All Forum Posts by: Ryan Williams

Hi @Alysha Pederson, 

I don't think it hurts to do an open house. If you do that, you may tell all tenants who are applicants or interested parties to check out the house during that open house period.  That just saves you some trips if you don't live near the property and can open it up to a lot of people at once if there are many interested parties. 

If it's a property that doesn't have as much interest it may be helpful to market an open house with your network and even on social media, it's a lower barrier of entry for someone to come check out a home rather than schedule a visit. 

I hope that's helpful!

@Danielle Daly, for repairs, I have done some projects on my own and have an idea of what some things would cost based on that, but I have a handyman, and a few contractor/flipper friends that I call or facetime while walking a property or I will take a picture or video real quick and send it to them and ask "can this be done?" "how much would it cost to do this?". Generally they can give me a better idea and help me think through all the angles better than trying to get a pricing estimate online! 

Hi @Elisha Young, the numbers look pretty awesome on this! I don't see the property in the analysis so it's hard to give a ton of input without that, but just based off of cap rate, cash on cash return, and cash flow from the numbers provided it would be a great deal.  What is the rental strategy you are looking at? I see you're in Denver, but thinking the property must be somewhere else because I haven't seen a property for $273K that could rent for $3600. Would this be a traditional rental or some type of short term strategy? 

Congrats on going for it @Danielle Daly! It seems like you are already thinking about your options really well. My wife and I house hack currently by Airbnbing one half of our home and it's working out great! Renting by the room is another fantastic option. 

Creating good goals is the best way to focus your options while house hacking. Without the goal, any house could be a potential house hack. For us, we wanted an airbnb to entirely offset the mortgage on our property. For you it may be I only want to pay $500-1000 dollars in living expenses after counting income from roommates. 

Since you are open to small repairs, I would recommend making a budget for small repairs and letting that guide you. Something like, "I'm not taking on a home that needs more than $2,000 of repairs/cosmetic upgrades". 

Since you are looking for a 4-5 bedroom house it seems like you are ok with some lack of privacy that will come with that, but it is good to be aware of what walls are shared by certain rooms, how many people will have to use one bathroom, and other logistical things like that. 

I hope you find a great spot! 

Hi @Marcus R., I honestly have no idea, but I love the concept haha! People write off anything and with pets being widely loved by our country/state, I wouldn't be surprised if there were some rights out there that your pets could exercise! would love for some CPA's to chime in!

@James Carlson, thanks for clarifying on Morrison.  I spent some time looking up the laws for Morrison and couldn't find any documentation on it. Do you have a link you can point us towards? Thanks for the input! 

Hi @Cherie Tormey. Love that you are thinking about short term rentals! I think it's one of the best RE investing strategies available to us in Colorado currently, it's just finding the right spots, and it seems like you are already thinking about that! I think those locations are great as long as they meet the short term rental requirements. I manage a property in Bailey and it does really well and has a very consistent occupancy. Bailey's in Park county and they do allow STR's (see ordinance here). The city of Morrison doesn't have any STR laws on the books that I'm aware of, but anything outside of city limits would fall under the Jefferson County STR laws that you mentioned above and I think Indian hills would fall in the same boat.  I hope this is helpful and that you find a great STR! 

Hi @Ken Thom, just sent you a direct message with my CPA! Hope all is well!

Hey Collin, love that you are house hacking! I just sent you a message with a contact. I hope it goes well for you!

Hi @Serge Pedroza there is an app/website called turnover bnb that you can use to find cleaners that service your area. Another option I found some success forms was by reaching out to other Airbnbs close to mine and asking if they use a cleaner or handyman. I can send you some additional details in a direct message, I hope you find some great people to work with!