All Forum Posts by: Kimothy Bynum

@Kimothy Bynum- it's been great. Especially for the amount of benefits that come from it, it's been smooth and pretty low work. Lots of learning too!

Quote from @Kimothy Bynum:

 Wow since 2007 what is an MIL apartment? 

Have you purchased other properties? 

 MIL apt = mother in law apt.  A smaller place tucked out of the way.  

Actually we were living cheaply in a trailer park while we acquired 3 dozen rentals prior to our househack. 

Then another dozen or so consolidating,  selling /buying lease optioning etc since.  

Now I'm 93% out after selling most on contracts and grabbing a chair and popcorn.  Interesting times... 

We bought our house in 2008 and we have paid over $150k...... let me rephrase that. Our roommate and downstairs tenant have paid over $150k of our mortgage. With rent increases we now have a nice monthly surplus. Financially it's great and from time to time to gets on your nerves but we would do it any other way.

Quote from @Kimothy Bynum:

How is the house hacking experience going? Are you enjoying it? I'm currently house hacking and its been pretty smooth!

We've been in ours since 2007.  It's just a MIL apt down in the corner vs a typical plex and the only househack in our neighborhood. 

Househacking has helped us tremendously.  It helped pay off our mortgage and literally pays us to live here- all utilities, maintenance, etc completely covered. 

Is it a pain sometimes?  Sure.  Do I wish we had extra parking and could use the extra yard I take care of? Does my son wish he didn't have to look down and see if his basketball court has a car parked in it or not? You bet. 

But if it's freedom and options you're after, you can't beat not having a housing expense.  Smal cost, large benefit. 

Quote from @Kimothy Bynum:

Quote from @Rick Albert:

So far so good!

I live in Los Angeles and on my second house hack. I've learned a lot and been fortunate to have good tenants along the way. Right now my wife and I live in a 3 bedroom house and paying almost the same as my tenants in the studio Accessory Dwelling Unit. Super wild but took time to get there.

Is that because the cash flow from your first property?

Actually I used a HELOC from the first to do $0 down for the second. LA isn't about cash flow, it is about appreciation. Rents have gone up about 20-25% over the last two years.

We're empty nesters and live in a house much larger than what we need so we rent out 3 airbnb spaces. 2 upstairs bedrooms and a larger space in the walkout basement. All three are filled tonight. It's a lot of work for my wife that does all the cleaning but it generates enough income to pay all our property taxes, utilities and insurance for the year. It cash flows as much as a 3/2 SFR.

So far so good!

I live in Los Angeles and on my second house hack. I've learned a lot and been fortunate to have good tenants along the way. Right now my wife and I live in a 3 bedroom house and paying almost the same as my tenants in the studio Accessory Dwelling Unit. Super wild but took time to get there.

Going well! Primarily do Airbnb house hacking & it's been cash flowing really nicely (~$2.5-$3k a month per property). Moving on to try a house hack + building on a split lot as the next project. 

@Kimothy Bynum, a 4-unit would be awesome. Then you could test out LTR (long-term), MRT (mid-term) & STR (short-term) and see which fits the market and location best. All while you're still living there in the 4th unit!

Let us know how it all goes!

Quote from @Caleb Brown:

Going well so far! I have been rehabbing the property. It has taken longer than what I thought but have learned a lot. Close to being able to get an appraisal and pull a HELOC. Plan to buy a STR.

What's an STR? And nice are you doing the rehab yourself? Is it a live and flip?