rent out the condo as a single unit, but my cash flow would decrease significantly. 

Any advice would be appreciated! Thanks!

Investment Info:

Other buy & hold investment in Everett.

House hacking a 3 bed 2 bath condo in Everett, WA. I live in the master bedroom and I rent out the other two rooms.

What made you interested in investing in this type of deal?

I wanted to start house hacking as quickly as possible after I started working. This condo seemed to be the best option for me in terms of pricing.

How did you find this deal and how did you negotiate it?

I found this deal on the MLS. I offered $6000 more than the asking price as long as the seller agreed to pay my closing costs which eliminated my PMI payment.

How did you finance this deal?

Conventional 3% down payment. Washington state has a down payment assistance program that I used to fund the down payment.

What was the outcome?

It's not the 'perfect' house hack because the income generated from the rooms doesn't completely cover my mortgage. But I still live much cheaper than I did in my previous apartment (savings of about $1000/month).