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Started By
Message
House Hacking is a cheat code
Posted on 9/12/24 at 11:42 am
Posted on 9/12/24 at 11:42 am
My wife and I just moved into a duplex where we found a renter who signed a 3 year term with us.
Our all in house payment everything included is $3500 ish and our tenant will be paying $2200/month to us. The tenant is already talking about renting the other side from us which would cover the mortgage and then some.
Tenant rents out to airbnb/traveling nurses so she takes care of all the day to day stuff.
As far as I can tell- we will be able to make some extra money each month (which will go back into the maintenance fund) when we move out while also building the equity in a rapidly appreciating area.
We are far from experts, but man I'm excited about the potential of doing this to a couple properties before moving into a forever home.
Our all in house payment everything included is $3500 ish and our tenant will be paying $2200/month to us. The tenant is already talking about renting the other side from us which would cover the mortgage and then some.
Tenant rents out to airbnb/traveling nurses so she takes care of all the day to day stuff.
As far as I can tell- we will be able to make some extra money each month (which will go back into the maintenance fund) when we move out while also building the equity in a rapidly appreciating area.
We are far from experts, but man I'm excited about the potential of doing this to a couple properties before moving into a forever home.
9
Posted on 9/12/24 at 11:54 am to LikeMike02
You will be sharing a wall with an arbitrage Airbnb? Good luck with that. A couple of loud, inconsiderate neighbors will definitely change your perception of the deal quickly.
Posted on 9/12/24 at 12:02 pm to LikeMike02
FYI that income is taxable
Posted on 9/12/24 at 1:26 pm to LikeMike02
I'm glad you found a setup you like. I would have probably done the same for a few years but quality duplexes are hard to come by.
Just FYI most people tire of these living arrangements in 2-3 years so take full advantage while you can but be prepared to end it once it becomes tiresome. Also if I were you I'd look up the AirBnB listing and see what's being said about your property.
Finally, if the guy is making that much money to where he pays you 2200 and rents it out, maybe you could make even more just doing AirBnB?
Just FYI most people tire of these living arrangements in 2-3 years so take full advantage while you can but be prepared to end it once it becomes tiresome. Also if I were you I'd look up the AirBnB listing and see what's being said about your property.
Finally, if the guy is making that much money to where he pays you 2200 and rents it out, maybe you could make even more just doing AirBnB?
Posted on 9/12/24 at 1:28 pm to LikeMike02
No way I’d share a home wall with Airbnb people
Posted on 9/12/24 at 1:44 pm to Thundercles
quote:Thanks! It took us a while to find a quality property that actually made sense.
I'm glad you found a setup you like. I would have probably done the same for a few years but quality duplexes are hard to come by.
Just FYI most people tire of these living arrangements in 2-3 years so take full advantage while you can but be prepared to end it once it becomes tiresome. Also if I were you I'd look up the AirBnB listing and see what's being said about your property.
Finally, if the guy is making that much money to where he pays you 2200 and rents it out, maybe you could make even more just doing AirBnB?
I will definitely check out what is being said. I think we will move in the next couple years so I'm hoping we can grit it out and then lease both sides. Worst case scenario- it made us an extra 2200 per month for a bit-which I couldn't complain about lol
We could certainly make more doing airbnb, but I would be worried about the the hassle of it once we move. Once she was willing to sign for the 3 years, we took it and ran with it!
This post was edited on 9/12/24 at 1:46 pm
Posted on 9/12/24 at 1:46 pm to LikeMike02
So you’re paying $1300 a month for a duplex, to share a wall with neighbors?
Could you find a house with same note?
Could you find a house with same note?
Posted on 9/12/24 at 1:47 pm to LStU
quote:
You will be sharing a wall with an arbitrage Airbnb? Good luck with that. A couple of loud, inconsiderate neighbors will definitely change your perception of the deal quickly.
I had the same thought originally, but you really can't hear a thing from the other side. Only issue would be the possible wear and tear, but the tenant is liable for that at my discretion per the contract
Posted on 9/12/24 at 1:54 pm to xBirdx
quote:
So you’re paying $1300 a month for a duplex, to share a wall with neighbors?
Could you find a house with same note?
I wish! But any house in the area with a $1300 note would be pretty awful- at least in this case lol. $1300 payment after all insurance and taxes on a property worth ~425K is what attracted me to this particular idea.
Plus we should be able to rent both sides and keep the property eventually. The area is aggressively gentrifying so the value should shoot up pretty well I think too. The plan is to sell in about ~20 years and then push all that money to help retire early... but we shall see!
Posted on 9/12/24 at 2:01 pm to LikeMike02
Yeah, good luck having one of these scammy airbnb arbitrage people reimburse you for guest damages.
Signed,
Someone who made the mistake of renting to a scammy airbnb arbitrage idiot
Signed,
Someone who made the mistake of renting to a scammy airbnb arbitrage idiot
Posted on 9/12/24 at 2:12 pm to LikeMike02
Great plan. As long as you can stand living next to someone like that..
I’ve floated the idea to my wife when kids are out… like a 4 plex though…
She hasn’t warmed up to it….
Where u located generally?
I’ve floated the idea to my wife when kids are out… like a 4 plex though…
She hasn’t warmed up to it….
Where u located generally?
Posted on 9/12/24 at 2:21 pm to TheOcean
quote:
Yeah, good luck having one of these scammy airbnb arbitrage people reimburse you for guest damages.
Signed,
Someone who made the mistake of renting to a scammy airbnb arbitrage idiot
Sheesh, that was another worry of mine so hate that it happened to you that way.
We actually got lucky- the girl running the airbnb is from my hometown and we have enough background to (hopefully) not have to worry about that.
Posted on 9/12/24 at 2:27 pm to xBirdx
quote:
Great plan. As long as you can stand living next to someone like that..
I’ve floated the idea to my wife when kids are out… like a 4 plex though…
She hasn’t warmed up to it….
Where u located generally?
With the right property + tenants, a 4-plex could be a great investment!
I feel you on that... took my wife a bit to warm up also, but now she is fully on board. Also didn't hurt that my father in law owns several rental properties and was pushing for us to try the househack lol
I'm in the Houston area. It was honestly super tough to find a property that made sense. Most of the ones affordable to us were either awful or in just a terrible location. After a long search we were able to find some new builds and got in early- I think we got a pretty nice deal on them considering the area... I think appreciation value will make us a killing by the end of it but only time will tell!
Posted on 9/12/24 at 2:29 pm to LikeMike02
I plan on building myself if we do. Just got to find some land that isn’t arm and a leg
Posted on 9/12/24 at 2:36 pm to xBirdx
quote:
I plan on building myself if we do. Just got to find some land that isn’t arm and a leg
Nice, that would be pretty sweet if you could build it with your own vision. So you would rent all 4 theoretically? Or live in one unit?
Posted on 9/12/24 at 2:56 pm to LikeMike02
Love in one, rent the rest.
Until we got tired of it.
Until we got tired of it.
Posted on 9/12/24 at 6:43 pm to LikeMike02
Glad you’re happy, hope it works out for you.
I’ll never be a landlord.
I’ll never be a landlord.
Posted on 9/12/24 at 7:46 pm to LikeMike02
quote:Which part of Houston? If you don't mind sharing
I'm in the Houston area. It was honestly super tough to find a property that made sense. Most of the ones affordable to us were either awful or in just a terrible location. After a long search we were able to find some new builds and got in early- I think we got a pretty nice deal on them considering the area... I think appreciation value will make us a killing by the end of it but only time will tell!
I looked into similar arrangements years back, but I couldn't justify moving to the properties that made sense for the money generated. I didn't want to give up the 10 min ride to work and a safe and vibrant neighborhood for $1000/month.
I do deeply regret not buying in Garden Oaks / Oaks Forest.
This post was edited on 9/12/24 at 7:47 pm
Posted on 9/12/24 at 8:10 pm to LikeMike02
quote:Better talk to your insurance agent about this so you don’t end up getting cancelled or having a claim denied when the insurance company finds out you were letting your tenant sublet.
Tenant rents out to airbnb/traveling nurses so she takes care of all the day to day stuff.
Also, this sounds miserable sharing a duplex with an AirBnB unit. Revolving door of guests, some of which may be quiet and respectful guests…but you’re inevitably going to have some that are in town to party and are as loud and trashy as can be.
If this is such a nice area, you can’t find a tenant who will actually live in the other unit themselves for around the same in monthly rent? There’s apartments that go for $2k a month in middle class areas these days.
Posted on 9/13/24 at 7:45 am to Upperdecker
What are "airbnb" people? Dumb.
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