All Forum Posts by: Daniel Haberkost

@Andre Jernigan

I came across it on the MLS so I did work with an agent. I'm not sure what construction is like in Indiana but here in CO Springs there are several zip codes with numerous split-levels that are perfect for house hacking.

It can work just as well as a duplex. In my opinion, the key is buying a nice property in a nice neighborhood that people want to live in (so you get a high volume of inquiries when you post for rent) which allows you to be extremely picky with who you let into the house. I enjoy having my tenants around (and they pay all my expenses).

@Tom Hastert

Hey Tom, I don’t know much about your market, but don’t rule out single family.

When I moved to CO last year I was looking for a small multi family property to house-hack but ended up not qualifying without 20% down even though I was doing owner-occ due to recent changes in some of the lending rules.

So I was stuck with buying a single family house (which I was disappointed by at the time). I needed up buying a 4 bed 3 bath split-level and have had tremendous success house-hacking it. I’ve separated the lower and upper parts of the home so the downstairs rents for quite a bit more and then I have two guys renting the other two bedrooms upstairs while I live in the master.

While living in it, they’re paying the mortgage, utilities, and my gas bill every month which is pretty awesome. So if you come across a large single family (in a good area) with lots of separate space it could also work!

@Levi Floyd

I’m not sure what exactly you’re asking on the first question ? How do I decide what to charge per room??

And no I use the same lease and screen them exactly how I would for any other unit. Since I live in the house it certainly helps to keep them in line !

@Will Allen

One of the best pieces of advice I could give is to join local real estate investment meetups. Meeting and building relationships with other (experienced) investors in your area is invaluable!

@Levi Floyd

I rent out all the rooms in my house and I’m not near a college. This tends to be a popular option in more expense markets where housing is unaffordable.

I’ve had a great experience so far and am getting a great return!

@Jalen Chanthaboury

If you have a work ethic and are genuinely entrepreneurial this may be a good decision. Completing my degree is one of the only regrets I have. I worked 50 hour weeks while going to school full time (business major) and it was such a waste. What I learned from my job throughout college was invaluable (how to run a business) but the money invested in my “education” was virtually useless. If I had put that money into property (or any investment really) I’d be so much further ahead. Education is absolutely priceless but (if you’re going for a business major, psychology, liberal arts, etc) you can learn anything yourself online with today’s technology if you want to.

Like the guy above me said, you absolutely could’ve pursued your businesses while going to college so if you’re using them as an excuse to give up because it’s tough then this is not a good decision. But if you really do make use of the extra time to further work towards your business endeavors (and take time to read and educate yourself independently) then it could be a very positive choice.

Either way, good luck!

@Brittany King

Hi Brittany, the post above offers several great points but I really wanted to emphasize the importance of watching out for hidden fees.

Before signing with any company make sure you thoroughly read their contract so you’re aware of everything you’ll be charged for.

Personally, before hiring a PM I’d want to talk to other investors who have used them. It would be worth your time to go to a local real estate meetup and ask around. See who the experienced/successful investors in your area are using.

@Oliver Lee

Welcome to the forums! Attending local RE groups is an excellent start. I met my mentor at a local meetup.

I’m not a wholesaler myself, but I know several very successful ones here in town. The advice they frequently give is to get started! Send out mailers, put up bandit signs (check your local laws on this), etc. If you find a deal there is plenty of capital out there to buy it.

-Dan

@Daniel Roberts

Not formal, you can just show up!

@Daniel Roberts

Hi Dan, welcome to the forums! There is a great RE meetup the first and third Tuesday of every month at 3rd space coffee at 6:30 here in The Springs FYI if you’re looking to meet local investors.