All Forum Posts by: Dakota Burkeen

@Dustin Griesing I have seen some apartment buildings offer a small storage unit on site for $25-40 a month. Run the numbers on build cost and see if it works out, good luck!

@Damian Gallardo Hey Damian, I'm also new to this real estate thing but I have learned a few things in my first deal. I would advise you to absolutely NEVER pay a contractor by the hour unless it is a very small job. I hired a Handyman hourly to level the floors in my first BRRRR property, $3000 later he managed to get them somewhat level. My advice would to be get a minimum of 3 bids on each job (plumbing, electrical, sheet rock, etc.). You shouldn't be paying a contractor a percentage of your profit unless you are partnering with them. Most likely the contractor will just want what he is owed and doesn't want to risk doing a job for free. Good luck with your real estate journey!

@Kevin Bevillard Have you had the tenants sign an estoppel certificate? It would be unwise to take the current landlord's word for the lease agreements. An estoppel will spell out the true terms of the lease, security deposits, pet deposits, etc..  As far as the deposit goes, will a few hundred dollars make or break the deal? If it is a good deal and you will recoup the deposit then go for it but make sure you have the tenants sign that estoppel! Good luck!

@Dylon Johnson Hey Dylon, Missouri currently doesn't require a license to be a home inspector. However I wouldn't advise trying to inspect homes if you have no professional construction experience. There looks to be online classes to get a certification around $700. Your best bet would probably be to call a few local inspection companies and try to get a job with them. Hope it works out for you!

@Kamaleiikaika Maxwell how are you planning to build equity? Renovating the property (forced appreciation), appreciation over time, or just paying the mortgage down? 

@Kamaleiikaika Maxwell this is the correct calculator for a rental property but it sounds like you are buying for yourself.  Do you plan on living there a year and then renting it out?