All Forum Posts by: Greg McLean
Greg McLean has started 1 posts and replied 3 times.
Post: HOUSE HACKING .. what is it?
- Systems Analyst
- Watsonville, CA
- Posts 3
- Votes 3
Hello BP! My first official post! I suppose I'm a house hacker. I've been renting rooms in my home for the past 10 years. I currently charge $800 per room. I have two rooms, so that's $19,200 a year. My goal is to save for a down payment on a second home - move in (sorta), and rent the spare rooms. The first home, I would continue to rent the rooms, and also rent the master bedroom. Then, after I've met the 1 year requirement, I'll rent the second home out, and move back into the first. This keeps the friction of moving all my stuff back and forth, and allows me to retain my housemates in the first home. Then, I just rinse and repeat until I reach my goal of (5) homes - four rentals and 1 primary.
Questions:
1. Does this sound feasible?
2. Should I find a third tenant for the second home once I move back to the first home, or find a family? I'm leaning to a family for the stability of that. Also, I wouldn't have to "keep an eye" on the place as much as three separate tenants.. Thoughts?
Post: Hello
- Systems Analyst
- Watsonville, CA
- Posts 3
- Votes 3
Thank you Rachel and William!
Post: Hello
- Systems Analyst
- Watsonville, CA
- Posts 3
- Votes 3
Hello aspiring Biggerpocketers! I'm 51, single no kids. I live in Watsonville, CA. My goal is to transition to real estate investing. I currently own one home which I rent (2) rooms in. I'm looking for advise on making the next move to buy my second property.
My initial plan is to rent my master bedroom out, and move into the second home as a primary residence - stay there for the required year, then rent it out. This seems like the most logistically feasible plan. I won't have to move all my furniture out, as though I was renting the whole house to a family. I can rent my room as "semi-furnished" and leave my bed there. I can just live minimally in the second home for a year. Just buy an inflatable mattress, a cheap SmartTV and just stick with Internet access. A couple lamps and a sofa... Wallaah...
I'm also working on my bachelor's degree in Real Estate Studies through Marylhurst University's online program. I plan to take the Broker's exam shortly after graduation. I read that I can take the exam if I have a bachelor's degree in real estate, and have completed the required courses.
I look forward to informative dialog on this site!
Greg