42: Bed and Breakfast House Hacking with Lauren Keen Aumond

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 16 December 2020

⏱️ 60 minutes

🔗️ Recording | iTunes | RSS

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Summary

Lauren Keen Aumond was only 22 years old when she got her primary residence under contract, and 23 when she purchased it. She realized that the rents in her area were higher than the mortgage payment of buying a house, so she bought a home, leased out a room, and incidentally discovered house hacking. At 23 she was only paying $200 a month to own a home that would appreciate for many years to come. This is when Lauren decided that real estate would become a bigger part in her life than she had planned. She then spent the next decade buying a second home, selling it, and cashing it in for a duplex. Now she owns a cash-flowing duplex plus her latest purchase, a house hacking bed and breakfast! This home was situated on a decent sized lot, with a primary home, 2 cottages, and a mobile home! As a resourceful investor, Lauren decided the best way to make this a cash flowing property was to turn the two cottages into short-term rentals and buy a camper as a 4th unit on the property. Lauren now juggles school, a full time job, small businesses, and her rental portfolio all at once. She goes into some seriously messy situations she’s been in with tenants, from evictions, to break-ins, and even utility siphoning. With all that being said, she still feels confident as ever to be a landlord, and isn’t looking back! In This Episode We Cover: Why house hacking is great for young real estate investors Why you need to focus on the numbers, not emotions in a deal Different financing options for multi-family properties Creative ways to house hack a property with different units on one lot How to get multiple appraisals (if the first doesn't cut it) Dealing with very troublesome tenants (especially during COVID) Why you shouldn’t give up even if a property’s numbers fall short And SO much more! Links from the Show Real Estate Rookie Facebook Group Ashley's Instagram Tony's Instagram BiggerPockets Bookstore 7 Metros With the Biggest Rent Growth Over the Last 5 Years Vrbo Airbnb AirDNA Smartbnb Felipe Mejia's Instagram Check full show notes here: http://biggerpockets.com/rookie42 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is real estate rookie show number 42.
0:05.0	But because of that it was on the income section of the
0:09.3	MLS and so and I had been on there for like eight months.
0:13.0	So I think maybe a lot of people,
0:15.0	if they were thinking about buying a home to live
0:17.0	and they probably didn with a married man. Tony Robinson
0:30.7	Congratulations! Ashley, thank you so much.
0:34.4	You know, it's like, it's so weird, like I'm still getting used to this thing on my finger
0:37.2	right now, like I keep playing with it.
0:39.2	I feel like, you know, it's so funny, I feel like feel like you know like when you were a kid and you get a loose tooth and you just like kept playing with it that's how I feel with this ring on my finger now so.
0:50.0	So I have to ask tell me all about your closing. So you were gone getting married and you closed on a property.
0:59.0	And I closed on a property where I was out. So we closed on our third short term rental, our second in
1:04.8	Josh Retree, California. And this one's a little different than the first one because it's
1:09.3	almost like a tiny house. It's only 391 square feet. So you know it's literally just a little studio but it sits on almost an entire acre. So we've got like a lot of land around it. So we're excited for this and we think it's going to bring kind of a different crowd than our first one. It's got a bit more of like a
1:23.6	modern finish and things like that. So we're hoping to have it up and run to the next
1:26.8	couple weeks here, but excited to keep adding to that short-term
1:29.7	rental portfolio. Yeah, I saw the pictures on Instagram Instagram so if you guys haven't seen them go look at
1:35.7	Tony's Instagram and it's really cool it's a really unique and it's a brand new build
1:40.4	too. Yeah, brand new build yeah we we got lucky because the guy that built this, he's got multiple properties all over
1:47.5	Joshter Street that he's in the process of building.
1:49.4	So if this one goes, well, we'll probably pick up some more from him as well.
1:52.7	Okay so share his name his information so we can all go and buy some too.
	...

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