All Forum Posts by: Kevin Duong

I'm currently house hacking with a mid term rental strategy and considering renting out two rooms in my property to a single tenant. The property is a 3 bedroom, 2.5 bathroom townhouse. My girlfriend and I occupy one of the bedrooms in the home. 

We're contemplating allowing pets, as there will be no other roommates besides us and we don't have any allergies.

Questions:

- Considerations for Allowing Pets: What factors should I take into account when renting to tenants with pets?

- Commonly Allowed Pets: Which types of pets do landlords typically permit in rental properties?

- Pet Policies and Agreements: What are the best practices for creating pet policies and agreements to protect my property?

- Insurance Implications: How might allowing pets affect my homeowner's insurance, and what steps should I take to ensure proper coverage?

- Legal and Regulatory Concerns: Are there any local laws or regulations in Fredericksburg, Virginia, that I should be aware of regarding pets in rental properties?

- Tenant Screening for Pet Owners: What criteria should I use when screening potential tenants who have pets?

I appreciate any insights or experiences fellow investors can share on managing rentals with pet-friendly policies.

Hi community. I’m looking to house hack my first property and walked through a couple of properties that have a fair amount of square footage but only 3 bedrooms. I plan to live in one of them thought it might be a good idea to use demountable walls instead of drywall to create extra bedrooms to rent out. Has anyone used demountable walls to add rooms? If so what was your experience and which brands did you use? Do you prefer it over installing dry wall?

Love to hear your thoughts!

Hi Lori. I'm looking in Fredericksburg, VA and surrounding areas like Stafford

Hi community,

I’m looking to connect with wholesaler and other off market distributors in the greater Fredericksburg area. I would love to join email list or private channels to learn more!
Thank you in advance.

Hi community,

As I think about the exit strategy for going from one house hack to the next, I have realized that it would be difficult to cash out refinance and buy the next house with a minimum down payment from a primary resident loan. The image attached is an example calculation I did and I had to push the appreciation to 25% to be able to pull a good amount for the next down payment.

With these calculations, it made me realize that I might have to find alternative ways to go from house hack one to house hack two. What are some other exit strategies I should consider for house hacking? I would love to hear your thoughts!

Hi community!

As I'm developing my marketing strategy for house hacking, I want to emphasize and understand who my potential roommates are and what their potential needs are.

I envision the tenant to be a young professional or student looking for housing, but I would like to gather more insights:

1. Amenities and Needs:
   • What sort of amenities and features do young professionals and students typically look for in a rental property?
   • Are there specific amenities that are particularly attractive to rent-by-the-room tenants?
2. Needs and Wants:
   • What are some common needs and wants that rent-by-the-room tenants face?
   • How important are factors like high-speed internet, furnished common areas, security features, and in-unit laundry to these tenants?
3. Tenant Preferences:
   • What are some preferences or deal-breakers that I should be aware of when selecting and marketing to these tenants?
   • How do tenants feel about shared living spaces versus more private accommodations?
4. Communication and Management:
   • What are the best ways to communicate with and manage tenants to ensure a positive living experience for everyone?
   • Are there any particular management practices or tools that have proven effective for rent-by-the-room setups?
5. Additional Considerations:
   • Are there any additional considerations I should keep in mind when targeting young professionals and students for house hacking?
   • Any tips on how to create a welcoming and appealing environment for these potential tenants?

Thank you in advance for your insights and advice!

Hi community,

I'm developing marketing (primarily to immerse myself in planning and get me thinking about things) and would like to hear about your experience with this house hacking.

For my marketing plan overview:

Marketing Goals:
1. Fill all vacant units within 2 months.
2. Generate at least 5 rental inquiries per week.
3. Ensure 90% of tenants meet preferred criteria.

Target Audience:
Ideal tenants are clean, responsible, and sociable single professionals, students (with co-signers), and military personnel. They value furnished common areas, high-speed Wi-Fi, security, in-unit laundry, and smart home technology. Prefer W-2 income or co-signers for students. Refer to tenant screening plan for more details

Unique Selling Proposition (USP):
Offering 440 Mbps Wi-Fi, furnished common areas, and driving distance from a military base.

Metrics: 

1. Average Days to lease

2. Phone conversations per week

3. Showings per week

4. Inquires via messages per week

I can into greater detail over messages, but I want to know if there are other things I should think about!

Hi community!

I plan to get a property later this year and employ the house-hacking strategy (I already have the funds for downpayment and closing). One thing I'm struggling to grasp is scaling. I understand that I can buy and move into the next property after a year... but that is only one house a year.

I have heard that scaling through partnerships and DSCR loans is an avenue, but are there other ways to scale quickly with little cash on hand?

I would love to hear your thoughts because I want to accelerate my path to freedom!

Thank you for your insights! I understand your point and realize I've been trying to make certain rental properties work when the market conditions aren't right. Moving forward, I’ll avoid forcing these situations since market forces are beyond my control. 

I have several options to explore in Virginia and was wondering if there are any tools that can help identify the best markets. I need to adjust my approach and mindset accordingly.

Hi community,

Outside of the bigger pockets tools such as the rental calculator, what do you use to do that math and understand how much to charge rent and determine where you to buy real estate. 

I came across dealcheck.io which I find useful. I would love to hear about the tools everyone else uses!