All Forum Posts by: Matthew Fleck

I am 6 months into my first house hack/live-in flip and so far I have met all of my short term goals... but now it's time to turn it up a notch.  I am house hacking a 3 bed/2 bath and rent 2 of the rooms.  So far I have had 3 different roommates.  One is a friend who moved in shortly after closing and is still with me today.  He will be moving out in March though (4 months notice!).  The second was a friend who just needed a place to stay for the summer.  This worked out great because it gave me a chance to fix a few more things before marketing it to the world.  The third was found through Airbnb.  I posted with a 30 day minimum booking requirement and had the room booked for the next month within 24 hours of posting. He has been with me for the past 3 months and plans on continuing to stay.  I am now in the process of converting my garage into 2 more bedrooms and an additional bathroom.  With one room empty in March and two more being built,  it's time to start creating some systems around marketing, screening tenants, and ensuring they enjoy their time here.

What are some strategies that you have used to attract like-minded roommates and ensure that the good ones stay?

The first photo in my listing is a picture of the garage gym to hopefully attract individuals who value health and fitness.  I also plan to put together a welcome binder that includes information about the surrounding areas (bus schedules, restaurant recommendations, shopping, local activities, etc.)

I just bought my first property in North Bergen and currently live with 2 roommates who pay around 65% of my monthly expenses. I am planning to convert a portion of the garage into a master bedroom to account for the rest. A little creativity required in this area but so far it is working out. Where have you been looking?

@Aditya Puttigampala Did you wind up having any luck with your intention to house hack? I just bought my first property in North Bergen and currently live with 2 roommates who pay around 65% of my monthly expenses. I am planning to convert a portion of the garage into a master bedroom to account for the rest.  A little creativity required but so far it is working out.

@Damian Seguen 

That's good too know! I'll let you know how the project ends up.

Investment Info:

Single-family residence buy & hold investment in North Bergen.

Purchase price: $389,000

The property is a bit unique on regards to its layout, but it ultimately has 3 bedrooms and 2 baths. I live in one room and rent the other two out. My rental income contributes 60% of my monthly expenses.

What made you interested in investing in this type of deal?

I did not want to rent anymore but still wanted to live in the same area. This property was in my price range and I saw potential for growth because of the size of the existing garage.

How did you find this deal and how did you negotiate it?

I found it on Zillow and used a real estate agent to see the property.

How did you finance this deal?

I have a conventional 30 year fixed rate loan.

How did you add value to the deal?

I would like to add an additional bathroom, 2 bedrooms, and possibly a small kitchen in the garage to convert it into a mother/daughter style home. I will then rent out an additional 2 bedrooms while still living there.

What was the outcome?

We shall see!!!

Lessons learned? Challenges?

I bought the property using my emotions. I let my desire to buy and stop renting blind me from the numbers... because they clearly do not make for a good investment. I am now trying to figure out how to turn it into one.