All Forum Posts by: Krista Kennedy

I am unexpectedly leaving NYC this spring and looking for an individual or couple to manage my househack. It is a 6-bed historic home in the Ditmas Park / Flatbush area with rent by the room tenants who are mature, mid-30's working professionals. You could live onsite for a discount on rent or simply provide boots on the ground maintenance assistance as needed for an hourly rate.  For those wanting to try the househack experience before committing, this could be an excellent opportunity to learn by doing.  Applicants must be responsible, communicative, experienced with basic maintenance, and have local contractor connections in the event of an emergency repair. Please DM with inquiries.

@Denver Chavez I know a PM who is great at leasing to S8 tenants in Memphis. DM me for her contact info.

Hi @Phil Li congrats on the purchase in BK! I've posted on a couple of other BP threads about my house hack in the Ditmas Park / Flatbush area. I'm now investing in Baltimore City. Closed on a triplex last fall, did a small reno, and my PM is placing tenants this month. My next one will be a proper BRRR. Let's keep in touch!

@Nick Louie yes we share a kitchen. I’ve learned that housemates in their 30s tend to do better with this than the youngsters :)

I don’t think ADUs are a thing here in Brooklyn. Guessing zoning does not allow for it. But you may know more than me. Other than a rare carriage house apartment, I have not seen these in my searches.

Yes, I’m building a remote portfolio now. Step one was moving my rent payments to mortgage payments (building equity / appreciation). Step two for me is now cash flow. I’m under contract for a triplex in Baltimore and hoping to scale from there.

Hope that helps!

kk

@Nick Louie and no, NYC Airbnb laws are very strict. I have longterm tenants. Several are good friends.

Kk

@Nick Louie over Covid I started renting out a 5th room, so the rents just about cover my monthly mortgage payment. But older houses like this have a lot of other monthly expenses so I'm still paying 2-3k/mo out of pocket. I wanted to get a 3-fam in East Flatbush for 1.2M back in 2017 but my husband wasn't comfortable with the neighborhood, so we went with the SFH. This was before I had discovered BP! Also I've since learned that lenders won't count rental income earned on your primary SFH when you're trying to get a mortgage for your next property. Creates a lot of difficulty keeping your DTI within range! Good luck :)

@Nick Louie I posted my Brooklyn house hack numbers on this thread:

https://www.biggerpockets.com/...

Agree that cash flow is tough. You could look in the East Flatbush area of BK. Let me know if questions!

Good morning BP! I have found that, per current Sallie Mae guidelines, no conventional lenders will accept rental income from my SFH house hack (ie I rent rooms in my house and include this on my tax returns. The income covers the bulk of my monthly jumbo loan payments). Without counting this rent, my DTI is too high (~56%) to qualify for a conventional loan without a partner.

Therefore, I’m looking for commercial lender recommendations for a property in Baltimore MD. Best rate I’ve found so far is 5.5% for a 5 year mortgage.

Any recommendations / advice welcome!

Hi all,

Are there any investors doing rent by the room in Baltimore City? Would love to understand your management structure. Are there local PMs who will manage this type of set up or are these typically owner-managed? I’m a big believer in the co-living model, but of course there is a layer of complexity with housemate dynamics that requires thoughtful oversight. Would love to hear how others are handling this.

This is a great thread! I'm looking to do a couple of similar deals this year - so encouraging to see the numbers / deal structure I'm targeting is still feasible :)

@Stephen Predmore