All Forum Posts by: Ryan Thomson

Don't wait @Casey Cole! No house is perfect. Get into something that will cashflow or allow you to live for free with a good exit plan so you can scale to then next house hack in a year. 

Also don't stick to just multifamily. There are some ways to make SFH's work really well.

Here are some ideas: Other criteria I look for in a SFH house hack: an easy way to split into multiple units, a walk out basement, an ADU, a garage I could convert, or lots of bedrooms.

Bedroom rentals are a little more work to manage but are a great exit plan. You could buy near a college area and rent to student groups.

@Lucas Carroll thanks man! I can't take credit for the name though. Craig Curelop (the house hacking guy) came up with it. I just switched to his team. 

Having a girlfriend on board AND doing her own, is HUGE!

I believe so. You would want to talk to your lender to be sure. 

The only trouble with that is if you are refinancing and moving out then you'll only be able to refinance at 20-25%LTV. If your home hasn't appreciated enough, that won't be an option.

I just completed house hack number 3 and they are all on conventional 5% down loans. I don't think I'm missing out on anything by doing conventional vs FHA.

@Alan Le you should check out the house hacker meetups in Denver to get connected with some fun, like-minded people. https://www.meetup.com/The-Hou...

Welcome @John Vu. Put my name and email in your contact list! I wanna see those houses you drum up. :)

@Theo Georgelos I like a deal that cashflows. If that's what you are after, then getting creative like people have said is huge. House hacking is a great way to do that. 

For resources I really like the following House Hacking episodes on Bigger Pockets Podcast: #352, #252, #350, and #249.

@Brock Fica I work with house hackers in the springs and have done 3 myself. If you get a duplex, you can often use the rent from the other unit to count towards "income" and help you qualify for more house. 

Another idea is to geta co-signer on your loan. Then when you make more money you could refinance and take them off (only if you wanted to). Side hustle probably wouldn't help too much unless it was a w-2. You have to show two years of income with a side hustle, new business or 1099 income to use that to qualify. 

Great mindset with getting started and not trying to get rich quick. 

You can still househack with a family. You just have to think about comfortability vs profitability. There is lots of homes with cottages in the back in Austin. Rent that out to someone else to help cover the mortgage (or make it a STR). Then in a year you could move out and do it all again, turning the first property into a full time rental. This is a great way to scale and by both your own property and an investment at the same time.

I like student rentals and short-term rentals. The cash flow and ROI are often higher.

Welcome @Cam Mauldin. House hacking has been a great starting point for me. I would look into that.

For resources I really like the following House Hacking episodes on Bigger Pockets Podcast: #352, #252, #350, and #249. Also Craig Curelop's book on "The House Hacking Strategy" is also a great resource.

House hacking is an incredible way though to cut down on expenses (live for free) by renting the rooms to other people. Often times you can make money on top of living for free.