All Forum Posts by: Dakota Burkeen

@Benjamin Aaker I live and invest in Branson, MO just south of Springfield, I would love to help any way I can. I worked in Springfield for the last 6 years so I know the area well. SPFD was recently mentioned in a Bigger Pockets blog post as having one of the top 5 largest overall increases in ROI on flips. However rents do tend to be lower here than in the surrounding areas

@John Erlanger Yes, the 1% rule is just a quick metric to determine if a property is worth looking into. Obviously you will have to break down the numbers before pulling the trigger

@Robert Stillwagon When you calculate your rental income, add the rent from the side you are renting out plus what you are saving in rent to get your total. If you are saving $2500 in rent and you rent the other side out for $2500 then your gross income would be $5000. The cheapest duplex I see on Zillow in SF is about 1.5M, that would be a terrible investment. You would have to pay 5K/mo just to cover PITI and expenses even if you rented out both sides. 1% rule should be a minimum to cover expenses and possibly make a little income.

@Chris Fillingham Awesome, that is substantially less than a down payment would have been on a rehabbed property and you get some equity too! Good luck luck going forward!

@Chris Fillingham Congratulations! Are you planning on refinancing?

@Connor Hogan You will have to make sure you have in writing that it is ok with your landlord. Most leases will prohibit subleasing because of the extra wear and tear from STRs. They will want higher rents to cover the additional wear.

@Robert Stillwagon What do you pay in rent now? From the surface, looking at zillow rentals, it looks like it wouldn't make sense. 

@Angelo Pompeo Hard money and private money is considered cash. They want something that can be closed quickly and not contingent upon obtaining financing.

@Joshua Cochran I don't know of any books on wholesaling but I am sure they are out there. I would read "The One Thing" by Gary Keller, it will help you put your goals into focus. I plan to send out mailers soon for wholesaling (I have already started postcards for the Realtor side). I can wholesale the good deals (or keep them) then list the ones that don't have a decent margin. You could also give your unqualified leads to an agent and build a relationship that way! 

@Joshua Cochran I don't personally know of any grants. It cost me about $1500 to get started (school, test, MLS and NAR dues) and I am set to make about $4-5000 in my first month. That being said, I had about 3 months with no income while going to school and waiting on my license to come in. It is less money than I was making as an electrician but it is much more flexible. Have you considered wholesaling? Again, it takes money to get going but everything does.