All Forum Posts by: Ryan Thomson

Hey @Justin Brown I have a great househacking spreadhseet that captures the ROI and cashflow both for the short term and each year after until the loan is paid off. I think it will help you make good and long term decisions. It's been super helpful for myself and my clients in Colorado Springs.

DM me and I can share it with you. 

@Deron Jewett you can use one FHA loan in every 100 mile radius. So as long as the current home isn't and FHA loan or the next home you buy is further than 100miles away you will be able to get an FHA loan for your next house hack!

@Braden Jackson you've been on the hunt for several months and haven't found one yet?! I'm curious if your expectations are unrealistic. Are you working with a house hacking agent who has done this before? What are your expectations for the "right" house hack?

Nice work @Jeremy Watson! I love a good house hack. I've done five in Colorado Springs! Keep up the good work. 

@Jack Hamm Rick has some great suggestions. So does @James Carlson. 

In Colorado Springs, we also have a couple of other strategies that work well besides just standard duplexes. These may work for you. 

1. House and Cottage

2. Converting a garage

3. Converting a basement

4. Converting one side of the house to a separate unit. 

I would consider getting a list of the duplexes in your area, skip tracing the owners numbers and calling them. 

@Justin Brown maybe also try to connect with a realtor that is actively finding off market properties like we are in Colorado Springs. I'm sure there is someone doing that in Charlotte. 

Or connect with wholesalers and go to local REI meetups.

@Justin Brown You can certainly find off market properties but they require your time and consistently spending money. 

We are finding off market properties in Colorado Springs, but we are paying a lot of money every month for cold callers and mailers. If you find a deal it could pay off, but it is a risk. We've found several already that will make it worth our while, but that's obviously not guaranteed. 

You have to weigh how much of a deal you think you'll find, how much time it will take you, and if you think it will be worth that time. 

 You should come to the meetup. We would love to have you and I think you'll learn a bunch from the people that show up! 

 Cashflow is tough when you move out because prices doubled since 2015 (at least in Colorado Springs) and interest rates have tripled in a year. Cashflowing within the first couple years is somewhat of an anomaly due to the low interest rates of the last couple years.
I would consider your net worth ROI. What I mean by this is considering how much your down payment returns to your net worth (appreciation, loan paydown, tax benefits, AND rent avoidance). Don't forget to include rent avoidance in your numbers! You have to live somewhere.

Don’t throw away getting a good investment because you can’t yet scale to number two. If interest rates come back down, your numbers will look a lot better and scaling might be possible. If they don’t, you’ll be glad you bought since you are avoiding rent and cashing in on loan paydown and leveraged appreciation.

And if you are running the numbers as if you will move out...

Cashflow is tough when you move out because prices doubled since 2015 (at least in Colorado Springs) and interest rates have tripled in a year. Cashflowing within the first couple years is somewhat of an anomaly due to the low interest rates of the last couple years.

I would consider your net worth ROI. What I mean by this is considering how much your down payment returns to your net worth (appreciation, loan paydown, tax benefits, AND rent avoidance). Don't forget to include rent avoidance in your numbers! You have to live somewhere.

Don’t throw away getting a good investment because you can’t yet scale to number two. If interest rates come back down, your numbers will look a lot better and scaling might be possible. If they don’t, you’ll be glad you bought since you are avoiding rent and cashing in on loan paydown and leveraged appreciation.