All Forum Posts by: Asare Nkansah

After doing some googling, it the answer isn't very clear to this question: If I currently don't own a primary residence (just renting), can I purchase a vacation home that I visit 2 weeks out of the year for 10% down? I know it's considered a second home loan, but does it actually need to be my 'second' home?

The reason I'm asking is because I have a friend that's interested in purchasing a property in a different state (Kentucky or Florida) to use as a rental property. We're looking for ways to lower the potential downpayment. Would appreciate any suggestions

Currently implementing #1. My wife and I are under contract on a property in Denver, CO - we are house hacking and have a 4 bed, 3.5 bath.

The way that we are making the privacy factor work for us is by renting out the basement. We intentionally found a home that has a separate mother-in-laws suite in the basement that's connected by an external entrance that leads from the backyard straight into the suite. The suite has a full kitchen along with a full bath. We're planning on Airnb'ing that part of the house while we live upstairs.

So, it's possible to house hack and rent rooms if you can find a house with a build that works well.

Hey Noah - congrats on starting your adventure!

I'm also pretty new to real estate and have similar goals. My wife and I are closing on a property on Dec. 28th.

Best advice I can extend is to avoid over-analyzing or over-preparing. I love education and reading books/listening podcasts and I want to make it clear that I'm NOT advising you to stop learning. However, I'd encourage you (if you're not already doing so) to start taking action steps as soon as possible. Find an agent, start looking at properties, crunch the numbers and figure out the exact specifications/characteristics that the multi family property you're looking for should have. That's the best education you can get at this point if you've already read the majority of bigger pockets books and if you've been an avid listener of the podcasts.

Good luck to you! And if you're ever looking in the Denver area, give me a shout

Well said, I'm currently in Denver and it's very difficult from an affordance standpoint to get into the multi-family market (there's also just an overwhelmingly small ratio of MFH in comparison to SFH). That being said, we're currently looking at Indianapolis since we have a strong friendship over there that can give us a good reason to visit often and the market is a lot better for MFH

Super cool - welcome to Bigger Pockets! Attending local meetups have helped me tremendously since my wife and I moved to Denver a few months ago. Really great way to get a lot of perspectives of a local market.

A way that you can find local meetups is by using "Meetup" : https://www.meetup.com/find/?s...

You'll be able to search for different groups, specifically stuff like real estate groups! Good luck to you guys - hope all goes well

My wife and I are moving into our house that's south of Denver (Castle Rock) with the intention of househacking it. There's a mother-in-law's suite in the basement that can be accessed through a separate external entrance. 

We are planning on implementing the STR strategy for this one, in the next month or so by putting the basement on AirBnB. I've received mixed advice about whether we need an LLC or not. After talking to a few legal professionals, it seems like we can take two different routes:

1. Create an LLC and put the property under it

2. Get really good house insurance that covers a lot of STR related scenarios and create an LLC after we move out

Ultimately, we just want to be financially protected in case someone sues or something unexpected occurs with the STR. Any advice?

This is a really interesting discussion. Seems to me like we're at a breaking point in the US where everyone is split on which way the economy is heading. Some people think the sky is falling and others are throwing all their chips in to ride the bull forward.

My wife and I just bought a property in Castle Rock, CO. The city itself isn't a huge vacation market but it's about a half an hour South from Denver which gets a ton of traffic. I like the purchase we made because the numbers work well for LTR as well as STR, so regardless of how things end up going with the STR business - we're in a pretty good spot.

I'd advise others to do something similar, hedging bets just seems to put ourselves in the best spot possible when the economy is on the fence like it is now

My wife and I are planning to house hack our first property at the start of next year. We are looking for a CPA that has experience with these types of taxes.

Any suggestions?

Hey all, this is my first post. Looking for help with house hacking in Denver, Colorado - no idea where to start. My wife and I are moving to Denver in July and we'd like to buy a duplex as soon as possible so we can house hack the property. Would love tips/tricks. Thank you!