All Forum Posts by: Danny Klick

Sorry, pictures must not upload from smartphone. I’ll use the laptop to add them in the morning 

Hey BiggerPockets family, I am analyzing this wholesale property as a potential fix and flip and I am pretty concerned about the foundation and exterior brick wall. I will have an inspector and engineer come out during due diligence if I make an offer,  but I was curious if anyone here had any ideas about the extent of the problem and possible repair cost? I love a good challenge but I don’t know if the “juice is worth the squeeze” on this one. Thanks you in advance! 

@Derek Tellier thanks for the response! It definitely puts a different perspective on it when you start assigning a value to your time.

@Chris Szepessy Yeah I would agree, two hours a Day is taxing on the family. The wife and I both only work 2-3 days a week (firefighter and nurse) but it would still add up. I appreciate the advice! The home is located on my father’s farm and is currently vacant. It would be a win win cause we would be staying rent free and he would be saving on utilities and upkeep.

My wife, 10 month old son, and I have an opportunity to move from our current home into a rent free home where we are only responsible for utilities and maintenance. We will be saving around $1330 per month, plus the potential cash flow from renting out our current home. The catch being that out commute to work will go from 15 minutes to an hour and 15 minutes. I realize the answer to my question is very subjective and ultimately a personal decision, but I was just curious what others would do and their reasoning behind it?

@Aaron Klatt Thank you for the response, and advice! I didn't figure I would have enough equity to justify refinancing. Now it comes down to getting my wife on board with the move lol

We are currently in a position to leave our current residence and live rent free in a home paying only utilities and upkeep. The rent free home is over an hour from my work, so I am taking into consideration the cost of fuel/vehicle maintenance. My main question is whether it makes more sense to rent out our current residence or sell it and use the equity to invest in multifamily? Our home is worth around $220-230k and we owe $180k. I am new to REI and am open to other strategies or ideas. Would it be feasible to rent our current primary and refinance it to use the equity to invest in multifamily? I know I am overlooking details and obstacles, so any advice from someone with experience would be great! Thank you