All Forum Posts by: Jeff White

@Irina Barnett Crushing it Irina! Those are some fantastic numbers, and it shows you the power of house hacking and renting by the room and a great job by Stacy being your realtor! 

For your first house hack, this is definitely a fantastic property, it gave you a lot of lessons, and with that knowledge and experience going forward, it will serve you will when you are ready for HH#2. Books, podcasts and information are great, but actual experience with tenant screening, hiring contractors, fixing things, etc makes all the difference.  

@David Trujillo That's fantastic that you have three properties in Denver. What a great position to be in with all the equity that you probably have.

Since you obviously invest and know the Denver market, have you thought about staying here and investing using creative strategies such as Airbnb or rent by room? Both of those strategies have shown to still be effective in achieving cash flow, even in this expensive market.

Personally, I've used rent by room primarily since you can get really good rents when you have a large home, but I know a lot of investors that are making AIrbnb work, even as a investment property, the key is having good systems in place and a good cleaner.  Also, using Airbnb as an investment property is only allowed in a few cities, so that's important to be aware of that.  

It really depends on your investing goals. You have definitely benefited from cash flow and great appreciation since you owned all of your homes.  

Also, if you do decide to go somewhere else, I would definitely look hard at Colorado Springs, what a fantastic market that has so many things going for it, and the prices are below Denver.

@Ben Einspahr What a great deal for Vance!  The before and after pictures look completely different. I think it is a really good deal for long-term value since you still have multiple options whether Vance wants to rent out the basement separately as a MTR and the upstairs to a LTR. Upstairs and downstairs can both be LTRs. 

STR strategy is a fantastic strategy as long as the municipality allows it, but if Westminster changes there stance than he can easily pivot another direction and still make the numbers work great.

@Benjamin Rosen That is very reasonable. Are you looking at the 2-4 unit residential space or 5+ unit commercial? Big difference with deal flow and capital raising. 

@Benjamin Rosen Welcome! BP is a great forum to meet and network with local and like-minded investors. With your background in CRE, you will have no issues understanding the numbers for small multis. What are your goals? Are you looking to house hack or just buy investment properties?

@Aaron Kopsa Correct. It is under unincorporated Adams county, where they currently don't have any restrictions on Airbnb as an investment property.

@Ben Einspahr What a great illustration of the power of leverage when used wisely. 

This is a perfect example of that with @Kevin Main making it happen on two house hacks using BOA program. I didn't even know that program existed, what a great program for investors just starting out since it will allow you to compete much better in high demand markets. 

Amazing returns on those properties, especially cash on cash return!  Great job Kevin!

Since BOA is capped at two mortgages, what's his plans for HH#3? Conventional 5% down loan program??

@David Klaff Since you already live in Denver, have you thought about Wheat Ridge, Arvada, Centennial, or unincorporated Adams County?  All of those places currently allow Airbnbs as investment properties today. 

Nothing wrong with out of state rentals, but it is nice to invest in your backyard if you can since you can manage it much easier when you are 20 miles from your property vs. 2000 miles. 

Those places that I've listed above are fantastic, and I've seen people achieve great cash on cash returns with pretty basic ranch style homes, basement apartments and mother-in-law additions. 

Either way, best of luck!

@Ben Einspahr Great job again Ben detailing out a fantastic story about Ryan's first house hack. What's really interesting is that he didn't let adversity stop him. He pushed through it, solved a problem, got it fixed, and even learned some great property management skills dealing with a true emergency and kept the tenant happy through construction!

He will crush HH#2 and his goals for 2022!

@Ben Einspahr Congrats to Andrew!  What a fantastic job of utilizing the power of leverage, adding 3 bedrooms, flexibility and creative strategies such as rent by room. 

What's amazing is that once he moves on to his next house hack and rents out his room, he will make all of his 24k back next year or two years in total, and that doesn't include appreciation, depreciation, tax benefits or debt payment, so what a great job Andrew!

I love the living room too haha.

Ben, if you could travel back in time to post college time, would you have used rent by room as a strategy?