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All Forum Posts by: Robert Durden

Robert Durden has started 3 posts and replied 10 times.

Post: Housing Hacking in Colorado Springs

Robert DurdenPosted
  • Posts 10
  • Votes 3
Quote from @Jordan Malara:

@Robert Durden on average, your estimate per room is about right - $750. Master bedrooms with a masterbath suite can get more and separate basements can earn you more as well. You usually need a 5 bedroom house in decent condition to make the numbers work as best as possible. 

The other option I would recommend considering is finding a SFH with a walk-out basement or exterior access to the basement so you can operate a STR out of it. This strategy has netted us the greatest house hacking revenue in the area, especially if you combine it with renting out additional bedrooms in the other part of the home.

@Jordan Malara - thank you so much for this detail, it is super helpful! I am fine living in anything so renting out a master bedroom sounds like a great idea. 

I hadn't thought of the combo 'room by room' house hack AND an STR in the basement, that's a great idea! Does your walk-out basement have a door at the back of the house or the front? I am from a city where if (and when) a house has one, it is always in the front.

Post: Housing Hacking in Colorado Springs

Robert DurdenPosted
  • Posts 10
  • Votes 3
Quote from @Miller McSwain:

Hey Robert, I am currently rent-by-room house hacking in Colorado Springs! Similar to you, I also found that RbR SFH made more cash-flow sense than small multi-family.

We are renting 3 rooms in our 5bd house. 2 of the rooms share a bath, and the smaller of those is rented for $700 while the larger is rented for $800. The room with the private bath is rented for $800 also (to a military guy like you mentioned).

ALSO, we pay for all utilities and provide all shared supplies (cleaning supplies, pans, utensils, trash bags, etc). So be sure to think about that when you are analyzing.

We are -$500/month to -$1200/month while we live here (depending on capex/repairs), and we are occupying the whole basement So it is definitely cheaper than rent in our case. When we move out, we will be right around break even, but over time our projections predict mega-cash flow. Also, I think we are going to add a room, so we will make instant cash-flow in that case.

Let me know if you have any questions!

 @Miller McSwain - congrats on this man! Sounds like a great deal. Living in the basement sounds like a great idea! The upstairs of these homes I am see are typically huge. Two questions if you don't mind me asking: 

- Do you mind me asking WHEN you purchased your home? 

- When you are running your house hack numbers, do you include everything like CAPEX, maintenance, etc.? Seems like you have been

Thanks so much! 

Post: Housing Hacking in Colorado Springs

Robert DurdenPosted
  • Posts 10
  • Votes 3

Thanks everyone! Helpful information all around, much appreciated!

Post: Housing Hacking in Colorado Springs

Robert DurdenPosted
  • Posts 10
  • Votes 3

Hi all! I am currently house hacking a condo in Washington, DC that nets me $10 per month! There is definitely a space trade off but currently have two low key renters that are covering all my expenses, utilities, etc. It has been great! 

I am looking to house hack in Colorado Springs as I lived in the area briefly (4 months for ski season!) a couple of years ago and am looking to move back. I would love to get into my next property as a house hack and would love to get into some sort of -plex but it seems like SFHs may make more sense there. 

In the SFH context, I know the Denver per room market is strong. However, could anyone give me a read on the per room house hack market in CO Springs? Is it strong? I know there are a lot of military people so do they typically go for room rentals? I am seeing $700-$800 depending on the area on Facebook, seem right?

I am open to any and all insight as I scout places, thanks all!

Thanks so much, always great talking to you all!


Quote from @Chris Seveney:
Quote from @Robert Durden:

Hi all, I just received a quote of $5,560 to replace to replace the tiling and tub in my condo. I am currently house hacking it but will turn it into a section 8 rental come next year to cash flow solidly. The contractor quoted me that figure to go down to the drywall, take it out, place waterproof membrane, new tiles, and tub and paint the bathroom. Does that seem reasonable to folks based on your experience? Thanks!


This labor only or include materials. If it includes materials seems reasonable. I would have said around $4500-$5000k
 


 Hey Chris, it includes labor and supply!

Hi all, I just received a quote of $5,560 to replace to replace the tiling and tub in my condo. I am currently house hacking it but will turn it into a section 8 rental come next year to cash flow solidly. The contractor quoted me that figure to go down to the drywall, take it out, place waterproof membrane, new tiles, and tub and paint the bathroom. Does that seem reasonable to folks based on your experience? Thanks!

Quote from @Logan McKay Zylstra:

Just helped one of my clients house hack in SLC. He is cash flowing while living in the property. These deals are harder to come by but rents are growing aggressively here.


 Logan, that sounds great! Congrats on that deal. Was this SLC proper or any of the surrounding regions? 

@Chris Davidson@Anna Strausbaugh - really appreciate the insights! Boise seems like it is out of my wheelhouse right now but Nampa and Caldwell seem great! Would you recommend any of these towns/cities/subburbs in the surround area? I have been scouting Middleton and Kuna as well!

Hi all, recently settling into my first property (a house hack in Washington, DC proper - got a steal of a deal!) and am toying with a thought exercise. I am setting my sites on my next primary residence house hack when I am eligible next April. In my next property, I am looking to strike out West to house hack a -plex (open to 2-4, anything that makes sense numbers wise) in a good market that will offer some vibrancy in terms of city/town life with access to the great outdoors, primarily skiing. With my DITI, I have about $400-500K to play with.

I am looking at all the usual suspects (Denver, SLC, Boise) but fear they are beyond reason/price at this point. I am doing my due diligence on these markets but figured I'd throw it out to the community and hear thoughts, thanks so much!

(I am not sure if these types of posts are cool so appreciate the feedback!)