All Forum Posts by: Tyson Townsend
Tyson Townsend has started 2 posts and replied 3 times.
Post: New to Investing possibly starting with a house hack
- Posts 4
- Votes 4
Quote from @Nathan Grabau:
This depends on how long and extensive the renovations will be. I would not expect someone to for example have a kitchen that they could not use while living in a property. Having to share a bathroom for 5 days on the other hand, not as bad.
In a 3/2 it is going to be hard to recover 2/3rds of your mortgage with one bedroom. I would not base the rent off of your mortgage, rent should be based off of what other people are charge for bedrooms with an on suite bathroom near you and in similar conditions.
What you are talking about reno'ing should not take more than a couple weeks. While working full time, I renovated my master bathroom in my house, on my own, in less than 3 weeks. This should not have a huge impact. That being said, if it is going to take longer, I find it really unreasonable to expect a tenant to deal with unfinished floors in their bedroom for more than a day or two and even then I would probably put them in a hotel or at least prorate their rent.
Thank you @Nathan Grabau if I was to go this route the master bath would be renovated before a tenant went in, however other renovations around the house (new floors, guest bathroom upgrades, update cabinets in kitchen) would be worked on. I don’t think there would ever be a time that something wasn’t accessible or usable. Might have half finished floors in the kitchen or living room for a couple weeks but all amenities would still be functional to a tenant.
Post: New to Investing possibly starting with a house hack
- Posts 4
- Votes 4
Hello all, I’m Tyson. I’m looking to start investing in real estate to reach financial freedom and generational wealth. I’m in it for the long game but don’t quite have what’s needed to just buy another property and flip or brrr. I’m looking to build relationships and hopefully get some advice or mentoring on getting into this game! Here’s my situation and idea to get started; please let me know if I’m headed in the right direction:
I just bought a 3/2.5 w/loft and expanded 2car garage with my brother in 2022 right before rates went crazy with some equity in it. We are living in it, but looking to cut our mortgage expenses to start saving for another property. The bathrooms need renovations (one worse than the others), kitchen could use a facelift and some new floors would instantly raise the value. The master bedroom has attached master bath with 2 sink vanity, standing shower, big soaking tub, and separate toilet room. I’m thinking about refinishing the shower and replacing floors in the master bathroom and renting the master bed/bath either LTR or MTR while we renovate the rest of the house. Once house is renovated we would look to rent it out completely or continue house hacking it while picking up another property to potentially do the same thing. Here’s my hang ups and where I’m asking for advice:
Would someone rent a place that’s being renovated while they live there?
Is asking 2/3 of mortgage too much for renting the master bed/bath?
Should we just renovate without a renter and then house hack/rent once renovations are complete?
I appreciate all feedback and suggestions/advice given. I’m also very willing to exchange information with you to discuss this in more depth. Thank you
Post: New to Investing possibly starting with a house hack
- Posts 4
- Votes 4
Hello all, I’m Tyson. I’m looking to start investing in real estate to reach financial freedom and generational wealth. I’m in it for the long game but don’t quite have what’s needed to just buy another property and flip or brrr. I’m looking to build relationships and hopefully get some advice or mentoring on getting into this game! Here’s my situation and idea to get started; please let me know if I’m headed in the right direction:
I just bought a 3/2.5 w/loft and expanded 2car garage with my brother in 2022 right before rates went crazy with some equity in it. We are living in it, but looking to cut our mortgage expenses to start saving for another property. The bathrooms need renovations (one worse than the others), kitchen could use a facelift and some new floors would instantly raise the value. The master bedroom has attached master bath with 2 sink vanity, standing shower, big soaking tub, and separate toilet room. I’m thinking about refinishing the shower and replacing floors in the master bathroom and renting the master bed/bath either LTR or MTR while we renovate the rest of the house. Once house is renovated we would look to rent it out completely or continue house hacking it while picking up another property to potentially do the same thing. Here’s my hang ups and where I’m asking for advice:
Would someone rent a place that’s being renovated while they live there?
Is asking 2/3 of mortgage too much for renting the master bed/bath?
Should we just renovate without a renter and then house hack/rent once renovations are complete?
I appreciate all feedback and suggestions/advice given. I’m also very willing to exchange information with you to discuss this in more depth. Thank you