All Forum Posts by: Joe Paul

Appreciate the advice, thank you all! 

Needing some support here, about to close on our second property and our lender is requiring a Letter of Intent to Occupy. As we intent to use the new home as our primary residence, but also plan house hack and rent by the room, how would you word this in your Letter of Intent? Is there a standard for house hackers? If anyone has guidance or a template they've used with specific verbiage I am all ears. 

@Sean Hudgins this is what we're working with as well. Large bonus rooms are popular in my market and make for nice studio-like apartments. Our current SFH has at least 1 guest bath - guest square footage remains mostly separate from the remainder. Thanks for the extra details to optimize space and energy

Thanks everyone for input. House hacking book is on the way and I’m looking into zoning/tenancy restrictions. I will definitely put together clear communication in tenancy agreements. Y’all rock!

As a support to house hacking, my wife and I are considering renting by the room (no kids, two dogs). Right now our market supports this strategy and gives us a more skin in the real estate game versus chasing down MFH. We plan on starting with the bonus room of our current SFH then purchasing another SFH in the next 6 months with 5-6 beds to continue this strategy.

What are the biggest considerations would you take with renting by room? Has anyone started with rent by room then shifted to another strategy? What's the best way to legally outline boundaries? Something I also haven't been able to get clear on is what renting by the room looks like after we (primary residents) leave. 

Thanks for your thoughts!

@Henry Clark thanks for your input on this

3 part question:

How do you find/analyze deals as a rookie? I'm not just talking about the calculator (helpful as it is!) - but there's so much to learn about a property than the listing data. It's awesome (and blows my mind!) that people invest out of state on their first properties. I know that a "deal" looks different to everybody depending on their skills to make it a useful investment. Probably just over-thinking it, but eager as a rookie to know when you've got something to actually act on it!

Who do you call first when you think it is a deal? I see most vets have a team/network, I'm working on it but most of the helpful people in the space are into REI as well. Is there enough skin in the game to trust an agent on finding off-market deals and/or speaking the RE game to a prospective seller or listing agent?

One of the things I've learned from all of the BP content is to present your deal to PML with all the details to show them the value. As a rookie, do you strike this conversation up cold and send them your deal? Or do you see if they're interested and find them a great investment? My gut says the former...

I am networking and learning daily, but I know there's a lot of brain power and tons of experience here! Thanks for reading this rookie's thoughts, I appreciate any feedback!

(seeking BRRRR/buy&hold)

Thanks all for the tips and encouragement! I’ve been scouring forums/podcasts and networking, we’re gonna make it happen!

Hey BP forum! I'm Joe - my wife and I have always craved "off the beaten path" careers which has been rewarding in many ways but not quite financially. Despite that, we've loved finally becoming homeowners (SFH) and now looking to house-hack out of the SFH into a Quad/Triplex in NC where we will be for the next couple years. When we move back to AZ I hope to have at least 2-3 properties before honing in on the local market with a blend of LTR, STR, and eventually BRRR projects.

Dream goal: financial freedom to travel a TON and teach our future kids the value of travel, purchase retirement properties for all 4 parents, and build a 4 generation house.

Working on creative financing and finding the right deal for a Multi-family in the next 3 months so we can maintain some liquid cash.

I've been a teacher, coach, and creator my whole life so I'm looking forward to knock out the first deal, keep the pendulum in motion, and share my experience to help others. Thanks if you've read this far, excited to keep learning and growing as always!