All Forum Posts by: Kimothy Bynum

It feels good! Just wait until you get 150+ payments while sitting on the beach!

Here are some of the 150 emails I received while sleeping. 150 storage units, 33 residential/commercial rentals. I love the first day of the month!

HouseHack going GREAT! Feels good to eliminate all housing expenses! Going to continue this journey one home at a time until I can’t no more!

 That is the plan!! 

 I couldn't agree more! Its like getting a raise on steroids! 

@Kimothy Bynum going on 16 years now in 2 separate places. First one was a random 3- decker condo someone had added a 4th floor in law to in defiance of gravity and common sense. Kitchenette 2 beds and separate entrance. Had all types of personalities, relatives etc. and we always thought (before kids) if it all went south with jobs and business we could rent out the downstairs and live upstairs. When we had kids and a bit more money we were able to have people who were good for the family, babysat etc.

Gave us a lot of flexibility and confidence. Liked it so much that when we found a single family with an upstairs master suite we created a kitchenette and rented out (induction anyone? ). We still have 3 beds/ 2 baths and will likely return it to a master as the kids get a little bigger.

Best financial move ever, a source of stories and adventure and a building block for full time real estate investing

My house hack went great! I lived there the last 2 years and at the end of the day, I have almost no money in the deal. (Nearly infinite ROI!)

I'm currently transitioning the property to be fully rented out as I move to a new city. I'm so glad I ran the numbers both as a house hack and as a full rental when I was searching and making offers. Best investment of my life so far! 

Quote from @Kimothy Bynum:

Quote from @Derek Roche:

I have structured a unique house hack... and its working out pretty well, I think.

Closed on my first duplex (Up/Down - 2bed-1 bath each) 2 months ago that needs updates and repairs badly. Mostly cosmetic, and deferred maintenance. Closed the deal with upper unit vacant and lower unit tenant staying in place. The plan has been to rehab and increase rents one unit it a time. Rents were 600 -650. About 300-400 below comps in the area. I just got the lower unit rent increased approved by section 8. 650 increase to 950 through section 8 (no change to what the tenant payment is). PITI is about 975. Nearly housing for free as a 29 year old. Just the start of my REI journey and goals.

While I am working on rehabing the upper unit I am living on the property in my skoolie (Converted school bus to RV). Once the increased rent check comes in my personal housing cost is only going to be utilities and insurance on the RV. About $300 a month. The skoolie is going to play a major role in my REI journey. It essential allows me to demo/gut/rehab a property or unit without having to sleep in drywall dust. Im a woodworker/cabinet maker and project manager for my W2. And I have always fixed or repaired something. So this is just another big project on my long list of hobbies. 

The tenant is fine. No major problems to report or get overly frustrated with yet. 

Located in Rochester, NY. Good luck to all fellow house hackers!

Bro your living in a bus! It looks sick tho!! That’s what’s up tho. You have an electric meter running to it and water? Looks comfortable honestly. Where did you get this idea from.  

 Ha thanks! Both units are electric metered separately and I have the bus plugged into the rehab unit. 1 city water meter at property and im hooked into water. Gas stove and hot water heater in the bus run off of bbq propane tanks. Most of the build for the bus is documented on instagram and facebook at 5speedhouse (https://www.facebook.com/5spee...). The idea isnt too unique lots of folks in the bus life / van life community but most are nomadic or find a plot of land to post up on. But it started 7 years ago as a project with an ex-girlfriend.... Just spent the last two years hustling every weekend to get it done... figure about 4000 man hours. I started getting interested in wealth build through REI in the last year and a half. Doing my research, looking at how I could leverage the bus to meet those goals. Think of it as like the nicest job site trailer haha

It is pretty comfy. 220sqft of floor space. kitchen, shower, fridge, and a tv. Dont need much more than a place to lay my head and brush my teeth as a single dude. Scaling my personal housing and life needs back. loose five year plan is to do rehabs on at least another four units and keep living in the bus. Owner occupant loans. I dont ever plan on living in my current duplex. It not my home (liability, its my rental income (asset).