All Forum Posts by: Evan Hamamoto

Evan Hamamoto has started 3 posts and replied 7 times.

They don't have to use Zillow!

I agree, but it's beneficial to them to be able to reuse the reports to apply to other properties. I don't make any money off of the application fees, so it doesn't help me if potential tenants pay application fees and don't get the property. Plus I only have 2 doors right now, so I can't rent them another property.

0 Votes

Columbus, Ohio

Quote from @Feng Zhang:

Quote from @Phong Bui:

I've tried zillow application system and tbh it is junk. The only thing it's good for is as a listing platform. Whenever I get interest from there, I direct them to apply through a different site.

New guy here wanting to try out Zillow. Would you please elaborate on why you think the Zillow application system is junk?

Yea, I'm interested to hear some of the downsides of the Zillow applications. I would mainly use them for the credit check, background check, and eviction check. The landlord references and income verification I can do myself if needed.

1 Vote

Columbus, Ohio

Quote from @Garrett Christensen:

Yeah for that reason I use Zillow and Rentler over other products. The one-time fee is much more reasonable for tenants. Honestly, sometimes I don't even do the credit checks and whatnot. I think what's most important is what their past landlords say about them and their income compared to the rent. (3x income for example).

If you want for sure want the checks then I would suggest using Rentler or Zillow, or both. You could also do a prescreening questionnaire that is free and then only have your top applicants pay for the background check. I just feel bad when people rack up hundreds of dollars in application fees alone. Filling properties is like a marketing funnel, so you don't want to turn away people at the top level because of application fees.

Thanks for the feedback! That's my thought as well. I don't receive any of the application fees, but it still feels bad that they pay $55 and not get the property.

0 Votes

Columbus, Ohio

Are the applications through Zillow rental manager good enough for people who use a different property management software/website? A lot of potential tenants have found my property through Zillow, but I use Avail.co to manage my properties. Avail has an application that is $55 (credit check, eviction history, income, criminal history, etc.), but Zillow has an application that is $29 and the potential tenant can use it for multiple properties within 30 days. It seems like it has the same information, but I'm not familiar enough with Zillow rental manager to know for sure. Any thoughts? I hate for people to spend $55 who I don't end up renting to, even though I list all of my screening criteria on my listing.

0 Votes

Columbus, Ohio

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Columbus.

Purchase price: $190,000
Cash invested: $7,027

My first property was a house hack in Columbus, OH. I lived in one side of the duplex for a year while renting out the other side. Currently, my PITI is $1036 and I make $1910 in gross rent. After expenses and budgeting for repairs, I make about $362 per month. I manage the property myself using Avail, and my dad and I handle basic repairs and maintenance.

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

I saw all of the benefits of house hacking and thought it was a great way to start my real estate investing career. I saved money on rent, slowly fixed up the property while I lived in it, learned how to manage the property, and was able to get access to put little money down because of my FHA loan.

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

I found this deal on the MLS while working with a real estate agent.

How did you finance this deal?

FHA Loan (3.5% down)

How did you add value to the deal?

I added new laundry machines, added a vented microwave, replaced broken fans, replaced an old handrail, and did some other minor repairs and upgrades while living in one side.

What was the outcome?

I am currently renting out both sides of the duplex after purchasing a condo! After expenses and budgeting for repairs, I make about $362 in monthly net cashflow. House hacking allowed me to save up for a second property much quicker. My duplex also appreciated a lot in value in just one year.

Lessons learned? Challenges?

I learned so many things about basic DIY and property management. There were a couple of long days fixing up the property, but it was well worth it.

6 Votes

Originally posted by @Marc Rice:

@Evan Hamamoto

1. For rental estimates I use a combination of Rentometer.com, searching available listings for rent (Zillow/apartments.com), and my local neighborhood knowledge.

2. Closing costs for most loans are around $3,500 - 5,000 if you’re doing an owner occupied loan. You can ask your loan officer for the loan estimate with mock numbers

3. Insurance - agent is best...around $900-1.2k/year is what I’ve seen on average.

4. Property taxes - 0.0218 x auditor assessed market value (roughly)

5. Expenses - what you have seems good. If it’s a newly rehabbed your capex will be lower, if it’s outdated it will be higher. Vacancy I’d say is about 15-30 days a year on average if assuming tenants turnover 1-2 years.

6. In Columbus, owners usually pay water since most multis aren’t submetered. Usually owners bill tenants $20/mo/person for water.

I really appreciate the feedback! How did you come up with the 2.18% to calculate taxes?

0 Votes

Columbus, Ohio

Hello BiggerPockets!

I am a 23 year old looking to buy my first duplex for a house hack in Columbus, OH. I understand the different expenses and revenue involved in real estate, but I am not sure how to get good estimates to use for analyzing deals. Here's what I've found so far:

Rent: Utilize fair market rent numbers, rentometer.com, check local listings

Closing costs: 2% of the purchase price?

Insurance: talk to an insurance agent

Taxes: 1.48% for Columbus according to Franklin County website

Capital Expenditures: 10% of rent

Repairs and maintenance: 5% of rent

Property Management: 0% since I will be self-managing

Vacancy: 5% (that's about 18 days per year)

Utilities: Tenants pay for electricity, gas, and water

HOA: depends on the property

Are there any expenses I am missing?

Also, are these reasonable estimates?

4 Votes

Columbus, Ohio

All Forum Posts by: Evan Hamamoto

Evan Hamamoto has started 3 posts and replied 7 times.

Post: Rental Applications through Zillow Rental Manager vs. Avail.co

Post: Rental Applications through Zillow Rental Manager vs. Avail.co

Post: Rental Applications through Zillow Rental Manager vs. Avail.co

Post: Rental Applications through Zillow Rental Manager vs. Avail.co

Post: First House Hack in Columbus, OH

Post: Good ways to estimate expenses and rent

Post: Good ways to estimate expenses and rent