All Forum Posts by: Brad Jacobson

@Joe Villeneuve the mortgage provider confirmed the refinance needed to be at least a year old before I could leave as the owner-occupant. I’d prefer not to sell it but holding a few months or mortgage payments would be rough on our savings

@Bill Brandt appreciate the info. I’m closing on the new home on 4/1 and would hate to have three-four months vacancy, since that would cost more than a refinance.

Do you know if there is a potential way to refinance into something legally allowing a rental rather than wait through four additional mortgages?

I’ve owned my primary residence for almost three years now and I refinanced it last July.

Recently I’ve gone under contract with a new house hack opportunity I’d be living in but I failed to realize that I might not be able to rent out my current residence because the refinanced mortgage is only eight months old.

Is there a way I can still make it a rental? Do I need to refinance? Is there a title company that can help?

Appreciate all the feedback in advance!

Brad

@Gerald Magtibay even though a house hack isn't likely going to cover 100% of your mortgage in the Bay area it's going to be by far the easiest way to produce $1,000+ per month in passive income!

I'm a huge proponent of house hacking and would strongly recommend it!

@Cherie Orellana - great idea with Facebook Marketplace. I'd been using mostly Zillow, KSL, and Rentler. I'll definately dive into the marketplace more!

@Amy Kendall

Thank you for the suggestion to just start rent high. Even if we have to float the mortgage for a month or two, and extra $200-300 would pay itself off very quick

Hey BP Team,

My wife and I currently live about 30 minutes North of Salt Lake, UT.

The UT market is appreciating faster than I ever imagined. Our personal residence has appreciated double figures every year for the past three years.

What tips and tricks do you use to nail down potential rent prices in such a volatile market? I believe our personal residence could rent anywhere from $1,500 to $1,800 per month but I see so much rent fluctuation in our comps that it's difficult for us to nail down estimates for both our current residence and other potential purchases.

Thanks in advance!

@Brigham Lewis get a degree just do it debt free! I went to Weber and had to work my butt off to stay out of debt but managed to do so and despite still working a W2 I've managed to build a lifestyle where I can save enough to invest regularly.

Wow, thank you all so much for the great amount of feedback.  It's nice to hear your first hand experiences.  

@Michael Baum - thanks for the local feedback and the articles. The Utah market is red hot for starting homes/rentals but your comments have built my confidence in the STR market too.

@Amy Kendall and @Ryan Riches - glad to hear the STR has been profitable for you, even if you, Amy switched over. Since my wife and I are living well below our means at the moment I like the idea of taking a few months risk and seeing if we can be successful with Airbnb. If not the demand for a LTR should always be there, especially since we're looking to buy near where we live currently by the Weber State Davis Campus.

@Ken Latchers and @Cherie Orellana, good ideas with the security camera and overall caution with the STR. I'm going to implement that first thing before opening the area for rentals.

Thanks again everyone - my wife agrees that we'd like to try the STR and if it doesn't succeed the opportunity cost won't be too large. I look forward to following up in this thread hopefully later this year with a success story from one avenue or the other!

@Michael Baum

The area were planning on buying in is about 30 North of the Salt Lake airport. The comps on Airbnb look like they're rented out about 50% with quite a bit of variability but the prices are tough to nail down due to quite a bit of variability also ($80-200/night).