All Forum Posts by: Ryan Thomson

@Kayla Givens you are too kind! :) @Austin Peters Happy to connect and talk goals. Let me know if I can help. I do know some great local lenders, that could quickly give you an idea of what you could qualify for, interest rates, etc.

@Tyler Belyeu there is about 2 fourplexes on the market in COS as we speak. There are several duplexes. The supply for those on the market is very small. You may want to broaden your geographic area if that is the type of investment you want or you may be waiting a LONG time. 

@Hannah Espejo

@Hannah Espejo@Hannah Espejo@Hannah Espejo@Hannah Espejo

Sammy I am interested in talking about this. Please reach out. 

@Daniel Lao I'm looking for the same thing. Any luck finding that?

I'm down. @David Mackin

Nice hustle @Jonathan Buelow!

Thanks @David Mackin! I learned a lot and it definitely worked out well cash flow wise. Also just found out the home appraised for 410k 2.5 years later. Should be able to pull out almost 66k at a 3.825 interest rate. 

Hi @Greg M. that Third Space Meetup with @Colin Smith is still active and it meets First Tuesdays at Third Space. It's awesome and I go to it. 

Investment Info:

Single-family residence buy & hold investment in Colorado Springs.

Purchase price: $260,000
Cash invested: $10,000

Contributors:
Mark Hirleman

This House Hack lit that fire! House Hack with bedroom rentals and a garage conversion airbnb. 4 bedrooms. Lived in one bedroom. Rented the other three. Converted one of the garages into a studio kitchenette by using a 20K personal loan @10% interest for 10 years. Mortgage is $1550/month.

While living there: The airbnb netted me $1450/month and the bedrooms rented for $1800.

Now that I have moved out: The bedrooms gross $2500 and the Airbnb still nets $1400ish.

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

House hacking is amazing because it allowed me to get into the property for only 5% down.

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

My Realtor helped me find it. Saw potential for a tandem single car garage to be converted into a studio kitchenette. House was also mistakenly listed for 3 bedrooms and my realtor realized it was 4 bedrooms.

How did you finance this deal?

Conventional loan with 5% down.

How did you add value to the deal?

Borrowed 20k at 10% interest for 10 years. Converted a garage into a one bathroom, studio kitchenette with a separate entrance.

What was the outcome?

A lot of Cashflow and a lot of savings. While I lived there the airbnb netted $1450 and the bedroom rentals were $600 a room for $1800. My mortgage is $1550. You do the math and budget accordingly. The cashflow is noice.

Also in the middle of a refinance that should allow me to pull out 20-40k to put towards my next investment. House number 5.

Lessons learned? Challenges?

Double the time the contractors say it will take.
Take a risk without knowing all the answers b/c you never will.
Record all of your income on your taxes bc it allows you to cancel your mortgage on your DTI and scale.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I worked with Mark Hirleman who is the College Rental king of Colorado Springs.