All Forum Posts by: Account Closed

@Daniel J Dominguez More then likely I'm going to be going with an FHA loan from the lenders I've spoke with so far but I thought the live in requirement was a year and not two?

@Rolando Rivera I'm going to be managing my first property myself, later this year if everything goes as planned I'd like to do the BRRRRR strategy on a single family home and that's when I'd like to get a property management company. I think renting by the room can be a bit more challenging but there's more upside when it comes to the return versus renting the whole side to a family.

@Rolando Rivera right now I'm really just analyzing deals I see on Zillow. I have a pretty good idea as to the area in which I want to be in Houston, and the price range I want to be at as well. Right now I'm just getting everything ready to insure I can get pre approved for the target range in which I want to be at.

I'm on the same range as you when it comes to eliminating you living expense. If I can't fully eliminated I wouldn't want to pay more than $400 for the mortgage. In a perfect world I'd have 3 bedrooms, 2 bath on each side of the duplex for under 300k. Rent by the room one side of the duplex and maybe AirBnB a room on the side I'm living in. 

 @Alfredo David What's the price range you're looking at? Also is there a specific area you're currently looking in the Houston area?

Hello @Alexander Griffin

That's the exact area in Houston in which I'd like to be as well. Out of my own curiosity how're you financing this deal? With a small rehab does it qualify for a traditional loan?

Hi @Rolando Rivera

I'm one step behind you. I'm going through the pre approval process now and am planning to house hack a duplex in the Houston, TX area this coming summer. Are there any specific areas within Houston you're looking at? Also what's your goal with your first house hack? Are you wanting to completely cancel out your living expense or significantly decrease below a certain amount?

Good call, that hadn't even crossed my mind. Thank you for the input!

Hello all,

For anyone renting out a property by the room. How do you deal when lets say a tenant in a 3 or 4 bedroom house moves out. Do you have to change out the locks completely and hand all the other tenants new keys. If so this seems something costly and tedious not just for yourself but for the tenants that're living in the home as well. Any suggestions or tips on how to make this less of a hassle for both parties? Such as trying to align all the leases for the same time? Or is this something that's just unavoidable when using the rent by the room strategy?
 

Any advice is very much appreciated!

@David Martin If I had to point to a strength now I would have to say the rehab process. The combination of reading David Greene's BRRRR book and how he breaks down the cost of the rehab process between materials, skilled work, and unskilled work and a close friend of being a project manager (mainly for commercial deals) but has experience in putting and team together and a background in plumbing.

Hi Amy! I plan on moving to Houston towards the Summer months and invest in a multi family property and house hack. By the end of the year I do plan on BRRRing a property in the Houston area as well. Would love to connect with you and everyone on this thread investing in the Houston, TX area @Amy Parra @David Martin @Adam D Rinehart @Meir Greenblatt

Hey guys, While listening to the podcast One thing always sticks out that I’m not doing and that’s analyzing deals. I want to better understand how to analyze a deal so when one does come up I’m able to pull the trigger on it. A little background on my goal, I want to purchase a 10-20 unit apartment before I turn 27 (May 4, 2020). I’ve gone on loopnet (as I’ve heard this is where deals go to die) not necessarily looking for properties but I want to learn how to pull the numbers that are given on that property and how to analyze this deal to know if it’s a good/bad deal. What are the main characteristics/numbers I should be looking for? Some of the things I get stuck on is how can you calculate rehab cost by just looking at pictures online? Should I be reaching out to the realtor simply to ask what the estimated rehab cost is even though I have no intentions to purchase? If you can give me an example on a property you’ve purchased or just a bland example with numbers on a property just so I can have a better understanding I’d really appreciated it.

@Mitch Provost thank you for the help Mitch! Very much appreciated!