All Forum Posts by: Brandon Wagner

Another thing to note since i didnt see it here.  When repairs are needed for a bathroom,  it is an emergency if you only have 1 bathroom.  It is much less of an emergency if your tenants can use another one in the house while you get the repairs done.

@Nathan Gesner nailed it about charging extra to cover those costs.  An additional security deposit for the pet is a good idea in addition to that too.  

Based on your initial post though it sounds like you are worried about the damage and subsequent hassle from pets destroying the place.  I would start off not allowing pets and if you can't find a tenant open it up to allow pets after that.

I will preface this with i bought it 2 years ago so before some of the craziness but it was during the pandemic and super low interest rate environment. It's in Haymarket, VA.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $535,000
Cash invested: $43,560

I purchased my own single family residence. I use the basement as a short term rental. It reduces my personal monthly expenses by roughly $1500 per month.

What made you interested in investing in this type of deal?

I needed a house to live in and decided house hacking is the best way to advance my investment career

How did you find this deal and how did you negotiate it?

On the MLS. Deal was on the market for months. Bought the house $115,000 under initial asking price. My agent and I negotiated some seller credits for repairs as well

How did you finance this deal?

3% down conventional loan

How did you add value to the deal?

I have upgraded some electic wiring, hvac, and cosmetic upgrades

What was the outcome?

Buy and hold. I currently make about $1500 per month in gross rents.

Lessons learned? Challenges?

Continually take action most limitations are in your mind
You don't need to know everything at first. Just make progress towards your goals and you'll know what to do as you progress.