Forum - Banjo Ben Clark

Any rental property investors here?

#21

I love the idea of house hacking, but I can’t get my wife on board. She likes living in a single family residence.

Also, I recently heard on a Bigger Pockets podcast that you need to read deed restrictions for the neighborhood if you buy a mutli-family unit. In rare cases, you’re not allowed to rent out. That kills the reason for buying in the first place.

I’ve been learning a little bit every day (mostly from Bigger Pockets.) It sure sounds like there’s more cash flow to be made in multi family units. I’m as interested in the final sale as the cash flow, though, so it’s a tough choice. Single family units are easier to move.

It’s funny. I’ve been trying to make sure I don’t get analysis paralysis, but I can feel it starting to happen. :smile:

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#22

I think house hacking is completely doable, but unfortunately as an owner you’re going to be on call 24/7 responding to even the smallest of issues. I’d have to hire a manager, then there goes the extra cash.

#23

Yeah, a property manager may eat into some of your cash flow, but you’re still getting the tax breaks and your tenants are still building equity in the property for you. The way I understand it, if you’re a member of biggerpockets.com, you can take advantage of several property management companies that have already negotiated lower rates. Plus, they’ll take care of keeping your home filled with renters, too.

I hear it averages about 10% of the rental cost. So, if you’re only cash flowing $100 a month on a $1000 rental, probably not worth it. If you’re cash flowing $300 a month, might be worth it.

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#24

Rent out Banjoes??? :smirk:

#25

And rounding out the top 10 businesses to lose money in… :wink:

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#26

I strive to be #1! :joy::joy::joy::facepunch: