All Forum Posts by: Ryan Thomson

woah! That sounds like a sweet deal. Good luck to you. Sorry I don't have any advice on the Cali Market.

@Miles Dirmann okay I'm officially inspired. I wish I got into this at your age. You won't qualify for a loan with that amount of income. BUT if you have supportive parents with a good income a good pitch could be "I am thinking seriously about my financial situation and think buyin a home is a really good idea. Would you be willing to co-sign with me".

Don't limit yourself to multifamily.

For house hacking my criteria consists of a couple things. First, it must allow you to cash flow or live for free while you live there. Second, It must have a good exit plan to cover your mortgage and make $200+ a month after you move out (often times much more) and do your next house hack (if your goals are to scale).

Here is what I look for to make that happen:

1. An easy way to split into multiple units: a walk out basement, an ADU, or a garage that could be converted to an apartment, multifamily - this allows for airbnb or more rental income to a long term tenant

2. 4 or more bedrooms (or 3 bedrooms with the potential to easily add more) - you could get about $650-800 a bedroom in Colorado Springs

@Ramin Kamal house hacking and down payment assistance is an amazing way to get started. Make sure you use a realtor that can help you walk through how to cash flow your property and have a good exit plan in case you want to scale. 

As far as what you can qualify for I would use @Grace Wang or @Ben Rhodin as a realtor. They are in Devner. And have them get you connected with a lender that could do a downpayment assistance loan. 

If you want a ballpark of what mortgage price you could qualify for. Take your gross income divide it by twelve and multiply it by 0.4. That is the monthly mortgage payment you could most likely qualify for. Assuming you don't have other debt. 

Hi @Brice Childers. I have done a lot of research on different counties and cities in Colorado. I also want to get an airbnb in mountains. Thre is still a lot of opportunity despite some tightening of the rules and some moratoriums. Happy to connect and share my airbnb research as well. 

Where all the CPAs at?! Help this man out. :)

So much room! Especially if you can create a property management company to manage them as well. It's such a better way to cashflow SFH. I worked with @Mark Hirleman for a little while and he just grew from 6 to 70 something properties under management in two years. 

@Taylor Celestin sounds like a plan man. I read "optimize your bnb" and it really gave a lot of great ideas that save me HOURS of work each month. I probably manage my 3 airbnbs in 4-6 hours a month (max).

@Davis Chem glad it was helpful!

@Kyle Herling we are going to meet every 1st and 3rd Thursday at Oscar Blues 630-830 (ask the hostess where the real estate meet up group is). 

The first Thursday is going to be informal and hanging out.

The 3rd Thursday is going to have a speaker and a chance to hang out and network. 

@Kyle Herling come join us at the meet up! I've done three house hacks here in the Springs and am happy to help in any way I can. 

I'm a big fan of house hacking and what it has done for me.

I think thinking through exit plans is very important as it sounds like you may want to scale and move to the next property in a year. Multifamilies are great, but sometimes they are more expensive and harder to find. Being creative with SFH can also be lucrative. Bedroom rentals are a little more work to manage but are a great exit plan. You could buy near a college area and rent to student groups. Other criteria I look for in a SFH house hack: an easy way to split into multiple units, a walk out basement, an ADU, a garage I could convert, or lots of bedrooms.

For resources I really like the following House Hacking episodes on Bigger Pockets Podcast: #352, #252, #350, and #249. Also Craig Curelop's book on House Hacking is also a great resource.