All Forum Posts by: Renee Bacon

Are you talking about house hacking yourself, and using it as a co-living property? Because 0-5% down does NOT happen unless you are owner occupying the home. I've talked to a ton of lenders and if they know it's an investment property, you're looking at 15-20% down minimum (non owner occupied). Co-living also takes quite a bit of money to create more baths, walls, different electrical hookups, etc. It is not low cost.. you need 7-8 rooms per house to make it decently profitable. Plus managing tenants is a bit more time consuming with this model. (I'm also in a co-living mastermind)

@Mike Terry I'm an agent and investor in the area. I've helped my mom buy a place in Caseville, and have looked at MANY homes along the coastline (I live in St. Clair County). I also have  experience with Vrbo, Airbnb, Furnished Finder, and co-living. If you have any questions, let me know! 

I'm in several co-living groups, and the rent by the room model is getting more popular. Padsplit is a topic of discussion also (STR room rentals), but I think LTR's are a little more consistent with income and a bit less work. It really depends on location, quality of home features, amount of privacy for renters/members, and competition. Have you looked into advertising as a co-living LTR, or as a 'business to buy'? If it's vacant, that last option won't work. Non-profits and/or sober living operators may also be interested, depending on their needs. Good luck!

@Jared Galde

That's awesome Jared. I've been in a co-living mastermind for a year, but I'm curious how you set your business up. Do you have a 501c3 that you operate under (and rent the house from yourself), or do you purchase homes with an LLC or personal name, and run as a regular business?

Also, do you have 2 people per room, or just one person? 

What do you see as the advantages of sober living homes vs regular rent by the room type homes?

Thanks!

Hi Gary! I live in St. Clair County, but am an agent at the KW office in Chesterfield. I invest also, in St. Clair County so far. That's great you have sales experience already- it will help a ton as an agent. Welcome to the club!

@Daniel H Hauer I manage my own properties, but not others yet. My broker wants to start a PM company, but I'm not sure I want to take that on!

Nice house Daniel! I'm slightly north in St. Clair County. Good luck with your next few rentals!

I'm kind of in the same boat, as are many I think. Personally, my long-term goals are what drive my choices. I have a SF house that doesn't make much money, but I bought it for a great price 3 years ago, compared to what older houses are going for now. I was going to maybe make mine into a long-short, but because this does not fit my long-term goals (higher cash flow, in one of my "ideal" areas) I decided to sell. Once I truly looked at what I wanted to accomplish, it was an easy choice and I feel secure in the decision. 

What a bummer about no STR... have you considered renting for 30+ days (if that's the new HOA required time) as a fully furnished unit? You can get an amount about halfway in between the long-term and short-term rental income. Good luck!

David & Co. keep mentioning BP Insights on their podcasts even now, and I just spent a half hour searching for them. Glad you asked this question! 

@Tom Shallcross Is there a better company that you recommend? Or maybe a do-it-yourself approach to building business credit? Trying to narrow my options during this 'break'. Thanks!

@melba chambers Did you use a particular company or just build business credit yourself? Thanks-