All Forum Posts by: John Hunt

Unfortunately our house doesn't have the layout to add a mother-in-law. We have 2 spare bedrooms. The thought is rent one, and convert the other into a study/2nd living space for the tenant to have some of their own space.

Does anyone have any advice for putting together a lease? Would a boilerplate one from google be sufficient, or would it be better to consult a local attorney to write one? 

TLDR ; Wife and I are considering renting a room out on 1-3 month terms to travel nurses in order to do a partial house hack, good idea? 

My wife and I recently bought a house in the Nashville area. I have been interested in REI for years and my wife has recently started to get really into the idea.

My wife works as a nurse, and has noticed the huge influx of travel nurses lately. Nashville rentals are fairly expensive, especially shorter term. We are considering listing one of our extra rooms for rent, specifically advertised at travel nurses. We figure travel nurses will have stable income and generally be a good housemate. Additionally, many travel nurses return home on their off days so the room would just sit empty on their off days. We could offer a furnished bedroom with it's "own" (it's the 2nd bathroom in the house, so unless we have guests it's rarely used). Some quick research showed that based on our location and distance to downtown Nashville, we could probably rent a room for $700-800.

We figure this could be a great "low-risk" step into REI, and it would be nice to have the extra cashflow. From what I can tell, the city only requires special permits on "short-term" rentals (less than 30 days), so we shouldn't have to jump through too many hoops on that front.

We are in our young 20's, and don't plan on having kids in the near future. We both have stable(as stable as you can in 2020) well paying jobs, so we're not desperate for the cash and have the advantage of being selective with tenants. I've lived with roommates (both friends and strangers) the last 5 years, and really have no issue with the idea, but both our parents think we're nuts. 

What do you think? Good idea or not worth the hassle? Any advice if we decide to move forward with this? 

Thanks,

JH

Hello. Im a recent college grad, and although I have a well paying job I haven't had enough time to save very much cash (at least not for the pricey Nashville market I live in). I love the idea of BRRRR, with its ability to rapidly scale and allow one to keep very little cash in the deal.

What are some ways you have financed a BRRRR deal without your own money? I know options exist such as hard money lenders, or private lenders, but I'm hesitant of digging myself into a huge whole if something goes wrong, or losing a private investors money. Any suggestions or advice?

I guess I should clarify my question. We have money invested in the stock market that we plan to leave in the market. We want to set aside other money for REI. What I'm curious about is more temporary money storage (Probably around 1-2 years) and in what ways other investors hold funds they want to dedicate to REI?

My wife and I should be debt free and have a 3-month emergency fund by February 2021. We live in the Nashville area and are interested in buying investment property in one of the neighboring towns. We are primarily interested in the BRRRR method.

Once we have our debt paid and E-fund secure, in what vessel would you suggest storing money we're saving for investments? Is the stock market too risky for this? Would it be better off in a high-interest savings account? Something else? 

Thank you in advance for all advice!

In June my Fiancé and I will be moving to Nashville. She is a Nurse and I am graduating with an engineering in May. I already have a job lined up and she will start looking closer to the move date.

I am very interested in REI; however, we won't have very much money saved up by then and we both agree that it works best for us to rent for the first year so we can learn the area. I love woodworking and fixing things up, so we are hoping to find a house near the house hospitals. Any advice for finding a rental in a good area near the hospitals? Is there a good way to find for rent by owners in Nashville? Thanks in Advanced!

I will be graduating college in May of 2020 with a degree in Engineering. I am very interested in REI in order to start building passive income as soon as possible. I'm not sure exactly where I'll go after graduation but it could in theory be anywhere in the US. I'm most interested in house hacking to start and transitioning to more rental properties(especially small multi family).

A while back I heard the BP podcast talk about the “wash the truck” analogy and I loved the idea of those small achievable actionable steps. I read fairly regularly and listen to several podcasts.

What are some other actionable steps I can be taking now? Once I graduate and settle somewhere I plan to begin investing but in the meantime I’m trying my best not to remain idle. I figure education is probably the main thing I can work on but are there any specific concepts I should be diving into?

I’d like to thank everyone to everyone who has taken the time to reply to this post, I did not expect so many well thought out answers and am trying to absorb and filter all the advice!

It’s definitely encouraging to hear from so many people how possible it is to find success in real estate.

I will continue to learn all I can about real estate investing while in school and you can expect to be hearing from me on the BP forums in years to come. Thanks everyone!

@Ali Boone thanks for your response! I’m studying Metallurgical and Materials engineering, but actually hope to end up with a job somewhere in the aerospace industry.

This fall I will be starting my final year of college and plan on graduating with an engineering degree. Over the last year and a half I have become very interested in real estate investing, particularly rental properties and house hacking. At this point in time I do not have time or money to begin investing but upon graduating I plan on beginning investing in real estate.

I have learned from internships and jobs in college that a 9-5 W2 life will not be satisfying for me and am looking to find financial freedom as quickly as possible. I plan on finding a W2 job in near a large city to pay the bills and begin saving for investment. I figured house hacking would be a good entrance into the real estate investing world and an easy way to build equity while also paying off student debt(Not a huge amount because of scholarships).

With all this said now to the question. I'm worried about my lack of age and experience hindering my ability to find deals and leading me to get taken advantage of. What are some advantages I have as someone new to investing and relatively young? Is house hacking a smart route to go to gain experience? 

Thank you for your answers!