All Forum Posts by: Brian Bohrer

Hey Hannah,

I am also a realtor here in Colorado Springs. I own a primary residence currently where we STR the lower level but plan to Mid-Term Rent the entire house once we buy our next primary residence. As for location, that is going to be very subjective. I would personally focus on an area that needs temporary "workers" like Hospitals, Military Bases and Colleges. Hospitals tend to have traveling nurses, Military bases constantly have soldiers moving in and out of the area, and College students generally don't want to rent for a full year. They key is to find your target client and work backwards from there to discover what it is they want in a mid-term furnished stay and provide those wants! Simple right? haha

Honestly the closer you are to one of the facilities I have listed, the better off you will be for finding a pool of renters, but also consider most people are willing to drive to work or school, so location may not be as important as the quality of the house in most areas of Colorado Springs.

I hope this helps! If you ever want to chat over some coffee (or tea) please don't hesitate to reach out!

Good luck on your investment journey!

I agree with Paul,

Something that often gets lost in the numbers of a house hack is all of the money your saving by having others pay your mortgage!  With this savings being considered, plus the potential for Airbnb income I think you may cash flow more than you think!  You have a great plan and the courage to go through with it!  Even if you don't refinance in a couple years, your investment income will rise with the tide of inflation but the mortgage payment will stay the same!

Good luck on your adventure!

Hello Aditya,

You would most likely have to confirm with the local housing authority to ensure what is "wear and tear" but generally in most states the landlord is responsible for wear and tear replacement.  If there was something significant that you damaged and the landlord has photos to prove the damage was not there before you moved in, then you would be liable.  But generally items like appliances, carpet, paint, cabinets etc would examples of items that the landlord is able to depreciate over time on their taxes and therefore is expected to replace when needed.

I hope this helps!  Good luck :)

Hey Mike!

Generally real estate agents try to use properties for comps that have been sold within the last 3-6 months.  I think comps from a year ago may be a little out of date.  Even if the local market has not corrected yet, the days on market, concessions and buyer pool has most likely changed drastically from 1 year ago.

I hope this helps, please feel free to reach out if you have any other questions!

Take Care,

Hey Jeffrey,

Sounds like quite the utility puzzle! I am sure there will be several different ways to slice up the 4 pieces of pie here but I think I would go to a different structure where all tenants are charged a flat rate for utility usage.  Take the last 12 - 24 months of utility charges and divide that number by the amount of bedrooms.  Once you have your per bedroom number, charge each unit based on the amount of bedrooms within.  You will most likely have to adjust this number with inflation and energy cost fluctuations every time your re-lease, but should save you some headache along the way.  Just be sure to mention in your adds that utilities are included in your rent and you should still stay competitive in your market!  Ultimately, as long as your end price is reasonable for your market you should not lose any tenants as they will have to pay market rent somewhere else also!

I hope this helps! Good luck :)

I agree with Eliott, get with your favorite lawyer and just have him put in writing the agreement that you currently have verbally.  As long as there is signed documentation between you and your partner, there should be no issue later if there was a falling out.

Good luck in your adventure! I just moved out to Colorado from Nebraska earlier this year, I hope you are staying warm!

Take Care,

Thanks again for putting together such a great meet up!  I have been to 2 events now and can't say enough about the value provided between the presenters and the attendees.  Keep up the great work!

Hello @Christopher Derrick Jr,

I think you are already on the right path my friend!  Let your curiosity about real estate guide you by listening to podcasts, reading books and educating yourself about the many different genres of real estate!  If you already have a well paying W2 income, then you could become a real estate entrepreneur on the side as you learn, save and build your portfolio.  

But, if you are looking for the fastest way to learn all about real estate, then you should dive in to the courses offered by your state to become a licensed real estate agent! There is no better way to learn about an industry than from the inside out.  Embrace your passions and feed of your curiosity to discover the niche in real estate that really calls to you!

All it takes is consistent effort and you will get to wherever you want to be in life!  Good Luck on your journey!

Hello Sam,

I have seen many agents in my area convince their sellers to offer concessions in order to attract more buyers.  As for the buy side, I am not sure there is much you can do to make your offer more attractive besides what you have already mentioned.  I suppose you could waive contingencies, but that seems a little excessive when the buyer has the advantage now.  

Ultimately the sellers are going to find that with time on the market their home becomes less appealing and by starting out at an inflated cost they will be hurting their chances to be sold at a fair price in the end.  The market has tipped in the buyer's favor in most areas, but with rising interest rates these buyers are shy to pull the trigger.  I think everyone is just going to have to lower their expectations and compromise a bit to keep the market moving.

Hope this helps! Take Care,

Real Estate related - Rich Dad Poor Dad, BRRRR, Sold

Financial Independence related - A Simple Path to Wealth, Millionaire Next Door, Richest man in Babylon

Business related - How to win Friends and Influence People, Never Split the Difference, Think and Grow Rich

Looks like I need to pick up a copy of 4-Hour Work Week!