All Forum Posts by: Tanner Pile

@Brittany Guimond

Facebook market place, roommate.com and rooster are the best that I have used. Have good photo and list all the amenities well to get a ton of interest on the rooms. Also be picky on who you select! having a bad house hacking roommate can cause problems. 

I've rented rooms for over $1k before because I include all utilities, internet, parking, and private bathrooms. 

I recently purchased a 4 flex that has two two-car garages I will be renting out. I have some questions if anyone has experience doing this:

How would you structure the lease?

How would an approval process be done? Planning on doing credit and background checks and income verification. 

How would electrical utilities come into play?

Would you rent to some one wanting to do a business out of it for a mechanic? Zoning would not allow 

All thoughts will be helpful!

@Stephen Savage

Who would you be reporting this to? 

That is who I would ask about for how these are tracked. 

I would do if you're there for the majority for the day it counts as a day. But if it is a STR going off of nights would work too. Comes down to who you report this too.

I would count work as hours but into doing the work. So if the painting takes 2 hours that's 2 hours. I would also track driving time to the property because to me that still counts as work to get to the property in my eyes. 

I would ask an accountant on the third one. You could possibly rent it from one of your businesses to work around that for up to 10 days a year tax free if used for a company event. I would ask a tax expert on that too. 

@Alec Jacobs

This is my understanding from my lenders information on it. This is for living in one house hack and then qualifying to purchase another house hack: 2 years with out a reason for using another primary residence loan, 1 year plus a good reason for why you're wanting to move and buy another property, 6 months with a really dang good reason and you better have the underwriter emotionally moved by your letter to make it happen. 

I've only done this after 1 year and wrote a letter stating that I will be moving across town and closer to work and more entertainment/activities I enjoy doing. 

If this was just to do a house hack and move out to not buy another property it is a gray area since I haven't heard of lenders going to check to make sure you're still occupying the property after a few months. 

Good luck!

@Jacob Kriedermann

There are most likely zoning restrictions when adding another unit to a property. Were you able to find out if it would be feasible? In most cities any type of second unit counts as an ADU. It would come down to the laws for it being an attached or detached ADU.

@L Lehman 

This is amazing!

How did you negotiate with the bank to allow you to be loaned 80% of the future value on the property?

Almost seems like a reverse BRRR lol

@Marysue Connelly

Is it worth all that work and organizing a rehab plus putting $200k into it? 

It seems like selling and 1031 into a property that doesn't need to be fixed up or even two properties depending into price and have then rented out for cash flow and not have a mortgage on each. 

@Blake Jones

Hey Blake! Welcome to the community. I'm open to doing a video call with you. I'm in the Colorado Springs area and graduated from CSU-Pueblo a few years ago in Finance as well. I've got two house hacks so far and under contract on my third! 

Sooner you can get your first deal started the faster you will learn and be able to scale!

I'll send you a DM. 

@Kelsey VanSleen

One thing to consider is you will have to be an agent for two years an establish your business before you can qualify mortgage loan. There's ways to get around it if you have someone else to but on the loan or do owner financing. But it does bring challenges for helocs or refinances on real estate when you have not shown you make money from real estate yet.

Being an agent is worth it for investing in real estate only if you help others buy and sell real estate too. Getting the license only for your own real estate investments is not worth it in my opinion. 

@Christine Cho

Yeah I would speak with a plumber on the cost to instal and way it to the potential rent increase. 

I notice many travel nurses prefer to have a washer and dryer in unit. You could also allow tenants to use your washer and dryer during certain times that they have to request and schedule so you know they will be using them.