All Forum Posts by: Daniel Anshus

message me and I can provide my attorneys email. BP won't allow us to post emails here

@Connor Guinn I would dig into what the cost of holding it is. If you have months in the airbnb were you are vacant (december-february) and you are losing potentially $800/ month that is a concern to me. Also, have you factored in cleaning costs, repairs, vacancy in your $1,300 airbnb income? Do you have a property manager that will manage the short term and long term units? I do not know any that will do both (and do it well). 

Another thing to consider have you lived in the property for 2 years yet, or even 1 year? If you have not, consider capital gains tax in your equation for the buy VS sell. 

Obviously, at the end of the day this is an extremely personal choice so you will make the best decision for you. I do not think we have enough information to truly suggest one way or the other. 

@Michael Teagarden if the property is on the MLS, more often than not it will not pencil out with todays rates. What I tell my clients is we need to also look at off market properties as well as look for value add properties. There are a lot of value add properties in the Minneapolis area. Doesn't always mean they pencil out tho. Also, a lot of new investors underestimate rehab budgets, rents and future value rents. Are you working with an agent that can do these estimates for you? I see a lot of new investors trying to do it themselves and their budgets are skewed terribly, their rents are off and their anticipated vacancy is off as well. Just some food for thought

@Michael Helman there's not really wholesalers in BiggerPockets. I would suggest joining some local REI Facebook groups and networking groups. Message me and I can recommend some

Message me wendy and I can connect you with the guy who does the snow removal for my apartment building

If you are making a lot of money in your day job and you are looking for something to loose money then sure jump on it. The people who lost everything in '08 were banking on appreciation. If your investment is cash flow negative it is not an investment and instead a gamble

@Rachael Beissel @John Woodrich is the best in the cities, but unfortunately I think he is filled up. But he has some good recommendations so you can reach out to him. Or I can give you his email

@Timothy Brolsma hi Timothy and welcome to BP. Being a remodeler is going to come in handy because you will be able to save a lot of money by doing your own work at first. But I do have to say that investing isn’t easy and can be quite stressful.

I personally would not put the house in an llc. First since you have a mortgage ok it technically the bank can call it due if you quit claim it, I’ve never heard it actually happen but it’s a possibility. Also your insurance will go up and if you refinance into an llc you’re more limited with banks and your interest rate will again go up.

If you want to pull money out of your house you should work with a realtor (or pay for an appraisal) to get an estimated value. Then you should see how much you could pull out and what your payment will be at. For investment properties I’m seeing 6.99 from mortgage brokers, so your rate will probably double. You will have to see if rents for your current house would cash flow with these numbers. If not it may be worth waiting to refinance until rates come back down. Since you want to start house hacking you don’t need a lot of money to start. You can get into a duplex with 5% down (can do 3.5% fha but most duplexes don’t qualify)

Since your girlfriend's property is a condo you will have to verify with the HOA that they allow shot term rentals. There are not very many that do so I would assume they probably don't allow it. You would also have to see if they allow rentals in general, which again not a lot do. If they don't allow rentals it might be worth selling and using those proceeds. Let me know if I can help out any more

@Heriberto Pumarino welcome and great questions! There will not be realtor fees but will be closing fees. A lot of times you can “roll” those fees into the loan meaning you have no out of pocket expenses.

With fha you can use it multiple times but you can only have one at a time. So you would have to refinance the fha loan into a conventional loan first. In doing so you will most likely have to refinance at 80% LTV so it might not be possible and with rates so high it might not be in your best interest to refinance. Let me know if I can help you with anything else

@Shu Matsuo Post I can give you my attorneys email. Message me and I’ll connect you, I can’t share his info on bp as they won’t allow it