All Forum Posts by: Harry Standafer

@Jeremy Clark

Let us know what you find out. If it’s legit, you’re rich. Which is probably an indicator that it’s not.

@Idan Narotzki

I agree with everyone else that it seems more good than bad, but maybe you or your property manager could casually ask her why she wants 3 bedrooms. Could be that she works from home and needs an office or that her parents visit often, etc. I’m guessing she probably just isn’t as financially savvy as you are and wouldn’t know why she did it.

Sam, welcome from Lexington. Really exciting for you to be at this point. I think being in Lexington it makes sense to invest here rather than looking further away. The inability of Lexington to expand outward (it's constrained by all the horse farms on the outskirts of Fayette County), makes it a safe bet that property values won't be falling in the future, as there's a finite amount of land available for expansion.

I know it's last minute, but you might want to check this out tonight. 

https://www.facebook.com/events/434229510822522/

@Charles Taggart

I know you asked for books, but for kids I would think podcasts might be better. I tried to read some of Warren Buffett’s book recommendations recently and found myself in a bit over my head. I can only imagine the same would be true for a kid, to the nth degree.

Welcome! I'm right down the road in Lexington, KY looking to do the same thing. I'm scared off by how little I know about Cincinnati and crossing state lines, but that's something I hope to conquer some day. Good luck to you!

Awesome stuff you guys are doing. Being younger gives us a unique insight into the kind of properties young people want. They want what we want, and young professionals in transition are always a good market looking to rent or buy property. These are the tenants I target.

Thanks, guys! I checked out those websites and after the holiday weekend is over I'm gonna go chat with the bank.

Being young is the best time to start! The benefits outweigh the drawbacks 10/1. House hacking is easier when you're younger. You have no (or less) family to worry about housing for. Something I don't hear people talk about a lot is the idea that the rent you charge on a property at the beginning is the lowest rent you'll ever charge. For example, if I buy a house tomorrow and charge $1,000/month in rent with a $1000/month total payment+expenses, I'm not cash flowing. However, my payment is never going to go up, but over time, with inflation and the growing market in the city you invest in you'll be able to raise the rent. So, in 10 years, you might be charging $1400/month and in 20 years, $2000/month, all while your payment is still $1000/month. So, I'm trying to look at deals as how they'll look in the future, not how they look today, a luxury our age allows us!

Hey all,

I've been casually house hacking for a little while (renting to friends, not unknowns) and as I'm starting to acquire more properties and lesser know tenants, I want a more professional way to collect rent. In the past I've just had my tenants send me money via Venmo, but I'm developing a need for a more professional platform. Specifically, a prospective tenant's father contacted me asking about setting up an auto-pay to pay a portion of his son's rent and I acted like that was no problem, but I'm clueless as to what the best way to do that would be.

Does anyone have a recommendation for some services that will process my rental payments for me. Obviously I would prefer to do so cheaply. Right now it would only be two rents paid by a total of three people, so I don't need much.

I don't care to do it myself as far as the time it takes, but I'm concerned with the appearance of professionalism, which is something I'm working on as I'm trying to grow.

Thanks!

@Mathew Fuller

One thing I haven't seen anyone say here is that my bank required me to pay PMI for a minimum (5 years?) no matter how quickly I got to 20% equity. Make sure you don't have anything like that in your loan.