All Forum Posts by: Amy Kendall

@Jordan J. Osborne if you vote against the HVAC system approach, would they just replace the boilers and chillers?  And would that still cost you out of pocket?  If that option is available and fixes the problem but without the added expense, I would probably vote for that considering your situation.

@Colton Adair  Welcome to the forums and congrats on the upcoming addition to your family!  House hacking would be a better strategy for you in your situation right now.  Perhaps you could rent out your condo and also do a house hack, or you could sell the condo and get into a situation where you can at least save most of your monthly housing expenses.  That will go a long way to help your investing future!

@Natalie Heileson I am seeing most properties at about a 5% cap rate in our current market

@Nathan Spitz  Welcome to the forums and the beginning of your real estate investing!  My husband and I were just talking about when we really began devoting a lot of our energy into acquiring properties about 4 years ago.  We made a five year plan that was pretty ambitious and my husband was telling me last night how excited he was at that time, but he was also reluctant to really believe it was possible for us.  We have already accomplished our five year plan that we set out to do, and our lives are forever changed!  So keep learning and moving forward because it is worth it!   

@Paul Park It can be tough to be an out of state investor.  On my out of state properties, I talked to several people before making an offer.  I talked with a few property managers in the area to get their opinion on the projected rents and the area to make sure I heard the same thing from everyone.  I wouldn't always trust your real estate agent's analysis, make sure you get a few other opinions.  On one of my out of state properties, I feel confident managing on my own and I have a local contact that helps me when I need help with on-site stuff, like showing a vacant unit.  I am about to close on another property out of state that I will have a property manager take care of completely.  I chose that property manager after talking with a few others in the area and felt like they would do the best job, even though their fees were a little bit higher. 

I am a real estate agent as well, and manage my own properties located in Utah.  I also help some out of state investors manage their properties.  Some of them have me tenant the property and then they do the day to day management, and some others have me take care of it entirely.  So, you could also look for an agent that might assist you with tenanting and managing the property wherever you decide to invest.  If you can find an agent that also invests in properties in that area, they should be able to point you in the right direction as far as management as well.  

@Derek Herbst  So much good advice here!  I agree with the others that now is the time for you to take action!  My husband and I bought our first property quickly after we got married, and we later converted that into what has been a great rental.  It really set us up for success, but we could have done so much better if we had chosen to house hack instead.  Not ever paying a mortgage will set you up for success and acquiring more investments and is a great move.  It's a great strategy in our current market, whether you decide you want a traditional multi-family or a mother-in-law/apartment property.  I rent my basement in my current home and absolutely love it!  I only wish I had done it sooner.  I am happy to talk anytime about what I have seen in our market and what I have been doing as well.  Best of luck! 

@Monte Blunk My husband and I are just about to finalize our asset protection. We are going to convert our current LLC into a series LLC that we can then transfer the titles of our properties into. I know of several investors that currently use this structure. We have an estate planning lawyer helping us with this, and I was surprised how inexpensive this part was (only around $500 or so). We are also creating a trust for our personal asset protection, which will cost us around $2500. He seemed very knowledgeable and was recommended to us by someone. Your option #2 sounds like the personal asset protection part that we are having prepared, but the series LLC is separate from that. Option #1 seems costly and unnecessary in my opinion. I would look into creating a series LLC and see if you feel like that will give you adequate coverage, and then consider forming a trust if you want additional protection. Good luck!

@Justin Hendrickson  Welcome to BP! I think starting out with a house hack is a great way to get started, especially with the market the way it is right now in Utah.  You could look into multi-family units, or look for a good home with a basement.  The multi-family homes are very competitive right now, and I feel like you can get a good home with a basement that gets good rent for a more reasonable price.  

@Daniel Lemley I think it is smart to be in a good position financially before you start investing in real estate.  I know you mentioned that you were house hacking right now, which is the best way to put yourself ahead.  Just work as hard as you can over the next year to get yourself into that position.  My husband and I had to go on a very strict budget when we first started investing to save up money for those down payments.  It wasn't easy then, but it sure is easier now.  Just make sure that you don't go another ten years without really improving your financial future!