All Forum Posts by: Rick Alvi

Thanks David! I appreciate the response.

Thanks Fred, you've always been a GREAT help! 

Do you all know if most condo associations allow for renting of rooms if we live in one room and rent the spare bedroom? Thanks! I'm assuming so!

Hey guys, 

I live in a major city and want to house hack with my first investment so I can save more money faster towards my next investment. I am leaning towards condo because my intuition tells me it will be easier and more natural to find someone to rent a room in it. I want to live in one room and rent the extra room. Do you all know if this is possible, or is it only really feasible in a single-family home? Thanks.

Hey guys, 

I work for myself in music and want to get to a property a year. But what will help me tremendously when starting out is renting out a room in my first house. The problem is I can't find much advice at all or many books on this idea. Does anyone have any material they know of? I bought a book on amazon called Renting Rooms in America and it was very basic. Is there any way Bigger Pockets can make a podcast about renting rooms out? Do you all have any material you would like to share? I will actually be living in my first home and want to help it cash flow by renting out a room or two in the house. This will help me save up for my next investment property quickly. I'm a single male, and I understand a lot of people who are married have an advantage I don't have which is being able to split the mortgage payment or bills with a spouse. Thanks. -Rick

Hey guys, I'm wondering if you all have any recommendations as to a book for rooms for rent. I am interested in renting out a room in my first home purchase. Thanks so much!

Rick

Thank you all for the quick responses. Yes, I would only want to invest in something I would see myself living in. I think I got the answers I needed! 

What's up guys, I'm looking at my first real estate deal next year and doing a lot of research. One thing I know is, I either want to house hack (live in a duplex, triplex, or quad) to rent the other side out or buy a SFH and rent a room. Honestly, I would rather the multi-family unit just because it won't be so much of a room-mate situation and there will be more privacy. But since Houston's market is so hot, is it even possible to find a duplex in decent condition for under 120k? I've searched Zillow and can't find much! Is there something I'm missing here? Or is Houston just not a good place for finding duplex's for under 120k like we can find in other smaller cities and college towns. Thanks!

Rick

Thanks Stuart! 

I was hoping for conventional financing and almost assumed it. I definitely need to do a lot of research. I appreciate the tips! 

Hey guys,

I'm a young entrepreneur (in my 20's) and I came across Bigger Pockets a few months ago. It has opened my eyes to this world and I want to thank Bigger Pockets for this community. Anywho, my gut feeling is telling me that I can at least not throw away the $700 a month that I'm paying for an apartment right now by buying a condo to live in. I'm looking at $60k-70k condos and after running the numbers (with 2% property tax's and a $250 HOA fee) it seems as though I'll be not only saving about $150 per month but that I may build some equity as well. What do you think? I have never invested in Real Estate but I want to eventually invest. But right now, I'm most concerned with my budget of purchasing real estate as a primary residence. Thanks so much for the opinions. I know Single-Family Homes are probably a better idea, but realistically, the Single-Families in my city that are in decent school districts and in decent shape go for about $110-120k which is out of my budget for my primary residence at this time.

Patrick

My other question is, does a home inspection do a good job of letting a potential buyer know of most of the potential repairs or mandatory replacements? If you had two home inspections that came out ok, one is for a 75k house and the other for a 100k house...would you trust the home inspection? Or would you let fear and uncertainty cause you to buy the newer house? Thanks in advance.