All Forum Posts by: Ian Jimeno

 @Cody Anderson Currently I'm making $3,800 for the 3b/2ba unit and $1,800 for the studio (the other side of the duplex) for a total of $5,600 per month. Currently living in Denver and house hacking my third property haha

Great Question @Mike Levene! I started house hacking in the San Diego area. Definitely high cost of living, where the median home price is nearing $950k.

The first year of house hacking the property I cut my mortgage in half. Everyone thought we were crazy trying to buy in 2019 ("The housing market is going to crash!"), but we figured that the sentiment wasn't going to change in the near future. Time in the market beats timing the market!

We rented out the other unit (it's a duplex), and also the master bedroom in our house hack. We were getting a total of $2,700 per month for both of those renters combined.

When my wife and I moved out of the house, our first 2 years of owning it we were bleeding money on the home. We fixed the foundation and the flat roof issues with pooling water, and rents didn't meet the mortgage just yet.

In 2023, we finally started to cash flow. Rents increased about 5% per year, and when you take 5% on $3,800, that's almost a $200 per month increase for the year! Now, in 2024, we're seeing $4,000 per month just on the main unit and $1,800 on the other unit of the duplex.

Long story short, it's a long term play. We're in it for the long haul, and our future selves will thank us. Let me know if you have any questions on the process of appreciation and even tax advantages, especially since y'all are engineers!

Ian

Hi Renee!

I have a garage in my duplex in San Diego that I want to convert to a Studio as well. I'm not sure what the Inglewood market is like, but if it's anything like major cities in CA, I would anticipate that you can still get it rented out as an LTR.

I would also look into the Midterm rental market in Inglewood. You'll have to furnish and stage it appropriately to make the listing stand out. The MTR (midterm rental) strategy accommodates for people looking for 30+ day stays.

I think you have a solid location with two stadiums nearby, now it's just a matter of tapping into the demographic/market for people looking for housing. When you put more money into furnishing, guests would likely pay a premium for it!

Let me know what you think, best of luck!

Hey @Ashley Rodriguez! I have not used Nomad myself, but I have a friend that used them about a year ago. He said it was buggy at first, but recent versions/patches have made it more workable.

It will all depend on how robust you want the management software to be, of course.

I'd also look into Zillow Rental Manager to get the applicants and applications in for your property, then Apartments.com to manage it. It's all free!

Let me know if this helps! Sorry I don't have much more info on the Nomad platform.

Hey Madheshwaran!

I like the hustle, but I think this strategy is not the best way to find other hosts in your area. If you bother too many hosts, you may get flagged as spam or get reported on Airbnb. Definitely don't want that.

Instead, I would look up Investor Meetups in your area. The in-person ones are great, and definitely go to BPCon (unfortunately you'll have to wait until 2025 for the next one). 

There are a TON of online communities as well, and perhaps those groups online have some individuals not too far away from you.

Hope this helps! In summary: look for local, in-person meetups first, then branch out to a more "online community" approach for your Airbnb questions.

Cheers

What's up Jansen! 

Welcome to the Bigger Pockets community! There is a lot to learn, and to be frank, the knowledge you're seeking will be 40% of the industry. The other 60% is actually finding, closing, and managing the deals.

The BRRRR strategy is insanely good. If done right, you can pull out the money that you've initially invested. Of course, there's some risk to it, as with any other investment. Be sure to look up proper contractors in your journey. The Rehab portion of the strategy is where the most "learning" happens :)

Cheers and best of luck!

Love those numbers, Benjamin! 

I'm sure as time goes on, rents will go up and your asset will appreciate. Keep us posted on how things are going. 

I'm also moving to the MTR strategy as we go to the fall/winter seasons here in Denver. 4 months out of the year it's reeeaaal slow as an STR, but MTR strat could keep things more afloat.

Cheers,

Ian

Hey y'all,

I currently own a duplex in Normal Heights, San Diego area. I just did a feasibility study on the property and can build a total of 3 ADUs along with the single family home on it. 

I'm confused on how the financing and construction loan would work. Right now with the feasibility study We're anticipating about $4,000 for the SFH and $2,200/mo/unit on the ADUs, totaling about $10,600/mo in rent revenue so the initial rents look great.

However, I don't know how the loan will play out. Currently my mortgage is $4,600/mo and the total rent is $5,600/mo

I just need to know how it all works and if it's even worth my time. I know it'll significantly increase the value of the property by making 4 total units on the lot, but refinancing out of my 3.75% interest rate seems like a huge bummer.

Thanks in advance!

Hey Seth!

Cheers for looking into real estate investing at such a ripe age. House hacking is a great way to get started, and I'm sure with your hustle you can make some awesome things happen (possibly live for free!).

Sadly, I'm not in Eugene/Salem, but I'm a house hacker and real estate agent myself. If you ever need some advice or tips going forward, feel free to shoot me a DM!

Congratulations on the big move, Zach! Seems like you're eager and hungry to move into real estate investing. We need more people like you in the industry :)

First things first, I'm not an expert on sober living. I have some friends who have CRUSHED it and lived for free or significantly discounted. I would recommend looking for an agent who knows those zoning laws/codes and help with what's possible. 

Sounds like you might dive into the realm of commercial or business operations. Keep in mind what's required and maybe talk to a CPA on how to properly get it tax-advantaged in the long run.

Sorry I can't be of more help, but I'm sure you can get things started and the experts in your area could bring you to the closing table!