All Forum Posts by: Brendan F. Nagle

Best bet would be become a gopher for an experienced investor. Paint, clean, learn tenant relations. Do the work and also learn the back end of business. My Dad taught me the accounting of a rental by having me mirror the books on paper. Learned a lot. 

Find a job that you can show a bank that you can stick with for 2 years. That way you can get your first loan sooner than later. Or you may need to find something on contract or seller financing.

Good luck on your journey. 

I don't know your area. But the big question is who pays the water. I have Laundry in most of my places. I make money if the renter pays for water. I lose money where the landlord pays for Water. 

Could have I have been more prepared? Had more resources in place. My advice is be professional in all your tasks. Have a strong lease and renters guide in place. Don't rent to friends: is your friendship worth $100-1000 you will find out. Be friendly but not friends. Take care of their needs and complaints quick and done right. Be mindful when you pick a tenant. They will be living with/near you. You will create your own problems and success. Feel free to reach out, good luck on your journey.

If you were to reside in the property for 2 years, then in the next 5 years you could sell the property and not pay as much in capital gains tax because it was your primary residence. In that situation no need for a 1031 exchange.

I am also a buy and hold investor but at some point the equity held in that property will be better served allocated somewhere else.

One side benefit on moving in could be having residency for 2 years out of the next 5. That could lower your capital gains when you go to sell.

Welcome Kyle,

My name is Brendan. I house hack in St. Paul and I operate 10 doors in North Iowa. Feel free to reach out if you want to chat about real estate.

@Ryan Ricciardelli

North Iowa. No appreciation. You can buy 2% rule, 1.5% is workable too. I have found success with small multi family there.

@Kevin K.

@Tim Swierczek

@Bruce Runn

I feel like I am stirring the pot here. While yes the twin cities market is very robust, out of the metro is a different game.

Rural areas have been hit differently in 2020. Ag industry is in uncharted territory. Some bars and restaurants that rely on tourists won’t come back.

Like the rest of you I have had low vacancy the last 9 years. But for the first time investors a little cushion helps. 1% vacancy or under estimating cap ex could sink a landlord.

I will relook at places I passed on this year. Maybe I overlooked things with too conservative of lens.

@Nancy Stark

I will recommend two. Both not real estate. The immortal Irishman, and the 4 hour work week. Real estate changes, but motivation, finding it and keeping it is more important. Working smarter and automation will keep you sane while you grow.

Pull the trigger and go. Understand that you will make mistakes. But staying on the sidelines forever isn't a good option either. Please find non BP books too. Don't get all your information from one source even this one. You will make mistakes. They come in 10,100,1000, and 10,000 dollar varieties. Hopefully, you learn from your mistakes and you end up with a Cash flowing rental. Once you have done something once you can repeat or improve the process. Good luck on your journey.