All Forum Posts by: Joey Banasihan

Hey @Christian Hunter!

The strategy you are implementing we like the call the "Holy Grail" of house hacking haha; purchasing a small-multifamily to house hack with a VA are powerful tools, and done correctly can really help kick start and build a great porfolio. Second is partnering with a great lender who can help you navigate including potential rents to help you qualify for more opportunuities. Our past clients have utilized this strategy for their first 2-3 small-multifamilies, and just over 3-4 years have 10-12 rentals doors. Super awesome!

Rooting for you, thank you for your service, and let us know how we can help!

@Robert Zajac, I just sent you a message! Our sister company, Boise Turnkey Property Management would be happy to help!

Hey @Kathryn Bond!

I would definitely say this is house hacking, as you are purchasing and living in a home with the intent of making it a rental. What you are doing is what my wife have been doing, as to why we are also on rental number 3. 

Focusing on areas that will appreciate well is super important, as equity down the line becomes a huge game changer when growing your portfolio. As it was mentioned before, I would reach out to local investors, folks who have property management companies, and find out the market rents, vacanies, and demand for the type of homes you are purchasing. For example, here in Boise a 4/2, 1800sqft+,3 car garage will offer the highest amount of market rent, is the most popular home to rent, highest quality tenants and they average staying there for 4+ years. 

The difficulty is always going to be whats "most comfortable" for your family and what property will provide the highest return/ROE to help build a life of financial freedom for your family. Hopefully this helps and good luck with your next steps!

Hey @Josh Sharp, we use AAD Inspectors for almost all of our inspections. Check them out here, hope this helps!

Hey @Kristin Vegas, I did back in 2020, moved to Boise. Was able to build an ADU in the basement, rent it out, and gained around $150k equity in the process. Cash flow is around $1k due to my low interest rate and MTR strategy. Now I work with the agent team who helped me and help others house hack/invest in this area. Obviously circumstances has changed, cash flow is difficult, but Boise is a more of an equity play right now. Still finding cash flowing properties, but it takes more work and willingess from buyers to make some comprimises. Just remember, wherever you go, it still comes down to making sacrifices, remembering this is a 10 year process not a quick fix, and being solid with your everyday budget and goals and living below your means; boring but effective. Good luck!

Hey @Alex Jacobs, I'd start by finding a solid investor friendly agent in your local area; definitely meet with a few of them, but ideally you will find someone who has a decent network that can connect you with resources such as a solid lender. Not just a lender who can put together a loan document (they all can do that), but someone who is interested in your goals and can advise you in different strategies, downpayment assistance programs, etc that can get you going.

From there your financial strategy and the local market will begin to steer you in a direction of homes available and that fit your finances. Ideally before you purchase your realtor/lender will provide you with a property management company who is willing to provide resources, leases, and whatever you need to get house hacking. This is the blueprint I have been working with my past/current clients, its simple, boring but can be effective.  Good luck!

Hey @Leo R., the effort is often deteremined by your systems. If you have experience self-managing LTR, then the screening/background checks/setting up payments should be a breeze. Marketing and furnishing is usually a front loaded effort when signing up and posting/staging, with very little maintenance to upkeep. 

The time consumers is welcoming tenants, property handbook, welcome gift, etc. And regular cleaners coming through on a monthly basis.  If you have solid systems in place, they can be as handoff as LTRs with a little more front end work.

Hey @Steve H., Here are a couple of thoughts/questions/ideas, hopefully they can help:

- There may be more to the story around the STR and details we are unfamiliar with, but to me it starts with questions around "why is your STR not turning a profit consistently?" Are you set up with amentities that beat out local competition? Can you further desing the property that aligns with a more experiential space that would attract more folks? Is your property manager using dynamic pricing? Maybe you have already addressed all of these but I'd start with figuring out some of these elements with the STR business before moving on to the next strategy, MTR.

- The MTR strategy is great and you have the advantage of listing it with multiple different platforms.  3/2 will attract a certain type of of MTR client, one that travels with families most likley or displaced families, so your pool of applicants may be a little limited

- If the long term play is appreciation, than breaking even sounds good. Doing some research for MTR's there is no one in your market that I can see that is renting a MTR more than $3400; without it being a luxury million dollar home with high luxury amentities. 

- The final thought is turning it into a room to room rental, MTR could work as well, where you rent by the room, and you could possibly make enought to be more than break even but maybe not very profitable.

Just some thoughts, good luck!

Hey @Dan Fendius, I think definitely talk with a lender to figure out your monthly, but honestly, do what is going to feel most comfortable and helps you take action quicker. Maybe there is an opportunity to put a little less down payment and use the rest to force more equity via renovations. This way, outside of appreciation, when you pull it out in a few years you could potentially get even more out of it.

There are so many ways to approach it, but if your goal is offset the monthly and interest rates, and it helps you purchase sooner rather than later, cool. Plus if you something comes up, getting a HELOC and then pulling from that when you need it can also be a good strategy. Talk with a local lender and agent for some more advice around your local market as well. Good luck!

Howzit @Hector Mejia! Currently helping my uncle purchase a home in Las Vegas using his VA loan, he also wants to get into real estate investing (we are both born and raised from Kauai, Hawaii). I am not directly working with him (I am based in Boise, Idaho) but have connected him to a solid lender and a investor friendly realtor. I will DM you and happy to put you contact with folks who can give you a solid idea of Las Vegas.