All Forum Posts by: Andrew Kutscher

Thank you Jonathan/ all! 

Hello BP,

I'm writing here in hopes to weigh my options and get some advice from those who have more experience in rental property Investing.

I currently own a duplex, and the rental income has made it so I only pay about $400 a month for the home I live in.

Luckily I have been blessed with a raise at work along with a bonus, and with these things I will be able to pay my house off completely in the next few months. 

Once the house is paid off, I will have 0 liabilities and actually have a positive cash flow coming in off of my duplex rental each month of $370.

I say that to say this, I want to use this paid off home to jumpstart my rental property investing. The home is appraised at $140k.

So far the options ive weighed are:

1. Sell my home and use the $140k for a down payment on 6+ unit rental property

2. Stay in my home, save enough for a down payment on a 4 unit property.

3. Rent my home, buy another duplex and house hack

4. Use a HELOC..

These are all the options I came up with so far, please share what you would do in my situation and what my best option would be!

Thank you everyone!

Hi BP,

The last time I purchased a duplex, my lender wanted me to show that I will have someone moved in and renting on the day of close. 

Luckily I reached out friends/family and made posts on social media which led to me being able to have one side rented at the time of close.

I felt that this was not the best way to go about it and was wondering what other methods people in similar situations have used..

I tried asking  permission from current owner to advertise "for rent" on Zillow but did not ever receive a response..

(is it even legal to advertise a property that isn't yours yet?)

Any one have ideas or experience stories?

Thanks in advance!

Good Ol'Timbertop! lol

Last night at dinner, a friend of mine was explaining that he had to replace his entire HVAC system due to the fact that R22 Freon is no longer available and the "phase out" of R22 is complete.

Furthermore, he tried to use his warranty to replace it but his warranty did not apply because the contract states it will only replace HVAC systems that are similar to the one you have.

 Basically, if you have an HVAC that runs on the old coolant, you will eventually need to replace your HVAC with the new one, and your home warranty may or may not cover it.

I was completely unaware of this change until now, and wanted to make others aware as well.. included is a link that explains further.

https://www.conditionedair.com/blog/the-end-of-r22-what-it-means-for-your-old-air-conditioner/

@Aurora Cooper I just joined the BiggerPockets forums.. I’m also from Akron and would love to attend a meetup!

@Jeff Schneider Thank you!

@Jeff Schneider I have $60k built up in equity on my first property (which I currently live in).

I was thinking about getting an equity loan to do something similar to what you mentioned.

Do you think this strategy would work using equity instead of cash?

My concern is the cost of the combined loans..

I plan on speaking with a lender to see what numbers they come up with.

PS.

Today’s my first day on bigger pockets. Im new to real estate investing, and am eager to learn as much as I can from this community. I’ve been reading Brandon Turners books, listening to the podcast and now I’m here in the forum!

That being said, I’m very motivated/ excited to jump into the “buy and hold” real estate investing model and I look forward to learning from everyone here and thank you all in advance!