All Forum Posts by: Kyle J. Cooper

@Alex Boylan

Great! What's your Rehab budget and ARV? I'd like to rehab a home locally and curious if you have any tips starting out? Should I vet some contractors before buying or just learn as I go? Thanks for sharing!

@Steve Zeckser

When preparation (and a little bit of luck) meets opportunity you find success. Grear job! Was your intention to get a quick win in order to move that cash into the next deal or what was your thinking?

Reading your story I was thinking you guys were doing a BRRRR at first, keep the Cashflow and pull your money out to put into the next deal.

Either way it was a great win, thanks for sharing!

@Andrew Mowe haven't read all the comments but here it goes!

In The House Hacking Strategy a quick way to analyze your property is to take your Expected Rental Income, minus your PITI, minus any reserves, and that should give you a number. If that number is zero, then congrats, you're living for free while investing in your first property!

**If you get a number of zero this also means that you will cash flow positive when it is a stand alone rental property. Make sense?!**

If you get a negative number this still might be in your best interest to move forward on the property.

Let's say you get a number of -$200(negative $200 dollars) when you use this system. If you're paying more than $1000 bucks a month in rent then I would still move forward on this, because think about it. You're saving $800/month on your living expenses($9600 annually), basically paying $200/month to live there compared to $1000/month AND you're getting into your first investment property.

**Again, once you move out and fill your spot, it will still work as a cash flowing rental property.**

Hope this helps at least a little bit!!

@Bruce Lynn @Kenneth McKeown I assumed by asking this question that many investors would have these types of answers, thanks for clarifying! I'm only considering homes with swimming pools because I plan to house hack this first property and will be living there for at least one year. I understand the added risk, which is why I'll most likely stay away from them. With that being said, if the numbers work with my criteria, and a pool increases the rent over time as well as the likelihood of it staying rented, then I may consider it. Thanks for taking the time!

@Ryan Kelly That's a great idea and will definitely consider it if I end up going with a pool. I'm finding a lot of homes available in Dallas county with swimming pools, all with the numbers fitting my criteria as well. Thanks for the advice!

Thanks @Marlen Weber that's kind of what I'm thinking. There's so many properties I'm finding that would work and many of them have pools. I'll have to weigh my options as I move closer to my target date for buying. Thanks so much!

That's great cash flow @Heather Reed congrats on a job well done! How long did the rehab take and did you just have to eat those costs? What's next for you?

Should I stay away from homes with pools? Potentially house hacking a single family/rent by the room(also looking at small multifamily properties). Continually getting leads and analyzing those leads. I'll be living there for at least a year and curious if anyone has considered this or if pools are just a Taboo topic when it comes to rental real estate. I would imagine this would increase insurance premiums not to mention the added maintenance costs. Any thoughts on this? Thanks!!

Such a great story @Richard Helppie-Schmieder glad everything worked out for you! As I was reading this all I could think of was how you were just finding ways to help this person out. It's great that you both benefitted from the situation, but I've found that if you just simply help and serve others (not just in real estate but overall in life) this creates more opportunities for yourself and others. Thanks for sharing!

Is BP Insights available on the app yet? I've found this to be very helpful analyzing comparables, taking a zip code and determining what your rental income can demand based off rental criteria. I've only been able to access this through the website and not on the smartphone app. I travel a lot and it would be helpful if I could use it throughout the day!