All Forum Posts by: Devin Dang

Hey Khaled! Your expectations of cash flow is spot on, difficult to break-even or cash flow without utilizing creative strategies (rent-by-the-room, airbnb medium or short term rental, ect). 

For out of state investors, foundation is always scary but because its so uncommon in the US but a good majority here have at least some settling. I wouldnt let it scare you though! Those are things that you'd always be able to check and get professional inspectors in during the option (inspection) period to confirm current condition + put in a system for future maintenance. 

My 2004 property had some minor foundation issues with settling but after installing gutters and maintenance my soil, it hasnt been an issue at all.

Have you hard of rentometer? Thats a great way as a non-realtor to get a baseline and compare current active listed rentals in the area to get a baseline.

In the end, the most accurate way would be to get with a realtor in that area to check previously closed leases!

Hi @Catalino Nunez! I think being able to stay in the house for a few years while rents continue increase and locking in a rate is a great idea. I will be doing the same with the current primary residence and will be turning into a rental or short term airbnb. 

Congrats on taking the first steps to buy your first rental property @Brandon Dinsmore! 

+1 to Andrew to explore FHA for multifamily. Youre right, 3 vs 15% is a HUGE difference so thats why I personally would use conventional 3-5% down for SFH or a 3.5% FHA loan for multifamiles to use the power of leverage for great cash on cash return. If your current home you live in is an FHA, have you thought about refinancing into a conventional loan since you'll have to down the road anyways to get rid of MIP?

Welcome to Austin @Melvin Mickens and congrats on almost finishing up your real estate license!

Start with the end in mind. I agree with with Jordan that long-term your time is probably better spent focusing on residential sales especially with your goal to own multiple rental properties one day. Faster you get in the game and learn, the faster you can acquire the skills to do it for yourself. With that being said, I dont think it hurts to knock out some leasing for fast cash but let it steer you away from your long-term goals and staying on the path will get you there the fastest.

Good luck!!

Hey Timothy! Bungalow is one in the austin area but also not sure if they reach all the way up to Georgetown.

Is this for yourself? I highly recommend self-managing for anyone living in a rent-by-the-room situation to get the landlord experience and usually after the initial set up, its extremely easy if find great tenants. 

Hey BP fam,

Calling local Austin investors who have built either a tiny home on wheels or detached ADU in the back of their SF3 SFH to airbnb!

Would love to learn more about why you decided to choose one type of build over the other and how it's been for you. Working on a property over in East Riverside (78741) and meets all the criteria for an ADU build but its difficult to stay within the dwelling building lines in a way that isn't awkwardly placed in the yard.

Questions:

1. Does a tiny home on wheels have to conform to the same placement rules as an ADU that is attached to the foundation? (within dwelling building line, 10 ft from main building, ect.)

2. Have you or know anyone that has been approved by the city to shorten dwelling building lines?

Love to connect and learn more about your personal experience on this luxury style house hack/airbnb!!

Thanks for sharing!

How much are you able to rent each of the rooms for and what does the cash flow look like each month?

Curious to see how much this differs from my house hack just a bit farther up from you in Austin,

Welcome!! My first house-hack changed my life and know it'll do the same for you, good luck

I get where you're coming from, the real estate process can be extremely daunting and the reason most people never start! But I'd say that often the perception/perceived difficulty of the tasks we build up in our minds is usually way worse than the actual task itself. I found that to be true with my first house-hack/investment property.

Like @Gideon Pfeffer said, one step at a time! Personally I'd get with a local real estate agent that has done the strategy you're looking to do. Rockstars hang out with other rockstars, so a great agent will be able to refer great lenders, talk through strategy (price, location, anticipated returns, ect.), contractors, property managers, and walk you through the process one step at a time so you dont have to figure it all our on your own.