All Forum Posts by: Trevor Kolb

House Hacking doesn't have a time-limit. The loan you use to finance the property however, may have conditions that require you to reside in the home for a minimum time of 6 months or a year (typically). From there, you can essentially move out of your 'unit' and rent the entire property out without violating your agreement. 

Just ensure you have everything done correctly like switching over to a Landlord Home Insurance policy before you leave. :) Good luck!

You seem on the fence with owning the house. The bottom line is what you want to do. Since you've stated that your business is flipping homes, I personally believe you should continue to do so. Fix up the property, get your listing up, and sell it for a nice little profit to split between you and your partner before moving on to the next home. Don't get attached to the house until you're ready to buy something for just you, using just your money (IMO). I wouldn't want to manage a property with a partner especially. 

@Kaylyn Dart: Congrats on surviving the Marine life! Army Veteran myself, and living in Colorado Springs for the last 2 years. As for your questions, the VA home loan is a great financing option for us as mentioned by the other two but has trouble with the strict guidelines for the property conditions. You're essentially looking for a Move-In ready home with minimum or preferably NO repairs needed which can be a difficult task in itself.

As a beginning investor, figure out the best option for you. If you're comfortable living with others, house-hacking a 4 bedroom (SFH) with 3 roommates could be the way to go. (As a Marine, it's a lifestyle I'm sure you're used to by now) If you prefer privacy, the 4-plex would be a better route, but know that these are even more uncommon to find in VA qualifying condition in the area. Competition was tough last year when I closed on my first home (4-bed SFH; House-hacking Currently) between homes that would qualify, and people paying above asking price within days of a new listing. If you have the opportunity to start now, I strongly recommend it because of the delays, searching, questions, walk-thru's, bidding, waiting, paperwork, etc.

In terms of areas in Colorado Springs, the Southeastern part of town near the Airport appears to be the lower income area with more affordable housing (under $200k), and the closer to Monument (North-side) you go, the more you'll end up paying for a decent home. 

As a former AirBnB host, I used Queen size beds, nightstands, dresser, and sufficient amenities (towels, coffee, etc) to attract guests to my household. If you review a lot of the competition, you'll also see some themed styling of the rooms and a few 420 friendly accommodations.

As far as other sites, I used VRBO/HOMEAWAY and budandbreakfast.com (I am/was 420 friendly) to find more bookings. I think you can use travelocity or trivago too but never signed up. 

@Tate Donivan: You're in retail? Would you ever consider starting your own online retail store in your spare time? Among being a landlord, I've just started digging into building my own store online to earn some side capital. Hopefully, the ability to really invest in a 2nd property will be in my near future. As I'm also in Colorado Springs, feel free to contact me. 

@Account Closed: Don't limit your potential to a four-plex right away. Keep your options open to a Single Family Home with at least 3 bedrooms and House-Hack your first home if you can't find the right multi-family home.

Personally, I purchased my first home using a VA home loan last year in Colorado Springs for $200k. It's a 4 bed, 2 bath house that is just large enough to house-hack. Currently, 2 tenants occupy rooms, while I take the lower half to myself. Once I've filled another renter in the 4th room, the Total Monthly Income is around $1,600 and expenses total approximately $1,300 per month. Opportunity is everywhere, but you've still got to be wise about what you're buying and WHY. :)

@Parker Grissom: Do as you feel comfortable. Sorry for your loss! My grandmother is currently fighting Cancer battle #3, and we suspect she'll be joining your mom soon. Unfortunately, she was/is not as frugal with money as your mother, and the hospital bills didn't help!

I bought my first home using my VA loan last year in Colorado Springs. Regardless of what the market may/may not do, proper investment research will ensure a financially secure future. I've noticed the strength of the Rental Market in the springs is still very strong, as I also House-Hack my Single Family 4 bedroom home at this time. Just posted a room for rent and the e-mail's have been 1-2 every couple hours with interest!

If you're a single man and don't mind living with others, house-hacking can have it's benefits. If you prefer your privacy, definitely stick to looking for a multi-family home. With more money in the bank, I'd probably also attempt to locate something with room for improvement that has a few vacant units. Usually show's the current owner's didn't find value in the property, and makes updating/increasing rents easier to process. Good Luck! Enjoy the mountains!

@Nicholas Matthews: It doesn't take much to get started if you have the right sources to utilize. I managed to buy my first home, right in Colorado Springs, with $1,600 (VA Loan) and now, I house-hack to generate a $300 monthly income. All the while, earning that equity for future investing. Don't wait if you can avoid it, but make sure to invest wisely. You can do it!

Hey guys,

Been getting back into my REI research again, as it's getting close to my 1 year anniversary since closing my first home. I've been doing some research lately, and came across this site while doing some affiliate research for a secondary passive stream, Click Here! Birddogbot.com and was wondering if anyone has already utilized this service? 

If so, do you feel the deals provided were worth pursuing?

If not, do you have any recommendations on other deal finding sites?

I found this book 'The Millionaire Real Estate Investor' to be a fantastic read filled with great advice:

http://amzn.to/2tmM8H4