All Forum Posts by: Toni Baca

Hi @Courtney Olinger,

Congrats on starting the journey, I am right there with you! I would recommend house hacking! See what you can get pre-approved for and have renters pay your mortgage + cash flow. Doing fixer uppers is great way to appreciate homes quicker, however if you find a place that is renter ready right away you can make cash flow quick, build your reserves, then remodel down the road!

Interest rates are super low right now and the future is unpredictable, so don't wait! My non-investor family and friends all want me to wait but then you are just pushing back your financial freedom and prices will increase. People always need a place to live so if you can do it, invest! 

When you sell, you can also take advantage of IRS Section 121. This states that if you live in your Primary Residence for 2 out of the last 5 years you can exclude up to $250K of capital gain. (Married couples can exclude up to $500K) Take that equity and keep investing!

Hope this helps!

Hello!

I am under contract on my first home and am planning to house hack! BP has greatly inspired me to start my real estate investment career with this method. If all goes well, I will have a 4 bedroom 2 bath in Lakewood, CO. My question is regarding renters! 

Where do you find your renters? 

What methods do you use to price each room at a fair market value?

What are boxes you check before having someone sign a lease?

I'm a first time landlord and appreciate any and all tips you have! Thanks in advance!

Hi Anthony, 

I am about to start my Real Estate Investment journey with a house hack! From what I have read and heard from bigger pocket podcasts, the more willing you are to live a bit more uncomfortably, for the short term, the more profitable your house hack can be! 

Here is an episode I watched with Craig Curelop, that really opened my eyes to the power of house hacking!
https://www.youtube.com/watch?v=8MDR2hMw_o0

I am under contract to buy a 4 bed 2 bath and will have 3 roommates covering all expenses plus monthly cash flow! I used the Bigger Pocket's Rental calculator to help me decide which houses to put offers on. I also found the more rooms, the more profitable the house hack, and if you are in a good location renters will pay a lot more. 

Best of luck!