How I made 144K in 21 Months House Hacking

115 Replies

@Francisco Gomez there are so many options in the Summerlin/westside area to house hack.  If you can swing a $350k purchase price, you can get (what I would consider) a luxury 5 bed house in a very desirable neighborhood.  Furnish the rooms and you could easily get $650-$700 a room which would cover all of your living expenses.

You can find options in the $275k range for 4-5 beds in slightly less desirable areas, but still plenty fine to live in.

Lastly, if you wanted to run a marketing campaign for 5+ bed houses in this city, I'm sure you can find one owner who would be looking to sell that would offer creative financing or reasonable purchase price.

This is all assuming that there are no parameters potentially holding you back.

Thank you so much for sharing. I have been researching and preparing to invest for about 3 years. My husband and I are finally ready. We also live in Vegas and we really wanted to house hack a multifamily property but our choices are limited here. Now we are looking out of state. Congrats!and thanks for the motivation of just taking action!.

Thanks Frank, over the past 2 years we have had some really solid natural appreciation in the housing market. Most of the appreciation has been due to the market, but definitely some added value from the remodel. 
Originally posted by @Frank Jiang :

@Gary Crawford

Love this story!  Quick question: do you have a sense of how much of the appreciation from 185 to 300 was due to your remodel and how much was simply due to natural appreciation in the housing market?

How did you remodel 3 bathrooms, a kitchen, replace the AC and re-shingle the roof for 31K? This sounds HELLA low. Did you do a FULL remodel in each of these rooms or just the items that needed to be replaced. Take for example many times the tile on  the floor of a bath and the tub can be reused...or was it COMPLETE renovations?

@Gary Crawford - That all went very well for you. Congratulations! Seems like you were also able to hack the remodel cost. Remodeling 3 bathrooms plus the kitchen could easily eat up that entire $31k budget. As a contractor, I am curious how your remodel cost was kept to a minimum. Perhaps you can share a few of the cost savers that helped keep your budget down.

Remodeling is very expensive and sharing cost saving tips is great for this community!

Congratulations and happy real estate trails!

Originally posted by @Peggy Lindsay :

@Gary Crawford - That all went very well for you. Congratulations! Seems like you were also able to hack the remodel cost. Remodeling 3 bathrooms plus the kitchen could easily eat up that entire $31k budget. As a contractor, I am curious how your remodel cost was kept to a minimum. Perhaps you can share a few of the cost savers that helped keep your budget down.

Remodeling is very expensive and sharing cost saving tips is great for this community!

Congratulations and happy real estate trails!

I am asking these same questions. There has to be more to this. If he did ALL of the work himself I could see it, but he is saying he contracted people for much of it.

Hi Peggy,
Definitely some great questions. I see you are in CA, so your rehab costs are most likely more compared to here in Vegas...I learned the hard way on a rehab up in Big Bear. I did sales for a painting/light remodeling company and was able to pay some of the workers on the side for a cheap rate to do the painting and baseboards (I would say $15/hr when it came down to it). For the flooring I purhcased some easy to install luxury vinyl planks and paid a retired flooring contractor $2k to install throughout the house. For the kitchen, at this point I had networked around with some other people in Real Estate and was able to find a great contractor to do the whole kitchen for $6k, (I bought the cabinets/countertops at discount, backsplash was a little pricey, but labor was about $1.5k). That same contractor did the master bathroom upstairs for total cost of $3k, the next bathroom I had the retired handyman remodel with a pre-fab shower enclosure, and the last bathroom I helped a handyman with the tile portion (biggest mistake of the rehab, will never tile again haha). The roof and A/C were big costs to me that ate up a lot of the budget though. I paid $5.5k to the foreman of a roofing company who did the job on the side over a weekend and the A/C was ~$6.5k, one unit for the whole house.  Hope this makes things more understandable!
Originally posted by @Peggy Lindsay :

@Gary Crawford - That all went very well for you. Congratulations! Seems like you were also able to hack the remodel cost. Remodeling 3 bathrooms plus the kitchen could easily eat up that entire $31k budget. As a contractor, I am curious how your remodel cost was kept to a minimum. Perhaps you can share a few of the cost savers that helped keep your budget down.

Remodeling is very expensive and sharing cost saving tips is great for this community!

Congratulations and happy real estate trails!

Love it.  I thought I did well in the 90s to own a 3 bedroom with a payment of $770, and rent out the other 2 bedrooms for $250 each.  Much better to make a large sum of money.  Impressed.

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