All Forum Posts by: Daniel Haberkost

@Steve Balinski Steve, I’ve been doing this myself for several years and it’s been great. Like always when dealing with tenants, you have to have your processes in place.

Background/credit check, call their last two landlords, call their employer (to verify income and to ask about performance), and make your standards very clear. Make sure you collect a security deposit as well.

Turnover hasn’t been nearly as bad as I thought and the tenants in 2 of the rooms I have rented intend to stay 2 years minimum.

The key is to put the work in up front to vet your tenants properly and make sure they understand your expectations.

 Hi Jeremy, the 3rd space meetup will resume in person 06/16. That meetup has been extremely beneficial for me over the last several years so I'd highly recommend. 

@Nicholas Ferraiuolo that’s a good start, there’s quite a bit of info on house hacking across BP and multiple podcast episodes that go through the basics of it if you look back through BP’s real estate podcast. Those should help!

@Rick Wade we tried to use them early this year and it was a terrible experience. Terrible communication. It took them weeks to send out the letters and I don’t think they ever did as I didn’t receive a SINGLE call from any of the alleged mailings.

We ended up calling it a sunk cost and moving on.

@Nicholas Ferraiuolo house hacking is the easiest first step for a new investor. You don’t need as much capital and managing tenants is easier as they live with you. Additionally, if you start by house hacking then going forward you will be able to save for future projects much quicker as your housing expense will be eliminated.

Have you looked into this as a first step?

@Jacob Sparks before I had every thought about real estate investing, I was talking to one of my coworkers at lunch and he told me that his tenants moved into the upstairs unit of his duplex and he/his wife moved in downstairs so he no longer had a mortgage payment. I had never thought of doing something like that and wondered why everyone didn’t. Shortly after, I bought my first house hack.

The other distinct memory I have from back then that motivated me to action was an article I read that outlined where the various segments of society had their wealth. The chart in the article started with the poor and for them it was just a car. As it got to the middle class/upper middle class it was a combination of a house and stocks/bonds. On the far right of the chart was the ultra rich and it was almost entirely real estate. That chart has stuck with me and aligns with what I’ve seen. It was around that time that I really started reading, listening to podcasts and beginning to take action.

@Jenni Mohoney no problem, it's a great way to start and much more feasible as opposed to starting with a BRRRR or flip. I've been doing it for years, message me anytime with questions.

@Jenni Mohoney

Hi Jenni, is house hacking an option ? I’m just south of you in CO Springs and although it’s not as expensive as Denver it’s certainly not cheap! House hacking allowed me to get started with 5% down and the demand for room by room rentals is crazy (which is true in Denver too).

@Dan Kim haha thank you and likewise! House hacking a small multi or single family property is an excellent way to get started, good luck!

@Jack Plantin no problem, do whatever you’re comfortable with