All Forum Posts by: Armin Nazarinia

@Kyle Kipka- Can you ask the insurance company to manage the repairs? I haven't done anything like this on a home and I know it's different from a car, but on a comprehensive car claim I've had the insurance offers me a number in cash and I asked for the repair to be done with their licensed shop. They took the car got me a rental and managed the repair from start to finish. Can home insurance do the same thing? Do they have contractors that they have negotiated rates with that maybe they pay directly for the work with your sign off?

I would try that route first and let them know you're having a hard time finding someone to do it for the bid price and would like them to manage the repairs with you signing off on the final product. Then you just pay the $500 deductible and are done, any overage the insurance company would be responsible for. They may also warranty some of the work depending on what it is.  I'm not an expert, but it's worth a shot.

@Christopher Cline- Welcome to BP! I would agree with many on here, if possible refi then reinvest depending on how much you'll make on it. @Tim Swierczek is a great resource who will provide you honest feedback on the best use of your money. It may make sense to sell and buy a bigger property so you can use all of the funds. Keep in mind if you sell you're paying taxes on your profits. Refi-cash is generally tax free. You'll still have to pay taxes when you sell but you may want to keep that in mind as you look at your options.

@Grace W.- Fairly consistently I've seen the price of property management at about $99/month per unit if it's single family and about 1 month or half a months rent for placement. Make sure to ask about markups for repairs and be aware of the additional maintenance items in Minnesota compared to Seattle. Minnesota you'll deal a lot more with winter and what it'll do to your home so just make sure to budget for that. It was a bit more of a shock to me coming from Utah you have different things you have to work through.

@Erica Morrow- I would definitely suggest the Meetups on BP. More of those you go to, the more people you'll get to know and see the different ways people are/have been successful. Jordan runs some good ones.

@Tanner Kier- not in St cloud that I know of but if you go to the networking tab on BP they list a bunch on there. Also Meetup is a good place to find additional ones. From there networking with people had brought me to a few more that I like. DM me and we can talk more about it.

@Tanner K.-Welcome to BP! Many people have similar goals as you. I highly recommend networking and going to meetups whenever possible. I've looked at some properties up in Saint Cloud, just don't know the area. best us luck and look forward to seeing you on the forums!

@Sevy Bialke- Welcome to BP! sounds like you've got some good experience and the drive to back it up. Only piece of advise I would give based on your post above is with the possibility of "house-hacking" every 6 months, make sure you know what your loans allow. Most loans, if they are for a primary residence, require you to stay there for 1 year. I'm not an expert just one thing to look at as you plan for going forward. As others have said, meetups and networking is a great place to start as time allows with your busy schedule.

@Tom Makinen- You have a lot of great points. As long as you're planning for those things you'll be okay. I moved out here from Salt Lake City so some of the items you mention totally make sense to me, however these can all totally be mitigated. 

Where are you now and would you be investing long distance? What are your end goals? Cash flow it sounds like, but it's not clear. Do you plan on holding these properties for a LONG time or a few years? In the end you'll need to budget CAPEX if you're holding longer term, that's in any market. It sounds like you've done some research so you know rent to price it pretty good in the cities, which should justify your concerns to a point.

@Justin Sands- Welcome to BP. I echo @Tim Swierczek, networking and meetups have been immensely helpful for me moving here and understanding the market.

@Tanner K.- I wouldn't focus too much on the tax implications of it but more on the additional money they would be making. Instead of you paying a bank 5% you're paying the SELLER. That increases their total yield. Depending on the part of their life they are in they may want this passive income without the hassle of taking care of the property. I would try to understand what your seller is looking for, if possible, and try to come up with a solution that would work for all parties involved.