Rylan - 1st House Hack Success Story
Meet Rylan Pyciak. He is an electrical engineer and runs his own business named Cleveland Automation Systems. Rylan and I met back in college at Case Western Reserve University in Cleveland, OH. We quickly became best friends and eventually decided to move across the country together to Denver, where we both began investing in Real Estate.
In the late Spring of 2019, Rylan purchased his first house hack in Arvada. This beauty featured a private entrance to a basement, which included 2 bedrooms, 1 bathroom, a laundry closet, a living room, and a full kitchen. The upstairs (where he would live) featured the same. Rylan bought the home for $462,500. He planned on spending about $28k for the downpayment and closing costs. We ended up negotiating a seller credit, so he only had to bring $23k to the table.
Rylan's total monthly payment is $2,932. He started renting out the basement unit immediately for $1800/month (excluding utilities) to 2 friends, and split the top unit with his girlfriend, who contributes $500/month. This means Rylan is paying $632 a month to live in a $462,500 home. Every month, $2,300 of other people's money goes towards paying down his mortgage. Meanwhile, the value of his home continues to increase year over year, creating equity in his asset, AND he is actually paying $368 LESS per month than when he was renting.
This is Rylan's first house hack, but it will not be his last. In just a few weeks, he will cross the 1 year mark of living in his home and will be able to do it again. Stay tuned for more blogs and updates on this wonderful client and friend!
Interested in learning more about buying, investing, or house hacking? Reach out. We teach classes every month and offer no-cost individual consultations.