All Forum Posts by: John Mayer

@Caleb Brown

I like the idea of a 4plex, but small multi fams are way too expensive here in Denver.

@Jeff White

That gave me a lot of confidence to hear you say that.

I’m currently under contract on a 6bd househack for around that price point and plan to rent the rooms out individually. Those are my numbers almost exactly lol

@Jeff White

Agree, I'm definitely leaning towards selling it. Unless someone can make a compelling argument for the HELOC.

Cashflow would be the focus. My goal is FI in the next 5 years. My wife and I can bring our living expenses down to 2K a month, so 5k in cashflow + 100k in the bank would mean freedom & choices.

For me it's where and how to leverage all of that capital. A handful of SFR? Enter into MultiFam? Buy a business (laundromat, car wash, etc)?

With that goal in mind, how would you invest it?

@Thomas Cummings

Hi Thomas, would love to chat some time, I’ll dm you.

I'm expecting to inherit a $400k+ property in Hawaii sometime this year, owned outright. Would you sell and invest the cash? Or keep as a rental and leverage a HELOC. I live in Denver so that market comes first to mind. In either scenario, how would you invest that capital?

@Jesse Park thanks for starting a super informative thread. My wife and I will be closing on a rent-by-the-room househack in a few months and have met tons of other investors who have had great success with this strategy.

If you ever want to connect to talk shop, I’m always open to meeting more investors here in Denver.

maybe @Craig Curelop you'd have some insight?

I've read and heard a lot about renting out a SFR by-the-room after you've satisfied your occupancy term on a househack. I'm interested in hearing how others this is done well (preferably in the Denver Metro), and how they've managed to count the income towards their DTI. As I understand it, lenders can only accept whole-unit lease contracts, not individual rooms, to count towards your DTI.

@Philip Romano I actually read most of what you wrote, and congratulate you for committing to becoming FI .

Like @Matt M. said you'll need two years of consistent commissions as an Agent in order to qualify for financing.

My suggestion would be to keep the licence, but start another w-2 career path altogether that pays decent base, but with scalable commission opportunities. There are a ton of entry-level inside sales or corporate recruiting opportunities out here in Denver that pay a decent base (40-60K) as well as great commission. If you can land one of those and get a letter from your employer confirming your pay, you'll have a much better shot to qualify, granted you don't have any debt and your credit is decent.

Find a decent 4-bed house that you qualify for near your work, rent out the other rooms to eliminate your mortgage, live frugally, and sock away most of your w-2 income to save up for your next move.

@Account Closed that's some great intel. Is that something you discovered through research or your own connections?