All Forum Posts by: Jake Andronico

Lyle, 

Welcome! I was able to house hack two single family homes in Reno, NV and am now cash flowing approx. $1k per property after moving out. 

Much more difficult with interest rates now as Ginger said, but it's still possible to do a successful house hack and pay down a mortgage rather than letting monthly rent go to waste. 

Lots of options for less $ down for owner occupied loans. 

Alexander (congratulations!!) has it right in my opinion. If you can cut your costs and do renovations yourself, you have a massive advantage of getting the snowball rolling. 

No matter what you decide, remember this is a long game. 

Best of luck to you, and don't stop asking questions and learning!!

Roy, smart thinking. I was able to house hack two single family homes in Reno, NV.

 I have now moved out and I am cash flowing both approx. $1k per month each. 

Steven is right, median price is running in that range and higher in some areas now. 

I also think Reno is rad, tons of fishing and outdoor activities. 

I have been doing student rentals near UNR and if you're willing to have roommates, it's a killer option for house hacking. 

Shoot me a connection request and any questions and I'll provide as much info as I can. 

Ok, I will reach out, thank you!

Hey there! I'm new to being active on BP and am looking to connect with people in Reno, Nevada and nearby areas including Sacramento as I travel there often because my girlfriend's family lives nearby Sac. 

After about 4 connection requests I got the message that I was banned from messaging. I want to make sure I'm not breaking any rules and certainly do not want to spam people, just wanted to connect with people nearby our area as the investor community here is small and tight knit, but larger in Sac :)

Any insights would be much appreciated, and apologies if my connections seemed "spammy". If deemed so, I will change my approach immediately. 

Looking forward to a reply and thank you! 

Congrats man!! That's awesome. I just paid $580 in Reno Nevada for a resurface of bathroom shower tiles. 

My homes are from the 70's and are outdated, yours looks a lot newer. Love the brick!

Sounds like you did a lot of work and paying a few hundred per month is such a huge advantage to saving and getting the snowball rolling. 

If you're curious, here are the before and after photos from the resurfacing: 

That's an awesome price per room. Congrats!!

Thank you so much Brandon! Definitely a lot of luck involved in terms of timing, but what I didn't mention was I actually set up a curtain and rented half of the room I was living in with my 68 year old co-worker for an extra $300 per month....

Pic attached (pre-renovation). 

The 4 other bedrooms were rented to college students ages 19-22. 

This immense age difference was certainly not the best fit... lesson learned :)

Thank you Julien!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $356,900
Cash invested: $15,000

This property was my first house hack immediately after college with no experience.

Secured a loan for the majority of the down payment and lived in one of the bedrooms while renting out the other four to students attending UNR.

I virtually lived for free, was able to save up $45k in 15 months, and was able to purchase my second property in December of 2020 for another house hack.

After moving out, renovating the property with about $25k, it now cash flows approx. $1,000 per month.

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

I wanted to live for free to be able to save for more properties as quickly as possible, and was willing to live with roommates as I had been for the last 4 years of college.

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

It was on the MLS but wasn't in amazing condition. Negotiated some smaller items (some seller concessions) but it was not run as a student rental.

It was previously renting for $1,500 per month with a family living there. I was able to move into the largest "bonus room" upstairs and rent out the other four rooms for $500 each, totaling $2,000 per month.

This $2,000 per month covered my mortgage payment as well as almost all of my payment for my second loan for the down payment of $65k.

How did you finance this deal?

Used $15k of my own money and was loaned approx. $65k to total 20% down + closing costs on the deal.

How did you add value to the deal?

After the boom of 2020/2021, and with record low interest rates, I was able to refinance in November 2021 to a 3.25% owner occupied loan.

Since the property's value had increased and appraised at $480K, I was able to pay off my family friend's $65K, have approx. $20k leftover for renovations, and

What was the outcome?

I'm now cash flowing approx. $1,000 per month and have fully moved out of this property.

Lessons learned? Challenges?

Take advantage of the market when interest rates are low. DEBT IS AN ASSET.

It took me awhile to learn this, but with interest rates fluctuating so much it's

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am now part of a brokerage that I was looking for when looking for this type of asset.

I could not find any residential agents that specialized in SFR's (Single Family Rentals), house hacking, area specific rental data, etc., so I want to be a part of a team that is dedicated to that in the Northern Nevada area.

Extremely excited to be apart of Address Income and to assist investors in the process!!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $356,900
Cash invested: $15,000

This property was my first house hack immediately after college with no experience.

Was able to get a loan for the majority of the down payment and lived in one of the bedrooms while renting out the other four to students attending UNR.

I virtually lived for free, was able to save up $45k in 15 months, and was able to purchase my second property in December of 2020 for another house hack.

After moving out, renovating the property with about $25k, it now cash flows approx. $1,000 per month.

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

I wanted to live for free to be able to save for more properties as quickly as possible, and was willing to live with roommates as I had been for the last 4 years of college.

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

It was on the MLS but wasn't in amazing condition. Negotiated some smaller items (some seller concessions) but it was not run as a student rental.

It was previously renting for $1,500 per month with a family living there. I was able to move into the largest "bonus room" upstairs and rent out the other four rooms for $500 each, totaling $2,000 per month.

This $2,000 per month covered my mortgage payment as well as almost all of my payment for my second loan for the down payment of $65k.

How did you finance this deal?

Used $15k of my own money and was loaned approx. $65k to total 20% down + closing costs on the deal.

How did you add value to the deal?

After the boom of 2020/2021, and with record low interest rates, I was able to refinance in November 2021 to a 3.25% owner occupied loan.

Since the property's value had increased and appraised at $480K, I was able to pay off my family friend's $65K, have approx. $20k leftover for renovations, and

What was the outcome?

I'm now cash flowing approx. $1,000 per month and have fully moved out of this property.

Lessons learned? Challenges?

Take advantage of the market when interest rates are low. DEBT IS AN ASSET.

It took me awhile to learn this, but with interest rates fluctuating so much it's

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am now part of a brokerage that I was looking for when looking for this type of asset.

I could not find any residential agents that specialized in SFR's (Single Family Rentals), house hacking, area specific rental data, etc., so I want to be a part of a team that is dedicated to that in the Northern Nevada area.

Extremely excited to be apart of Address Income and to assist investors in the process!!