All Forum Posts by: Jake Andronico

@Yixin Huang

Good to see you in the forums. I have a group chat with my tenants that time stamps all communications, and have handymen, plumbers, HVAC techs, etc. in town that communicate well. 

I have a coded front door so they can get in worst case through a code, but typically someone is home to let them in. 

As @Nicholas L. said, property management is always an option too if you want a full hands off experience but can afford it. 

I also use Turbotenant which makes the process and communication very easy as well. 

Hope this helps! 

@Thomas Roark

Welcome to BP! You're in a great spot. I graduated from UCSB and visit Santa Barbara all of the time. 

My family has a successful MTR there in a particular complex in the heart of downtown. 

The beauty of CA is the lenient ADU laws, the downside is the the entry point to get in.

Lots of good brokers/agents on here from down there. Best of luck to you! 

@Brandon Morgan

Absolutely, and it's ironically what large institutions target (as well as large multifamily). 

Every home is an investment. 

We analyze EVERY single family home on the market simultaneously, and rank them by potential income here in Reno, NV. 

This is what Wall Street does to deploy tens of millions into a marketplace quickly. 

The beauty of a single family home is that the asset is a swiss army knife, and there are always buyers and sellers. 

Best of luck to you! 

@Mason Moyse

Awesome man!! Love it. I've done this twice in Reno, NV and it's changed my life. It's the absolute best strategy in my opinion. 

Down the road, the 1031 exchange and Section 121 combo is pretty unbelievable if you hire the right CPA. 

Here's what I learned, my biggest gripes house hacking, and what I regret: 

https://www.biggerpockets.com/forums/922/topics/1133476-hous...

@Kyle Williams

Love the idea! Most are not willing to have roommates. I've house hacked twice in Reno, NV and it's changed my life. I had roommates for about 3 years. 

Here's what I learned, my gripes, and what I regretted: 

https://www.biggerpockets.com/forums/922/topics/1133476-hous...

@John Steffen

Great question. I've house hacked twice starting at 22, and here's all my gripes, what I learned, and what I regret: 

https://www.biggerpockets.com/forums/922/topics/1133476-hous...

@Cody Friedrich

Assuming you bought the duplex in Indiana non-owner occupied, house hacking is a completely different calculation (in my opinion). 

You're also LIVING there when you house hack, so you have to factor in what your "normal" comparable living costs would be. 

If you can own the property and pay a similar amount for a similar lifestyle, it's probably a good decision (assuming you can afford it if it doesn't go perfectly, needs repairs, etc.)

With house hacking the rule of thumb is: The more uncomfortable you're willing to live, the better the numbers will be. The more comfortable you need to live, the worse the numbers will be. 

Hope this helps! 

@Jacob Campbell

My understanding is you cannot sell your relinquished property and roll over proceeds into a property you own to payoff debt. 

Is this accurate @Dave Foster?

Additionally, the beauty of a 1031 exchange is you do not have to exchange "all or nothing". 

You can 1031 exchange a portion that makes sense for you (office right now is market specific and an opportunity if you know what you're doing), and take the other portion as "BOOT" and pay taxes on that portion. 

Dave can go into this more, he's an awesome resource!

@Paul V.

These are super common. There are pros and cons to everything, DST's included.

Typically: 

Pros: 

- Fully passive

- Equity growth (hopefully) 

- Smooth process 

Cons: 

- No control

- When they liquidate, you liquidate and need to 1031 again (usually they have other funds set up, however) 

- Make sure debt is rolled over correctly 

Hope this is helpful! Best of luck to you! 

@Alonzo Moreland

Get the prelim in escrow during your due diligence period. If it was properly done, it's recorded and should be visible on the title report. 

Figuring it out in escrow and knowing your outs to back out are extremely important. 

Best of luck to you!