All Forum Posts by: Devin Dang

Hey @Mike Lee! Great question, I was in a similar position when I was working on my 1st house hack in 2021. Multi-family options were limited and single-family allowed me to be in better areas, newer home, and more in line with my lifestyle.

But with house hacking there will always be some sacrifice in comfort but for the exchange of financial freedom, flexibility, increased savings rate, ect, 100% worth it IMO

I dont know charlotte but generally AT LEAST 4 bedrooms or spaces (ADU/garage/basement) and if you can push 5+ will put you in a good spot at least here in Austin. Second rule with be to have enough bathrooms to support the # of beds, no more than 2 people sharing one bathroom. There's more but this will get you started on the right track.

Congrats on the first property and house hack @Andrew Thomas Vedder!!!

1. My personal rule is no more than 2 people sharing one bathroom so youre good here (I've had to do 3 people to 1 bathroom before and still works but dont recommend)

2. Screen the tenants and understand their lifestyles to predict if this might be an issue. If one is a gamer that stays up late and the other is a crossfit coach that wakes up super early, may not be a good fit. Does one party consistently and the other likes to stay home and read? Ask the right questions and use your best judgement if they would be a good fit

3. Roomies.com / facebook groups / facebook marketplace can get a lot a spam or unqualified candidates but can work if you have the time to swift through them

Hey @Ryan Leake, congrats on taking the next steps towards buying something here in Austin (assuming its your first here)

1. If you goal is just to reduce your living expenses then a 3 bed MAY work, may not. Even when interest rates were in the 2s, the standard rule for single-family rent-by-the-room (RBTR) has been 4 beds. With where prices are now, if your goal is to significantly reduce living expenses, live close to free, and cashflow after moving out: you will need to do a 4 bed <~425k or 5 bed <~525k

My recommendation is within 20 minutes of DT or The Domain to attract people of similar stage of life. Other areas can absolutely work as well but your tenant pool will be significantly smaller as younger professionals tend to flock around those two areas. But Ive seen people make it work in Leander/Georgetown as well, just different tenant pool.

Hey @Austin Gross! Wasn't exactly one of your areas but nearby, Im a big fan of the hill country for STR properties. Two key variables to successful airbnbs are: (1) Rules/regulations, does the city even allow it? (2) Unique product that can differentiate yourself from a saturated airbnb market, long gone are the days that your basic 3/2 single family home does well if buying today

New Braunfels has very strict airbnb regulations so while not impossible, will be difficult. Other cities Im not familiar with when to comes to STR but happy to chat Austin area/hill country (canyon lake, dripping springs, fredricksburg, ect)

Hi @Leah Trevino, congrats on being just a little over 8 years away, youre almost there!

1. Yes you can absolutely make more from airbnb but what you trade in return is time invested. So ultimately depends how much time you want to spend setting up and managing vs long-term. I run 3 airbnbs in Austin and my RBTR house I do only LTR per room to keep it easy. In my opinion, juice isn't worth the squeeze unless its the difference between your numbers not working vs working. From what I've seen here in Austin, a room that brings in $800 LTR will probably bring in $1000-$1250 MTR & $1250+ STR. Up to your situation if those numbers work.

2. I would go to facebook groups like "Greater Austin Area - Housing and Roommate Finder" to see what other people are offering/how much engagement they are getting. For bills, I usually charge a flat fee to rent so its automated and one less thing I can think about, but you can manually split each month

3. BP has rental agreements and if you want to shoot me an email, I can send over the one I've used in the past
4. Check out Sam Wegerts episode on BP about doubling your cashflow, handsdown my favorite episode and you'll get lots of great gems.

Hope this help!

Thanks everyone!!! We ended up removing it all together after finding a good quote to build out a new staircase for a little under 3k. Originally I just wanted to remove and close it off but its the only way to get to the main level deck without having to walk alllllll the way around the property.

@Account Closed!

Howdy!

Working on a STR in Canyon Lake, Texas at the moment!

Looking to better understand my liability as a host and how to protect myself as well as provide a safe experience.

We have this sketchy spiral staircase (handrail is at knee level) and figuring out how to proceed:

1.  If replaced w/ a different metal spiral staircase that is taller, how can we still protect ourselves legally? First things come to mind are signage (use at your own risk, no children, ect). After calling the city to ask about code, they said since outside the city limits there isn't anything.

2. Originally thinking to build out a complete new wood staircase but $$$$

3. Unlikely but if we did keep current staircase, when would we be liable if someone did get hurt using it?

@Abby Rick Hello! Fellow RBTR enthusiast and currently run two houses self-managed but love this space! Bungalow & HomeRoom are the first two that come that mind that may be able to help. 

@Juan Maldonado messaging you now!