All Forum Posts by: Ben Kappel

Hey Ryan, Just wanted to reach out and say you should try to create a good relationship with your accountant to ask some of these questions too.   I also have reoccurring questions about different deductions, and I am able to just reach out with a phone call to get an answer.  The IRS does offer a standard mileage deduction to check on investment properties. You want to make sure your keeping proof also in case of any type of audit.  I'm sure there are many ways, but I just snap pictures of my dash and the background for my start/ arrival/ and back home.  Haven't tired the phone apps yet, but I have heard good things.  

I look forward to hearing others advice in this post also. 

Absolutely. Ill send ya a msg. 

217k for a 4plex!?! Let me know if you pass and ill snatch it up. That thing wouldn't last a day on the MLS at that price -my opinion. Idk if you would ever find one for that price again. Downtown Mandan is booming also. Get a great property manager at a slightly higher percentage and you'll maximize the rent at market and it will cash flow way better.

Definitely don’t bother with Dickinson/ Williston and rural.   I see vacancy rates going up and rent going down in the next few years, along with depreciation.  I’ve owned my personal home in Dickinson for about 6 years and would guess I have zero appreciation.    Bismarck is where I invest, solid numbers with positive growth. 

When it comes to passing the exam, I would suggest taking many,many practice tests.  I bought two other exam prep books, and went through the practice tests many times and studied very hard at the areas where I wasn't getting the right answers.  Some chapters may come easy, and others hard, but you don't really know where you are standing until you start taking some practice exams.  I passed the first try for my license earlier this year, and even though I haven't activated my license with a broker yet, its still good to have ready for when the time is right. 

I would advise against using paypal, as they charge a separate fee to collect rent. (3% I think).   I use Cozy.co and its great.  It does take 5 days for the transfer, but the additional features they have make it worth it.  Make sure whatever you do decide to use, that it is in the lease agreement. 

Hey there, I live out in Dickinson and might be able to give some input of how rural it would be if the location is on the west side of the state.  But I am also one of those pesky oil field workers tho, and also in investor. :)   I would always urge caution if its located in a really really small town. Might make it difficult to get rented out, or just have to plan on a higher than average vacancy rate. 

Feel free to reach out. 

One mans opinion, get a plan on how you plan on buying.  It could be househacking with a low down-payment, or could be buying a multifamily that needs 25% down.  The book on househacking was a great read, but nothing gets a plan moving like a plan on how much money you will need and how much money you need to save each month to reach that goal. Save, save, save. 

P.S.  The Richest man in Babylon is going to be my top book suggestion.  

I guess I'll bite and second how lovely North Dakota is.  :)   Its super landlord friendly, is consistently ranked in the top 5 states for state economy growth
(ALEC-LAFFER STATE ECONOMIC COMPETITIVENESS INDEX), holds a legacy fund around $5 billion from oil revenue(which is a lot for our little state), very low unemployment, and cap rates from 7%-12%.  Ill just say too that my property in Bismarck cash flows way more, and rents for almost the same as a similar sized property I have in Denver.  Oh but I will admit to lower appreciation and could have higher vacancy time. 
Here's another post on it, but hey, to each their own. 
https://www.biggerpockets.com/forums/86/topics/779782-has-anyone-invested-in-north-dakota

Best of Luck!

@Jill F. that is a really great strategy, thanks for sharing.  Would you be willing to share how you would word that in an offer as a contingency? or is this just worded as a standard inspection contingency, and then just telling them verbally on the "as is" intentions?  

Thanks again.