All Forum Posts by: Brendan Miller

@Paul Desiderio I use it often and I’m happy to help. I’m not local but can answer any questions you have

@Ivy Liu you should be able to find those types of deals in any big Midwestern city (Kansas City, Indianapolis, Columbus, Cincinnati, etc). You could also look at Turnkey rental providers in the Midwest, but you’ll likely pay a slight premium in purchase price 

@Jay Wilson it may seem like a loss in cash flow, but with the other benefits of real estate (loan pay down, depreciation, interest deduction, appreciation etc) then it's really not losing money on paper. It really just depends what your goals are, and whether you want to keep subsidizing your rental property each month. Since it is so close to the beach, you could look into STR like AirBnB which might help your cash flow, it's require more hands on management though unless you get a PM

Also, you mentioned you bought it for a primary, and if you lived in it for at least 2 of the last 5 yrs then the gains should be tax free if you decide to sell.

@Michael Williams I'd definitely recommend HELOC or private money mainly since the rate will be much lower unless you have a family member that's willing to loan at a low rate. HELOC rates should be in the 4 - 4.5% range depending on the LTV

@Ricardo Sancez I agree with @Colleen F. that a RUBS might be better than trying to convert to individual units. You didn't provide numbers, but I can't imagine that would get you the ROI that you're looking for

@Kiran Vemula forgot to include, I use 5% CapEx and 5% maintenance but it really depends on the age of the house and what items your HOA includes

@Kiran Vemula I just did the same, sold a luxury condo that I used as a primary for 2 of the past 5 yrs, and rented for the last 3. It had a high HOA so it didn't cashflow well but it had appreciated a lot since I bought it. I recently closed on it and plan to roll the proceeds into a down payment on a multifamily property. You're in a good market, so I'd recommend doing the same and find a property (or several) that cashflow well.

@Josh Barnett I’d check what your agreement says with the PM as it relates to repairs and which contractors to use. I know a lot of PM companies that don’t mark up repair costs for this reason since it removes the motivation to ‘find’ issues. If you feel these companies are overcharging, you could still get the work independently quoted to price check it.

@Connor Lynch I know people that have been happy with United Contracting Group.

I’d recommend getting multiple bids

@Justin MacKenzie yes, I’d recommend having parents co-sign unless the students can meet your income requirements (consistently) by themselves