All Forum Posts by: Brandon Elliott-Pandey

I already have a subscription to rentometer.com and appreciate the platform. I use it for my investor clients and myself and thus far it's helped us tremendously. That said, I don't want to become complacent and not seek out better alternatives or platforms that could even provide more value.

Have you found a website that provides accurate market rents but gives more value than rentometer.com?... or what platforms do you prefer to use and why?

With my relatively new experience(Less than a year) I can share with you that that is what I thought as well getting into the industry. But I have to concur with most of the comments in this thread. This is another job. If you plan on getting your license I highly recommend reaching out to a realtor you know and ask them how much work goes into listing houses behind the scenes.(Staging, paperwork, proper forms, expenses, amount of hours/ time fielding calls and weeding through to find good offers, not to mention the splits for your brokerage and or other expenses marketing for your clients/ you own listings). It's not just list on the MLS and wait for offers... and it's not a cake walk. There is a reason this is a profession in and of it's self. That said, I got my license to be able to transition into real estate so I can make offers quicker and have a better pulse on my market. Also, transitioning into real estate has helped me understand in a deeper manor how real estate works and being able to write off my depreciation now as a full time real estate professional was HUGE for me!(Tax savings is always a BIG deal) Those two reasons, among others, are some of the biggest reasons why I switched profession.

Lastly, selecting a brokerage if HUGE! If you are truly looking to make a switch into real estate and or are thinking of getting your license lets connect and I can share my journey of finding the correct brokerage for me and you could possibly glean some insights for yourself!

Happy investing!!

 Very true!

For all my fellow House hackers. Did you know you can pay off your PMI early and not need to pay it in your monthly payments??... Let's jump into how to do it! First, I wanted to pay it forward and share my personal story. Again, it's one of the cheapest ways to lower your mortgage and save money over the life of your loan!!

When I house hacked my first rental property I asked my lender if I could pay off my PMI in one lump sum vs paying it over the period of the loan. Now most of us know that after 20%-22% (depending on your lender) your PMI drops off but seems like not everyone knows you can pay your PMI in one lump sum!!

I paid a little over $5,000 to pay off my PMI in one sum vs paying it every month until the loans value reached 20%. With the amortization I ended up saving over $10,000 using this small tweak!!! If you have the cash, up front, to pay the PMI in one lump sum it could save you big time and help your cashflow!

Now, not all lenders allow for this to happen so be sure to ask before deciding on a lender. Hopefully this helps my fellow house hackers!!! Please upvote if you feel this will help out!!

If you’re planning on buying a home in the near future, you want to start taking steps today to make that dream a reality. Check out this short video!

Hello Kyle! Excited to hear you're looking for a mentor in your real estate journey and just getting started! That's so exciting! I am a Realtor here in CO and own a rental in Johnstown (NoCo). I'd be happy to analyze deals for you as well or offer my knowledge of the Northern Colorado market. Let me know if I can be of any help for you in your journey!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $362,000
Cash invested: $30,604

A single family home with 4 beds 2.5 baths located in a building area of Johnstown CO.

Lastly, being in a Metro District this property doesn't have an HOA or additional fees. Just higher property taxes that I am also able to write off... You can't write off HOA fees! (Little tip for my fellow investors ;-)

What made you interested in investing in this type of deal?

I was mainly turned towards real estate investing from the passive income opportunities, like everyone right!! lol. After further investigation what grabbed my attention the most, and still does to this day, were the tax benefits from owning property. After rearranging my life to be more tax efficient this property fit perfectly for my first acquisition!

How did you find this deal and how did you negotiate it?

I found this deal the old fashioned way. Drive around different neighborhoods and finding a spot that I would be proud to own a home and supply housing. After viewing over 20 properties and neighborhoods I found the spot I wanted to stick to and find a hidden gem. After about two more months of searching mainly in that area I looked at five different houses before I put an offer in on this perfect rental home.

How did you finance this deal?

I used my own capital on this deal since it was my first one and I wanted to feel that sting/ satisfaction of gaining a property of my own. I used cash that I'd saved up for about a year or so for the down payment and other funding/ acquisition needs. Thereafter, with that knowledge I plan on forming syndications' and or working with other creative funding options for my next properties!

How did you add value to the deal?

I rented the property out once I'd satisfied the loan requirements (house hacking) and the property didn't really need anything. The BEST aspect of this acquisition though. The basement is 75-80% finished. I plan on adding a bathroom, carpet and a door in the basement to make a studio bedroom/ flex space and another full bathroom. That will make the property a 5 bed 3.5 bath in a neighborhood that averages 3 bed 2.5 bath.

What was the outcome?

My first 16 months cashflow was about $150-$200/m with long term tenants. They have since left and now I run 6 month lease terms with a new displaced tenant and their ins co is paying enough to cash flow about $1,500. After that I may stick with long term tenants again since rents in the area are supporting about a $400-$500 cashflow. That will be left up to my property managers expertise though!

Lessons learned? Challenges?

Collect as much of a damage deposit as you can. Things will be damaged! No matter how good the tenants are or how good the think they are!

Cash flowed a little over $4,500 over the past 16 months including a $2,500 damage deposit. After the tenants vacated the property I'd needed to replace the bran new carpet (face palm), clean the whole house, dryer ducts, fix landscaping and a few other issues. Collect as much upfront to get ahead of the issues!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I did work with an amazing agent! I would recommend him to anyone any day. Let's connect and should I not be able to help you through my real estate experiences I'd to provide an introduction and I am positive he would be happy to have a conversation and see if he can help you!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $362,000
Cash invested: $30,604

This was my first rental investment property. I used a house hacking technique, learned from bigger pockets, and lived in the property to satisfy the loan requirements before renting out the property. I put down 5% and with the other mortgage payments added to the total I spent less than a 20-25% down payment as an investor.

I purchased this house for many reasons but the biggest three factors were the location location location!!! Being less than three minutes right off a major highway in CO, being I-25, as well as having a spot less than 5 minutes away from a large shopping area (Centerra shopping center), not to mention the hospital, lake attractions very close and central spot to main main attractions here in CO. It also had new development in the area and plans for new construction, a and a bran new pre k-8th grade school in the back of the neighborhood. The building has all taken place now and continues to grow. Lastly, being in a Metro District this property doesn't have an HOA or additional fees. Just higher property taxes that I am also able to write off... You can't write off HOA fees! (Little tip for my fellow investors ;-)

What made you interested in investing in this type of deal?

I was mainly turned towards real estate investing from the passive income opportunities, like everyone right!! lol. After further investigation what grabbed my attention the most, and still does to this day, were the tax benefits from owning property. After rearranging my life to be more tax efficient this property fit perfectly for my first acquisition!

How did you find this deal and how did you negotiate it?

I found this deal the old fashioned way. Drive around different neighborhoods and finding a spot that I would be proud to own a home and supply housing. After viewing over 20 properties and neighborhoods I found the spot I wanted to stick to and find a hidden gem. After about two more months of searching mainly in that area I looked at five different houses before I put an offer in on this perfect rental home.

How did you finance this deal?

I used my own capital on this deal since it was my first one and I wanted to feel that sting/ satisfaction of gaining a property of my own. I used cash that I'd saved up for about a year or so for the down payment and other funding/ acquisition needs. Thereafter, with that knowledge I plan on forming syndications' and or working with other creative funding options for my next properties!

How did you add value to the deal?

I rented the property out once I'd satisfied the loan requirements (house hacking) and the property didn't really need anything. The BEST aspect of this acquisition though. The basement is 75-80% finished. I plan on adding a bathroom, carpet and a door in the basement to make a studio bedroom/ flex space and another full bathroom. That will make the property a 5 bed 3.5 bath in a neighborhood that averages 3 bed 2.5 bath.

What was the outcome?

My first 16 months cashflow was about $150-$200/m with long term tenants. They have since left and now I run 6 month lease terms with a new displaced tenant and their ins co is paying enough to cash flow about $1,500. After that I may stick with long term tenants again since rents in the area are supporting about a $400-$500 cashflow. That will be left up to my property managers expertise though!

Lessons learned? Challenges?

Collect as much of a damage deposit as you can. Things will be damaged! No matter how good the tenants are or how good the think they are!

Cash flowed a little over $4,500 over the past 16 months including a $2,500 damage deposit. After the tenants vacated the property I'd needed to replace the bran new carpet (face palm), clean the whole house, dryer ducts, fix landscaping and a few other issues. Collect as much upfront to get ahead of the issues!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I did work with an amazing agent! I would recommend him to anyone any day. Let's connect and should I not be able to help you through my real estate experiences I'd to provide an introduction and I am positive he would be happy to have a conversation and see if he can help you!