All Forum Posts by: Charlie Krzysiak

Hey you guys would love your advice below!

I am graduating college next December and am moving to Dallas to work full time. My brother currently lives in Dallas and pays an arm and a leg to rent an apartment (He is married so cant house hack). To me it does not seem worth it and would love to hop into real estate right out of school rather than pay crazy rent. Because of this, I have been running the numbers on many properties and doing my research in the Dallas area. I am from Dallas so I am familiar what areas would be considered "ideal". After my internship this summer I will have about 20k in the bank. 

However, upon research I have discovered it is really hard to find cash flowing HOUSES in good areas in my price range. 

What are your thoughts on condos as a first investment? I am finding some that are below 200k that are not that bad in condition. Are condos are good way to get your foot in the door? In my mind a condo will provide me:

-CAPEX is controlled by HOA (I only have to pay, not dedicate time)

-Low down payment

-Cheap financing payment

I plan to live there for 3-5 years and after could expect a NIAF around ($200). Is that really that bad if I will be getting equity and plan to live there for 3-5 years? Assuming rents will increase surely it will cash flow at some point correct? Also I know HOA fees can be outlandish.

Or, would you guys recommend me keeping my money in my pocket, getting a cheap apartment my first year of work, and watching for a 300-400k HOUSE while saving?

Clearly there is a lot of competition in the Dallas market. Do you guys think there is an option to find a property in my price range that will cash flow in a good part of town? I could also look at suburbs to find better deals. 

Thanks for input,

Charlie

I am looking to do the same thing. Let me know if you end up moving forward with this! I happen to be more conservative and fearful about lawsuits down the road. I am wanting to transfer mine to my llc to protect anything whenever I start renting it out as a STR. Let me know if you get any info on this

Hi all!

Background:

I currently am a junior in college who is taking an internship opportunity this upcoming spring with an accounting firm in Dallas. I am currently living in a house in my college town my parents own (My older brother went to the same school, but is now graduated). They pulled the trigger on getting a house because they found themselves constantly paying for costly hotels when visiting and having to pay both of our rent. With the property being vacant almost the entirety of spring and summer 2025 due to my internship, I thought it would be a great opportunity to get experience with Airbnb.

I pitched my parents the idea of having it listed on Airbnb for next spring/summer so we can see what post graduation could look like when it is completely vacant. I pitched the idea of me running the operational day to day to get experience, while they pay the mortgage. We decided on a % and they are stoked because they wanted in the long run this property to be a gameday house for football games etc. I think having the flexibility to choose what weekends my family or friends wants to come into town out weights the consideration of putting a tenant in there full time.

I have researched a bunch of things that come into consideration before starting this and I would love thoughts!

Questions:

- What are the steps to getting a property into an LLC? Will the lender want to change loan terms/rates? Is this allowed until the terms?

- What can I expect with taxes/registering with city/state?

I assume I need to register my property as a short term rental in Texas as well as my city? I have found the proceeds will be taxed at 6% by Texas and 7% by the current city I live in based upon Hotel Occupancy Tax. Upon top of that, federal income tax.

- What new type of insurance will I need?

I assume I will need to get new insurance that will cover and have a clause about short term rental capability? Also I saw online something about umbrella insurance? Are these the same thing?

Hope everyone is doing well and I thank you if you took the time to read this!

Hello all,

My name is Charlie Krzysiak and I am currently a college student who is new to BiggerPockets. I am glad I stumbled upon this community because I want to start looking into the future of my real estate journey. I am eager to learn and looking for all the help/tips I can get!

Obviously each real estate investment strategy is different depending on an individuals situation. Someone who has had steady income for a decade will be more susceptible to strategies than a student fresh out of college. The main question I am running into as of right now is... what knowledge/strategies should I be obtaining and researching as a future college graduate that I can put into use once I hit the work force?

I will be graduating in the 2025 with a bachelors in accounting and will be free of student debt (so blessed). I will most likely be working out of Dallas and can see myself having the opportunity to live with some college friends. Because of this, I have mainly been researching house hacking. It seems to make the most sense for my situation. Is an FHA loan even possible to obtain your first year working and getting income? I also have listened to a few podcasts on wholesaling. It seem like a great way to build up confidence doing deals by diving in. However, I would like to start building equity in property rather than just flipping them for cash. Not opposed to the idea of though if I cannot get a loan fresh out of college.

I appreciate how welcoming this community is and can't wait to learn more about real estate! If anyone has an experiences with starting very young or has any sort of tips to just getting started fresh out of college please let me know! I am mainly taking these next two years as a student to learn as much as I can about real estate before I put it into motion. 

Happy Holidays,

Charlie