All Forum Posts by: Ty Ash

Hi Kasey! Very excited to see how your house hack story plays out. I started the same way! Some quick advice:

-With the purchase price that you're working with, the 1% rule might not be the best quick analysis for your area. I would definitely ground yourself in potential rents in the area you're looing in. Also, understand what your true expenses might be. As an example, a roof of the same sq ft on a $300,000 home vs a $600,000 home doesn't necessarily cost more. However, based on your numbers you're likelihood of getting more rent than that less expensive property is higher (better finishes, etc). If you're using a percent of rent to calculate Cap Ex, you may be inflating your monthly expenses based on rule of thumbs %'s you have seen during your research.

-When you're living in the property, I 100% agree with @Chad Gilchrist so no need to repeat. Number 1 question to ask yourself, will this deal put me in a better position to achieve my future goals than my current living situation. If the answer is yes, and the post move out numbers work... TAKE ACTION!

-Last, a reminder not to worry about the home run on your first deal, it's all about getting momentum and experience. Since you're using a low % down option, once you move on to your next home your amount of capital invested is going to boost your Return relative to a traditional investor putting 20-25% down ($114K down vs $20K (3.5%), Same Cash Flow of $500 / month as an example or $6,000 annually for the property, $6K / $20 = 30% Cash on Cash vs $6K / $114K = 5% CoC). This is your advantage as a house hacker because many investors probably wouldn't even take the time with that return unless they were desperate to utilize their cash.

Feel free to reach out anytime about your house hack questions. So excited for you!

Hi @Nate Cade! My first step would definitely be to reach out to a few insurance companies ( I have a broker that has helped me find some good rates by doing this leg work for me). Keep in mind, there's not a lot of "customer loyalty" in terms of discounts that you're going to get from insurance companies. Make sure your coverage is what you need and shop it out! Feel free to reach out with any questions as I'm in your area!

@Ryan Copeland How have you been able to find great cleaners specifically for STR's? Curious if you have any resources or checklists you have them review prior to having them sign on with you.

Thanks in advance!

These are great questions for us to review as we enter the winter months, @Edgar Perez! 

My two cents: Be proactive in setting expectations with all of your residents.

I have met with each of my residents in person to review their lease (many of the items you mentioned are detailed out in standard leases) and make sure they understand that the lease will guide our relationship. If something was unclear, it was likely my fault that it wasn't communicated well in the first place or wasn't a part of my lease.

Though this doesn't solve your first issue of controlling the thermostat, the other members all had great solutions!

Here's to a short winter!

My favorite tip for those who want to grow and empower future members of their team... 

Document Everything!

A simple Google Doc that links to a drive full of Checklists and How To Videos can become your Business Procedure Doc that will enable a new member to take over tasks recurring tasks. This will allow you to focus on what drives your business.

Thank you for the awesome list, @Julio Gonzalez!

Hi @James Hernandez!

Hoping to share my own experience on your current situation!

1) Does my law license make me a more valuable prospect for a brokerage or a mentor?
I agree with the other members that any brokerage will want to take you on. This career path will give you back what you put into it so take advantage of mentors and resources at your brokerage of choice. Also know that the template for a successful Agent business is out there. You just have to take action.

2) Should I focus on a specific area of real estate sales because of my background such as probate sales or short sales, or something else I haven't identified?
Again, in total agreement with other members! Lead generation is your new "Job". You have limited control on these leads but many start by tapping in on their sphere of influence where they already have strong relationships and trust.

3) Does my limited availability hamper my desirability to a broker or mentor, to the point where my legal experience cannot compensate for my current commitments?

Again in agreement with @Marcus Auerbach! Have you defined your end goal and what that looks like personally and professionally? I started as an agent part time and found that acting as an agent for my peers where I was full-time created synergy with our schedules to the point where they didn't notice my "lack of availability" (time typically made up late at night using tools like scheduled emails to keep in contact and provide updates as well as reviewing listings). Working with a team that knows your goals will accelerate your progress as you learn how to provide top notch service to your clients.

Let me know if you have any more questions and hope this helps!