All Forum Posts by: Bryan Balducki

@Joey Llamas some lenders will prequalify you for a larger amount if purchasing a duplex-fourplex with the intention of leasing out the other units, I’d talk to an investor friendly lender about this. You may be able to do this with rent by the room too if you can show proof of leases, though I’d speak to lenders about that. As for your lease, it may make sense to break it and pay the penalty. Another option would be to continue renting and stay in your new primary residence part time and airbnb the property when you are back at your rental, though you do want to be careful with mortgage fraud. I applaud you for making financial freedom a goal! Hope this helps!

@Jeff Melby my recommendation would be to pull out the equity from your CO property for your Florida investment. CO is booming and although I don’t have a crystal ball, I could see prices continue to go up. As long as the property isn’t too much of a head ache, I think it would be smart to hold on to it. My question would be: what is the cash flow on this CO property?

If it is not cash flowing, then it might make sense to sell depending on your cash flow goals. Hope this helps!

@Sam Westfall in my opinion, get started as quick as you can. Make sure the numbers make sense on the deal and maybe see if a family member or friend will co-sign with you to start your real estate journey. It may be tough to qualify for a loan with a part time job, so I’d talk to an investor friendly lender about what options you have. Also, make sure you have enough in reserves after your down payment so I would increase your savings rate if you can. Great on you for wanting to get in early. Don’t wait to buy real estate, buy real estate and wait. Hope this helps!

@Moses Rendon-Boardman hey! I am an investor and realtor with the FI Team here in Denver. Always down to connect! There is a meetup November 3rd at Blake street tavern 6-8 if you’d like to connect with other like minded investors. I am also hosting a meetup on Nov 17th at Joyride brewery Sloans Lake 6-9 if you can make that one too. Looking forward to chatting with you! Feel free to reach out over Instagram too where I post all the meetups @bryanbalducki

@Steven Mitchell nice work! What area of Denver is this located in?

@Burke Fisher from what I’ve heard, and please correct me if I’m wrong, you can’t give an unlicensed person anything over 50$ for a referral fee, which must be given as a gift card (excluding bank cards) and anything over and your breaking Texas Real Estate Commission rules. You could take them to a nice dinner if that would suffice…

@Jim K. I tried to fix my water heater once…the situation got ugly…

@Jason Heffron congrats on getting started! I would personally recommend house hacking for your first deal, as it is low risk and a good way to gain experience in home ownership, property management and maintenance. You can put 3-5% cash down on a primary residence and rent out the other units to live for free or even cash flow. This can be done buy purchasing a house with many bedrooms or by purchasing a duplex/triplex/fourplex. A couple books I recommend for this is “the househacking strategy” by Craig Curelop and “SET for life” by Scott Trench. Wholesaling may also be a good option for you if you have a good mentor or company to learn from. I wish you the best!

@Ankur Bagchi I think it is always a good

time to buy if the deal is right, which mainly depends on your goals. Will the other room rent cover enough for you to feel comfortable with the deal? If you rent out your room after moving out, will the property expenses be covered? Some invest for appreication, but I’d be careful with negative cash flow deals.

The main downsides of a condo purchase is HOA control, for example, with a special assessment, they can ruin a deal. The HOA fee will go up every year if manages correctly, so expect increases on fee expenses. Other downsides could include parking and sharing walls with others. The upsides to a condo purchase include not having to bother with landscaping or structural fixes. Also, sometimes the utilities are covered by the HOA, so less time dealing with utility companies.

When buying in a city, I’d check migration trends and rental regulations, as well as taxes. Hope this helps!

@Daniel Kevin Lara I do have an Airbnb and had previous Airbnb’s that I converted to long term rentals due to regulations. For a rough estimate of furnishings/supplies for a bottom unit, I’d say around 3k-5k depending on if you use FB marketplace or American furniture. That would include all kitchen supplies and linens, cleaning supplies. Beds and couches are the most expensive, and I’d get a new sleeper couch to allow for more guests. I added a kitchen to my bottom unit for about 4.5k using cheaper labor and marketplace.