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All Forum Posts by: Levi Dobson

Levi Dobson has started 12 posts and replied 69 times.

Post: Using House Hack income to Qualify for Mortgage

Levi Dobson
Pro Member
Posted
  • Posts 69
  • Votes 36

@Miller McSwain

Wow, this is great! Just to clarify, as long as you have a signed lease, your lender will allow you to use that income to assist in DTI? Even if you haven't received a rent check?

Post: And here we go!

Levi Dobson
Pro Member
Posted
  • Posts 69
  • Votes 36

@David Mesteth

Welcome to BiggerPockets! I am new to the game as well! You're definitely in the right place to get started. I recommend reading any of the BP books. All of the ones I have read are super insightful. 

These forums are great for learning all the finer details - it's like you get to experience/learn from what all other investors out there are going through. 

I also recommend connecting with a local investor, or investor-friendly agent that is willing to help you along your journey! Best of luck to You!

Post: Real Estate Agent & Aspiring Investor

Levi Dobson
Pro Member
Posted
  • Posts 69
  • Votes 36
Quote from @Ethan Mullaney:

Very excited to be a part of this community and to see what it has to offer!

Welcome to BiggerPockets! This is the right place to be to begin your investment journey. Good luck to you!

Post: What's up People!

Levi Dobson
Pro Member
Posted
  • Posts 69
  • Votes 36

@Will Flynn Welcome to the forum! Best of luck on your future investments here in our fine city!

Post: How do I get started in real estate

Levi Dobson
Pro Member
Posted
  • Posts 69
  • Votes 36

@Jacob Powis check out Ricky Caruth's site zerotodiamond.com if you're thinking about becoming an agent. It's a great site full of free resources just like biggerpockets. Save as much money as you can as an agent and then get into the investment side. 

Post: What is the Perfect Layout for Room by Room House Hack?

Levi Dobson
Pro Member
Posted
  • Posts 69
  • Votes 36
Quote from @Levi Dobson:

@Leo R. The contractors removed the existing drywall, installed sound proof insulation, then installed two layers of 5/8 drywall w/ a layer a some kind of sealant between the two sheets. They explained that it creates a little air pocket between the two sheets and acts as a sound barrier. I can still faintly hear footsteps when in the basement bedroom, but all music/tv noise is blocked out. I ended up paying about $1,500


 *$2500

Post: What is the Perfect Layout for Room by Room House Hack?

Levi Dobson
Pro Member
Posted
  • Posts 69
  • Votes 36

@Leo R. The contractors removed the existing drywall, installed sound proof insulation, then installed two layers of 5/8 drywall w/ a layer a some kind of sealant between the two sheets. They explained that it creates a little air pocket between the two sheets and acts as a sound barrier. I can still faintly hear footsteps when in the basement bedroom, but all music/tv noise is blocked out. I ended up paying about $1,500

Post: What is the Perfect Layout for Room by Room House Hack?

Levi Dobson
Pro Member
Posted
  • Posts 69
  • Votes 36
Quote from @Leo R.:
Quote from @Levi Dobson:

I am looking into purchasing my second house hack and was wondering if any pro house hackers out there have a preferred layout with room by room house hacking. 

 @Levi Dobson excellent question.

I think it's useful to consider this issue: What are the MOST COMMON problems people experience when they live with housemates? 

In my experience, the most common problems are: 1) there's not enough space for the people living in the house, 2) there's too much noise (created by the people living in the house), 3) there's too much mess (created by the people living in the house), and 4) the housemates don't have enough privacy.  These problems are often interrelated--for instance, if there's not enough space, this makes it more likely that the noise one housemate makes will bother another housemate.  

So, the house you get should be set up in a way that minimizes the likelihood of these problems.

A few important factors to consider:

First and foremost: you want large square footage, and lots of square footage per person.   5 housemates living in a 2000 sq ft house would probably be cramped, but 5 housemates in a 5000 sq ft house would probably be quite comfortable.

Lots of bathrooms (ideally a bathroom for every person living in the house). The more people have to share bathrooms, the less comfortable the housemates will be, and the more problems you'll have.

A layout that makes each bedroom relatively private and isolated--for instance, a bedroom that's down a hall and around a corner from the kitchen is much more private than a bedroom RIGHT NEXT to the kitchen, living room, or other high-traffic area.

A layout that minimizes the amount of traffic that goes by the bedrooms--for instance, a bedroom that's right next to the front door sees a lot more traffic than a bedroom at the back of the house.

Multiple floors, with the bedrooms and bathrooms on separate floors--for instance, I have a 3 story house that has 2 brs/1ba on the bottom floor, 2 brs/1ba on the middle floor, and 1 master suite on the top floor--this makes it so that no more than 2 people are "living" on each floor, and one person (the master suite) has a floor all to themselves--this provides a lot more privacy and living space for each person compared to a 5 br house where all br's and ba's are on the same floor.

Multiple exterior entries/exits in locations that allow tenants to come and go with minimal disturbance to the other housemates.

Carpet greatly reduces noise, whereas hardwood floors (especially old ones) can be very creaky.

A large kitchen with plenty of food storage space (and perhaps even multiple fridges and dishwashers) will be much more livable than a small, cramped kitchen.

Sufficient parking will be important.

Ideally, an HVAC system that allows each housemate to control the temp in their room would be great.

Closely consider what types of tenants would want to live in the property. For instance, will the tenants all be mature, high-income, 30-something professionals who all have plenty of experience renting properties and living with housemates? Or, is it 18 year old college kids who have never rented a property, who have no experience sharing a house with housemates, and who want to throw parties? The type of tenant the property attracts will make all the difference in the world.

Also, all the other usual principles of REI apply (e.g.; location, location, location, grade of the property, characteristics of the local tenant pool, etc. are all extremely important).

Good luck out there!

 @Leo R. This is great, thank you! I think noise has been the biggest issue with my personal house hack. I have bedrooms n my house that share the same wall/ceiling. I ended up having a contractor sound proof these shared wall zones and it has made it exponentially more comfortable. 

Post: The Beginning of my career

Levi Dobson
Pro Member
Posted
  • Posts 69
  • Votes 36
Quote from @Hussein Shamsideen:

@Levi Dobson thank you I appreciate it. I will look into it and call up agents in my area thank you again!


 You're welcome, best of luck on your journey! Update us, we want to hear about your progress + it keeps you engaged!:]

Post: The Beginning of my career

Levi Dobson
Pro Member
Posted
  • Posts 69
  • Votes 36

@Hussein Shamsideen check out Meetup.com and see if there are any near you. Call an agent in your area, they will more than likely be happy to help you out. Read the forums and engage in them. BP is an incredible resource for all types of real estate businesses.