All Forum Posts by: Adam Tafel

Condos are tough. I don't like variables I can't control, HOAs make me a bit nervous. Plenty of investors making a killing in this department thought! 

@Jaiden Finckler - welcome to BP! Happy to give you some insight, I'll send you a PM. 

@Michael Lilburn - welcome to BP! You're likely to get a different response from anyone you ask, as there are investors having success in any market at any time. There are also plenty of buyers making uneducated decisions... I personally like centrally-located B-class properties, close to downtowns/hospitals/colleges/etc. In my opinion the best investment property is one you can drive to in under 10 minutes. I am not looking to fight rush hour 5 times a week when I have a vacancy, my time is a priority to me.

Get into town and explore the city. Network with other investors, friends, family members. Connect with a good agent and lender, and figure out your purchasing power and goals. It won't take long before you'll be closing on your first deal. 

@Clint Bradley nice! We've sold a few duplexes on the west side this year, one of my favorite areas. I bought my first investment on Isabel and Stryker, the neighborhood has appreciated pretty well. Congrats on the purchase! 

Nice work! What part of St. Paul? 

The MLS is tough right now... be patient and stick to your goals. Our clients are getting outbid left and right, with buyers paying well above anything a reasonable investor would pay. It's frustrating but not sustainable, it won't be this way forever.

I don't think a refi affects the capital gains exemption - any CPAs want to chime in here?

I would hold it. 160k within 15 minutes of Chicago? Real estate is a long game, unless you have a great opportunity for the cash. 

Keller Williams has some of the best training and resources in the biz, highly recommend. 

Call the city- my cousin has an Airbnb in Cleveland and does pretty well. 

Condos are tricky, a 2-4 unit purchase as a first purchase is highly recommended. If you have a family member willing to cosign thats great - keep in mind that your down payment requirement is likely to increase. Talk with your lender about the fine print on coborrowing and have an exit strategy to get your coborrower off the loan.