All Forum Posts by: Leonard Sanford Jr

Good Evening BP,

I am in the midst of securing my first house hack under contract! It is a 3 bedroom SFH that I plan to rent by the room located in a college town. As I begin to proactively seek out potential tenants, I am wondering if there are any particular go to services that you all utilize to properly screen tenants? Also, what are some good rent collecting mediums that you all use? I was thinking of utilizing Apple Pay, Paypal, or even Venmo potentially. Any and all help is greatly appreciated!

@Christopher B. Chris, good to hear from you my friend. I hope all is well. Looks like your project turned out really well, I will touch bases with you this weekend for sure. 

What's up Jack,

One thing I would suggest would be to continue to save your money and invest in assets. The greatest asset that we have is our minds. I would stack my money up, and purchase a few of the popular BP books that @Brandon Turner has written. I am currently reading Craig Curelop's The House Hacking Strategy, which is phenomenal so far. I would also recommend reading Rich Dad, Poor Dad & The Richest Man In Babylon. I am just now turning 27 myself, so I am not too far from your age but had I began my journey to FI 7 years ago, no telling where I'd be now :) Trust the process my young friend

@Perry Farella That would be great! Thank you so much, I am going to send you a message here shortly

@Steve Vaughan Thanks for the input, Steve. I really appreciate it, have you had any experience in bathroom reno? Would you say that it is relatively simple for a beginner like me to learn? 

@Victor Ong Sound advice, thanks for that first hand story! I have been watching some Youtube bathroom reno videos lately, and I can definitely say that this is something that I will want done when I am not solely dependent on this bathroom. Also, thank you for that comprehensive check list. I'm going to jot this down in my notebook and keep them in mind as the future project moves along. Looking forward to the journey!

Hi Sebastian,

I am considering doing the same thing for my first house hack in the very near future. I have been looking at 3 br+, 2ba+ multi units and condos. Were you able to purchase a condo, if so do you mind sharing with me your experience so far with it?

@Perry Farella Perry, I had no idea that you could include rehab costs within a conventional loan. When you break it down the way you have, it makes sense to include these costs in up front and complete the necessary work. To answer your initial question, the property is a duplex (1 br, 1 ba & 2br, 1 ba). Currently, the 2 br, 1 ba unit is being rented out by a long term tenant, so I am looking to occupy the 1 br, 1 ba. Based on yours and other responses, it definitely seems that it would be best to have this work done whenever I am not dependent on this being my only bathroom to use; i.e. Whether before I actually move in, or while I am away on a vacation. 

With all that being said, I already have a pre approval letter in hand, I would lean on your expertise and ask if it it is possible to go back and have these rehab dollars included?  

@Chris Collins Congratulations on your first house hack, Chris! Wow, thank you so much for sharing that first hand experience with me. I can honestly say that I'm not that much of a handyman per se, so understanding what it means from a time standpoint gives me a better picture for sure. I'm definitely going to weigh each option going forward. I'm hoping that an offer I just put in gets accepted in the next day or so! 

@Theresa Harris That seems to be popular advice for sure. I don't think a loan will be necessary as I am beginning to really think about it. I am thinking that it may be best to just live with it, as you said. The property is actually a duplex, but this is the only bathroom in the unit I'd be occupying. Will the changes you suggested make the bathroom completely unusable?