All Forum Posts by: Jake Andronico
Jake Andronico has started 52 posts and replied 1099 times.
Post: Anyone else noticing tighter lending requirements lately?
#5 House Hacking ContributorPosted - Realtor
- Reno, NV
- Posts 1,110
- Votes 883
Yes, banks are being cautious.
Post: Question about renting out rooms
#5 House Hacking ContributorPosted - Realtor
- Reno, NV
- Posts 1,110
- Votes 883
I've been renting by the room for over 6 years now in Reno, NV.
Cannot recommend Turbotenant enough!!
I've tried 5 different platforms, and IMO it's the best and most user friendly.
Post: Deal Analysis- everything is a negative cash flow
#5 House Hacking ContributorPosted - Realtor
- Reno, NV
- Posts 1,110
- Votes 883
Quote from @Chelsea Coltman:
Hi! New to investing and learning everything I can. Every property I analyze seems to result in a negative cash flow, even when using the Bigger Pockets Deal Analysis Calculator. Looking at investing no more than $ 300,000 for my first property, with a 20% down payment. Is it me doing something wrong?! Or are there no deals for my budget?
We've created a software for Reno, NV that analyzes the entire single family and multifamily market with a default 30% down.
Things RARELY cash flow, but it allows us to find outliers for clients.
If you need to cash flow, putting more than 20% down will be the easiest route.
I wish you the best of luck!!
Post: How can I house hack as a college student
#5 House Hacking ContributorPosted - Realtor
- Reno, NV
- Posts 1,110
- Votes 883
Wow, congrats!!! Amazing mindset. I've house hacked twice right out of college in Reno, NV and it's completely changed my life.
No need to get over your skis, start small and do something you can afford and are comfortable with.
Here's what I learned and what I regret, starting at 22 and doing two house hacks:
https://www.biggerpockets.com/forums/922/topics/1133476-hous...
Post: Should I keep or sell my duplex?
#5 House Hacking ContributorPosted - Realtor
- Reno, NV
- Posts 1,110
- Votes 883
Fantastic spot to be in! Congratulations.
If you were to sell and needed to 1031 exchange, you would need to replace the value of the sales price less closing costs (commissions, title fees, etc).
You could easily turn that into 5-6%, but let's use 5% to be conservative.
So if you sold, and you had around $1.5mil or so working for you at 5%, you should be able to net $75,000 per year passively.
There is some nuance to the 1031, so ALWAYS check with a CPA.
But congrats again, and I hope this helps!!
Post: San Francisco Bay Area advice for first rental property
#5 House Hacking ContributorPosted - Realtor
- Reno, NV
- Posts 1,110
- Votes 883
Quote from @Kevin Dehesa:
Quote from @Jake Andronico:
Congrats!! That's a great way to do it. I've done it twice in Reno, NV and it's completely changed my life.
Here's what I learned, and what I regret:
https://www.biggerpockets.com/forums/922/topics/1133476-hous...
Do you have to stay in the Bay Area? If you wanted to stay in CA, Sac is an awesome market where numbers make a lot more sense.
whats up brother can i shoot you a DM?
Yep, happy to chat. Feel free to reach out on my personal number too
Post: San Francisco Bay Area advice for first rental property
#5 House Hacking ContributorPosted - Realtor
- Reno, NV
- Posts 1,110
- Votes 883
Congrats!! That's a great way to do it. I've done it twice in Reno, NV and it's completely changed my life.
Here's what I learned, and what I regret:
https://www.biggerpockets.com/forums/922/topics/1133476-hous...
Do you have to stay in the Bay Area? If you wanted to stay in CA, Sac is an awesome market where numbers make a lot more sense.
Post: Looking for Advice on Mid-Term Rental Strategy in Sacramento, CA
#5 House Hacking ContributorPosted - Realtor
- Reno, NV
- Posts 1,110
- Votes 883
Congrats!! Lots of knowledgeable folks here in that area w/ MTR's.
Vacancy is everything.
$4,000 per month for 9 months = $36,000
$3,000 per month for 12 months = $36,000
Post: My First House Hacking… Do not know what to do.
#5 House Hacking ContributorPosted - Realtor
- Reno, NV
- Posts 1,110
- Votes 883
Quote from @Juan Andres Rodriguez:
Hi Community, I have a residential home in a quite neighborhood that we bought about 10 years ago. We are trying to turn our basement which has a living area, loundery room, 1 bath, 1 bedroom into an apartment for grad students. I can add its own private entrance and a kitchenette eventually. This is my first experience trying to do this. I was wondering if anyone has good advises on how to start. Good books to read? Or even just a point me into the right direction could do greatness. Thank's in advance!
Congrats!! Love the idea. DEFINITELY check with the city first to see if this is even allowed.
I would not proceed unless you know it is.
If it is, try to find reputable local contractors to walk it with you, have them show you previous projects, and get bids.
Post: Looking for Cash Flowing Long-Term Rentals in Class B+ Neighborhoods
#5 House Hacking ContributorPosted - Realtor
- Reno, NV
- Posts 1,110
- Votes 883
Love your thinking and philosophy. Absolutely possible in many markets.
I grew up in Northern CA and moved to Reno, NV to live and invest. People still sleep on it, but it's not for everyone.
There are many deals that hit your criteria. We've built a model that we verify with agents that underwrites the entire single family and multifamily market simultaneously.
Happy to send you ideas.