All Forum Posts by: Jeff Meachen

Thanks to all for saying hi!

Originally posted by @Jay Hinrichs:

@Jeff Meachen 

  I had an interesting conversation with an Apple engineer.. I asked him how he was able to afford to live in Cupertino were average home price is 1 million plus.. he said he lives in a Crash pad in Cupertino.. 4 bed rooms with 4 in each room each paying 800 a month.. That is how you can cash flow a Cupertino home. He said he travels 2 weeks plus a month for his job... So he just has a place to crash.. as well as a lot of others apparently.

 That is neat to hear that this is not exclusive to airline folks. Thanks for your input. There may be more to this than the little slice I am seeing.

Hello and welcome to biggerpockets from another new guy. My wife and I are going to attempt the house hacking method of owning a multi-family. Live in one half, rent out the other half. This should allow us to enter into a property with a lower down payment, build up a financial history for our LLC, which will take over the title after we close, and hopefully have someone else pay our mortgage. We talked with one bank so far who said they like to see three months of PITI in the bank for security. Listen to the podcasts and keep reading all the good info on here. Also introduce yourself in the new members section, you will receive better responses there and include keywords that highlight what you are looking for and where you are looking.

As for the hard money lender stuff, check out podcast number 009. Maybe that will help you with some of your questions. Good luck!

Originally posted by @Brian H.:

Accidentally posted this before in the mobile homes forum...so trying again.

Does anyone have any experience renting out houses as crash pads for flight crews? There's at least one large regional airline and a major airline with crew bases in my town and I'm wondering if it would be lucrative to buy a home with 3 or 4 bedrooms and rent the rooms out with bunks (4 to a room). Am curious what other issues I should be considering besides things like zoning, insurance, parking, additional maintenance/repair expenses, etc.?

Btw the subject should say "crash pad housing", not "crashed housing". Autocorrect strikes again...

 Brian, Just following up on this to see if you ever actually did it?  I am considering opening one up in Minneapolis.  I am a pilot which allows me to have the connection of renters, but am worried about the restrictions the city might have on the quantity of people that might be there.  Like the other posters said though, even though I have 12 people that month renting, there probably will only be 3-4 there per night.  

Another question would be...How to secure the property. I am thinking of putting in a key pad and changing the code each month.  I would then give them the code for the upcoming month once they pay their rent.  Has anyone ever used a key pad on a door? If so, any recommendations?

Hello Bigger Pockets community, from Hudson, WI! My wife Bethany and I are excited to begin our new chapter in life and to build what we see as the vessel that will fund an early and independent retirement. We have recently moved from Wausau, WI to be closer to my work. I am a pilot based out of the Minneapolis St. Paul International Airport and Bethany will soon be a stay at home mom along with managing our assets. The drive to work provides me time to listen to the podcasts and I have learned so much. It has also encouraged me to get on here and introduce my wife and myself! Our current game plan is to buy and hold multi-family properties. We are interested in the house hacking method as we are currently renting and would prefer not to pay someone else’s mortgage. We are not sure where the future may take us in regards to a permanent home location but we would like to get a feel for what being a landlord is all about. We are seeking multi-family, duplex, tri-plex buildings in the Hudson, River Falls, Somerset, New Richmond area of western Wisconsin for an owner occupied situation. We are seeking others who have experiences with this type of lifestyle, references for lawyers, accountants, handymen, contractors, etc within western, WI, St. Paul, MN, or Minneapolis, MN areas. We are also not afraid to get dirty if you need any help swinging a hammer or Bethany is well versed in QuickBooks and print marketing if you need a helping hand. Thank you in advance for anyone who has taken the time to read and offer their two cents to our introduction and posts in the forums. We look forward to building healthy and long lasting relationships with others in the industry!

@Chris Winterhalter 

Wow. I am not in the market, nor presume I ever will be, for this line of real estate, but your response is exactly why we are all on this site. Thank you for your indepth and candid reply!

My wife and I are just starting out.  We have an idea of what we want to do but need to get our team together.  Looking for recommendations for a real estate friendly attorney, accountant and lender in the western Wisconsin, Hudson, WI area.  We are 20 minutes away from Minneapolis/St.Paul.  All recommendations are greatly appreciated!

Thank you Brian for the extra information. I guess we will not yet discredit this method, but need to do our due diligence and wrap our heads around this concept a bit more. Thank you for your time and your input! It is appreciated!

Thank you for this information. My wife is about to end her employment and we are trying to determine the best use of her 401k. If I am reading this correctly, unless we would have enough money in an IRA to outright purchase the property, this course wouldn't be the best to go. I was excited because I thought using an IRA and LLC as a great way to have a down payment for a rental property, to buy and hold and built the IRA. Thank you for the clear and thorough explanation.