All Forum Posts by: Jack Walker

Airdna also had data that the Airbnb rent marketplace increased by 58% in the last year.

In my area, I’ve been Airbnb ing a spare room in my apartment, and I have only had lone people come in just for the fact that it was way cheaper than a hotel. Some were  there while they waited to be approved to rent somewhere else. Either way, I got completely booked for the month of September by September 5th. And yes I’m my area, I need a business license and a short term rental permit.

I just recently listened to the BP podcast #210. On the second half of the episode, Sam is interviewed. He mentions that he owns a single family home(SFH) and rents out each room. Has anybody else done this and have any input/advice on this topic? I am thinking about buying my first property to house hack. My desire is to own a Multifamily and live in one of the units for free, but Multifamily homes are harder to find right now. I initially didn’t want to use an FHA on a single family house because I was looking to rent and generate cashflow. I didn’t want a years worth of negative cashflow. Now, however, I am thinking about a bigger SFH with 4-5 rooms. Each door would have an electronic code lock that would change frequently. Each door could also have a number on it, and thus have a separate listing. The common space would be shared. It would be lIke a mini motel, in which I would hopefully generate +cashflow, or at least living for free(with so many doors, the rent would be higher). Any thoughts? Experiences?

Wow! Initially I thought maybe one person would reply, but many did. Thank you all for your support, connections, and advice. @Billy Deese, I have never heard about this bond loan before? Thank you so much for this information. I will be doing some heavy research on this and see if it is applicable in my situation. Just an update on the AirBnB status. I made the initial post 4 days ago and had 1 AirBnB guest stay with me on Sept 1st. Sept 2nd and 3rd were quiet, and yesterday, my phone exploded. I am completely booked for month till Sept 30th. My payout is $687.04. My rent, utilities, and WiFi are a combined $1100. Now, my living expenses come to just 411.96, which is less than I’ve paid the majority of the last year. Really happy to have some first time good fortune and get most of the 1.1k back. It also makes me wonder, perhaps I shouldn’t have adjusted for higher average rent(~25$ a day). Either way, a huge benefit.

Hello BiggerPockets, 

My name is Jack Walker, I am 21 years old and want to begin the journey of investing in real estate. Specially, I want to start house hacking in a du-tri-quad-plex. I am also considering AirBnB as an option for cashflow. I currently work as a bartender/server at The Melting Pot in downtown Spokane, WA. I currently am living in an apartment in which my roomate(due to illness) moved back in with his parents 2 months before the lease was ending. I was really sad to pay 1010$ a month not including WiFi and electricity by myself. Before, I had lived in the guest bedroom, and even rented out the living room so that my rent was only 300$. The living room guy didn't last too long though. Either way, paying 1k was a lot more for my financial situation. I couldn't find any roommates by posting on Craigslist or asking my friends because no one wanted to live in an apartment for just two months, and then move back out. Then, I listened to BP podcast 252 and heard "how can I turn my liability into an asset" when no one wanted to move in? I just started an AirBnB last night within minutes, literally. Next morning I get a notification that So&So is arriving that day at 5 pm and that I was getting 40$ ‘back for rent'. Although I'm still negative, I still have some cashflow lessening the blow from no cashflow at all. After Oct. 1st, im going to live with my parents and save up enough money for a down payment on a duplex using an FHA loan, unless I can find a partner to go for a full 20% down with a traditional loan. Probably still going to do 3.5% down on a duplex. BRRRR method. And that's my current plan and situation.