House Hacking | How I Live For FREE (PLUS $400/Month) |
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Want to live for free and achieve financial freedom? See how i'm living for free via house hacking in this video! Enjoy!
💰2 Free Stocks 💰 with WEBULL when you deposit any dollar amount (Valued up to $1400): https://act.webull.com/i/MOlz3cC3XrOC/zy1/ 💰1 Free Stock 💰 with ROBINHOOD Invite Code (grab your other free stock): http://join.robinhood.com/reecei 🤑 Rentometer - Analyze Rents Quickly 🤑 https://www.rentometer.com?afmc=reeceIovine&utm_campaign=reeceIovine&utm_source=leaddyno&utm_medium=affiliate How I Analyze A Rental Property: https://youtu.be/4csaD5IKX9I Power of Debt/Leverage: https://youtu.be/Sy4lkWG6mfs So I have 3 duplexes, duplex A I bought in 2018 and have done nothing too it. It definitely needs a renovation and there is a ton of meat on the bone when it comes to increasing rental income, however I am more focused on using my money for acquisitions right now and have put off renovating the property. I'm currently getting 950 on one side which is market for current condition and 775 on the other due to long term tenants. Market fully renovated would be 1200. Now I'll overlay my little document here that show the numbers on the property so you can fact check me, however at current rents we only get 180 bucks a month which is split 50/50 with my partner and I. This was our first rental and that's a lot of future rent potential going up to 780 per month with a renovation and raised rents. Now duplex B was bought with the same partner a year later almost to the day in April of 2019. This was a huge renovation project that my partner and I did ourselves (huge mistake) and took 8 months to complete. However we added a ton of value taking the property from 287K to 500K in value. This is a college rental raking in 3000 per month on one side which is a 6 bed side and 1500 per month on the other which is a 3 bed side for a grand total of 4500 per month! Now we are currently working through a cash out refinance on this deal but before the refinance we are making $1,725 dollars a month so my portion is 862. However once this refinance closes our cash flow goes down to 1135. This is assuming taxes get reassessed at the refinance amount which they won't but better to be safe than sorry. However we will also get about 70K back at close making it so we have no money in the deal. No money in and 1135 per month in cash flow is crazy! My portion will be 567. Finally duplex C was bought a year after duplex B. This was mostly because we spent so long renovating duplex B. Myself and my partner have a goal to buy at least 3 more this year. We are in the process of renovating one side of duplex C and will be done in about 2 weeks. This side would rent for 1200 but my partner and I will live in this side. The other side is not renovated. We had planned on renovating this side as well however the tenant asked to stay at an increased rent of 900 dollars. We hoped to get 1200 renovated however 900 is good enough for now and allows us to stay focused on acquisitions! That means we are losing 560 dollars a month on duplex C since one side collects no rent the side we live on. If the duplex was fully renovated and rented it would collect 823 ish dollars a month! If we total up these numbers of my portion of the cash flow that's: A: 90 B:567 C:-280 Total 377.50 –––––––––––––––––––––––––––––– chill. by sakura Hz https://soundcloud.com/sakurahertz Creative Commons — Attribution 3.0 Unported — CC BY 3.0 Free Download / Stream: http://bit.ly/chill-sakuraHz Music promoted by Audio Library https://youtu.be/pF2tXC1pXNo –––––––––––––––––––––––––––––– ❎I am not a CPA, attorney, insurance, or financial adviser and the information in these videos shall not be construed as tax, legal, insurance, construction, engineering, health and safety, electrical or financial advice. IF stocks or companies are mentioned, Reece MAY have an ownership interest in them -- DO NOT make buying or selling decisions based on Reece's videos. If you need ANY professional advice, please contact a qualified CPA, attorney, insurance agent, contractor/electrician/engineer/etc. financial advisor or the appropriate professional for the subject you would like help with. Linked items may create a financial benefit for Reece Iovine. Any use of other media is by fair-use only. This is not an advertisement of property for sale and any mention of properties listed or sale or otherwise shall not be construed as anything other than an opinion for entertainment purposes only. |