All Forum Posts by: Alex Kolbo

Any advice is appreciated. I have a Duplex I was doing a long BRRRR on. I have my current mortgage as a 25 year (5 year ARM) at 7.5%. I have 2 other monthly loan payments I would like to pay off or lump in with my refinance as I believe with the forced appreciation and normal appreciation I will be able to pay off most my HELOC (5.99%) and all of my Credit Card that is currently at a 0% APR until end of May. I want to consolidate that CC before the 0% APR ends because the interest rate will really make it hard to pay off.

I was waiting until interest rates dipped down a touch more but I know they could also go back up in the next 3 months. Then the last piece to my puzzle is I am expecting to switch jobs (from a W-2 to a completely different W-2 with similar pay) in the next month or 3. 

Should I quick refinance now or play it by ear the next 3 months?

I am trying to add a laundry room to a 2nd floor unit a 90 year old duplex I just bought and hope to rent out in the next week or 2. 

I had the hardest time finding a plumber to come out to do the projects. I naively assumed (this is my first remodel) that they could just tie all the plumbing into the existing plumbing in the kitchen on 1 side of the room or the bathroom on the other side of the room and it would be an afternoon project costing $300-$600 but he gave me an estimate for $2,750 because the existing drain pipes for the sinks are only 1.5" and it needs to be 2" for code and then something about not being able to tie into the existing vent and will have to add a new vent out the roof.

I am looking for a 2nd or 3rd plumber to give me a quote but in the meantime any suggestions or creative solutions? It has to be a stacked units or a 2 in 1 unit to fit the space but I heard there might be some 2 in 1 units that are high efficiency and use less water and require smaller plumbing and no venting? any ideas on that?

Thanks for any time and for even just reading this far!

Here is the context since I know some of the variables might change the answer. I live in Lincoln Nebraska and want to invest here as well. This would be on my first investment property purchase so I would just feel more comfortable with having an agent (who also is an investor) be with me for the ride. I would plan on still paying both realtors there 3% each. I am looking at single and small multi family properties that have been on the MKS for over 3 months. 

@Eliott Elias Good long play, patient plan! I think I am going to use this on top of some of the other ideas.

@Ryan Kelly That seems like a good perspective/ priority reminder! Thanks!

@Bruce Woodruff Thanks! Ya good reminder that my logic might not matter to them. 

Any good tips on how to make an offer on a hoarder house if I can't see the inside?

@Caroline Gerardo & @Tom Fidrych & @Theresa Harris Good idea to offer up resources for packing/storing! I wish I would have thought of that before talking to them (of course I didn't know that was going to be the issue).

@Lisa Wright You are sooooo right! I couldn't fathom this idea until as I was reading these comments with my wife and she reminded me of my art projects I have kept from college in boxes in our basement... oops.

@Account Closed Thanks for the reality check! This helps!

How to motivate a seller to sell who isn’t procrastinating to sell?

There is the perfect house I would love to buy as my first rental, especially since it’s my neighbors house and it is an eyesore but could be easy to renovate. It’s been vacant for 7 years and was/is a hoarder house. I finally got in touch with the homeowner and they live in town in a different hoarder house. They said they want to sell but just haven’t found the time to clean it out. I told them I would buy as is but they said they are not interested because they have stuff in the house they want to keep/sell and clean it all out so they can get top dollar, but they just haven’t started. If it wasn’t a neighboring house I would give up but any tips on how to convince them to sell?

Basically what is the minimum I need to own in a property to make it legal for me to manage the property legally without a license? Or does anyone know where to find the answer? I just can’t seem to find it. 

 This article was helpful but I feel even the pros are only really that beneficial if you own just 1-3 properties. Then I feel like scale helps protect you from 1 large repair breaking the bank. I know there was a guest on the Bigger Pockets Real Estate Podcast here in the last few weeks that went into detail on this topic... but of course I can figure out which episode it was...

Please correct me if I am wrong on that line of thinking!

Thanks @John Ringgold! I love the idea of wearing a toolbelt! hah I mean I would be bringing a tape measure, flashlight, screwdriver & outlet checker (blanking on that name) anyway so might as well bring the whole belt! :)

Ooooo thats a good idea @Nathan Gesner! Thanks. Eventually I would love to buy the house from them so just having any deal with them might keep my foot in the door for when they are ready to sell.