All Forum Posts by: Omar Tinoco

a disaster waiting to happen. Run an ad and screen as if your life depends on it. Because it does. Screening is THE MOST IMPORTANT part of what you're about to do. Forget your friend and his recommendations. They won't be your friends for long, I guarantee it.....If you have no experience, maybe find the biggest, best, and most experienced property manager in the area you can get. It will cost. Good luck. Find a lonely, obsessive introvert that's been in their job a long time, and has a very high credit rating.

Thank you, Are you suggesting that I should sell that house instead? because that is what we are debating

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Quote from @Jay Thomas:

Considering your situation, renting the almost paid-off house with a potential $1900/month cash flow seems like a lucrative option, providing significant passive income, especially for your retired parents. However, having 7 people in a 4-bedroom, 2-bath, 1200 sq ft house could raise concerns regarding overcrowding, potentially leading to wear and tear, noise issues, and safety concerns. Before proceeding, research local occupancy laws in Pennsylvania, craft a detailed lease agreement specifying occupancy limits, guest policies, noise restrictions, and maintenance responsibilities, and conduct thorough tenant screening. Alternatively, you might explore renting to two smaller families for more comfortable living arrangements or consider adding an occupancy clause to the lease if you're comfortable with 7 occupants. Open communication with potential tenants is crucial to address any concerns about space limitations and ensure a harmonious landlord-tenant relationship.

Thank you for the feedback Ill think this through I may go through a property manager. Adding one more to the scenario we are all of state once my parents move to Colombia I live in california and my sister plans to move to california. Is it better to rent or sell?

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Thanks for the feedback yes I will do that was just concerned that his is too many people and can damage the house.

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Hi,

my parents are retired and are planning on retiring to colombia. We have a house in Pennsylvania and want to rent it out or sell it.

I'm leaning more towards renting than selling cause the house is almost paid off and we can rent it for $19000 a month which is $19000 cash flow.

A friend of mine had a recomendation of some possible tenenats that are looking to rent.

My only concern is its a family of 7, 2 adults and 5 kids the house is a 4 bedroom 2 bath 1200 sqft is this too many people?

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@Nathan G. Thanks for the idea its a great for house hack but its also im a dangerous neighborhood

https://www.areavibes.com/oakland-ca/highland+terrace/crime/

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San Jose, California

@Nathan G. Yes that is my intention I want to start house hacking

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San Jose, California

@Collin Wallace oops yes that is correct HELOC I was writing on my phone.

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Quick question on HOEL Im still new to house hacking and this real estate investing world. I'm currently reading the house hacking book one question I have is I read the section HOEL.

I had a thought my parents are in Pennsylvania retired and they want to move back to Colombia very soon. I was wondering my dad wants to put the house in me and my sisters name

Can I use an HOEL from that house towards a house hack in the bay area.

The house is worth $200,000 and $30,000 left on the mortgage which I'll payoff myself.

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I want to start my first house hack in the bay area It seems daunting for me if its even possible. My occupation is an silicon Design Engineeer, I have a net work of 250k.
A few questions:

1. What is the best way to get started in the area?

2. Does anyone know of any good lenders for this area?

3. Any good realtors you would recommend?

4. Its expensive in this area but I do see some decent deals what would be a good down payment for a home to get started.(annual salary 155k).

5. Its very hard to find a single family home in this area, do you recommend condos and town homes to start out?

6. Any good networking events or groups to learn more?

7. What type of loan should I go for in this area? my credit score is at 800

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San Jose, California

All Forum Posts by: Omar Tinoco

Omar Tinoco has started 3 posts and replied 9 times.

Post: Planning to rent a house

Post: Planning to rent a house

Post: Planning to rent a house

Post: Planning to rent a house

Post: I want to start myt first house hack in the bay area

Post: I want to start myt first house hack in the bay area

Post: Bay Area :: HOEL for first time House hacking

Post: Bay Area :: HOEL for first time House hacking

Post: I want to start myt first house hack in the bay area