All Forum Posts by: Dominick Marschall

Hello, 

This may be a dumb question, but I have a rental about 45 minutes away and it is vacant. I live in the north so freezing pipes are common. Do you know of any ways I can get the temperature of the inside of the building without installing a nest or similar?

I was thinking a wi-fi thermostat but I cannot find any good ones. Or does anyone know of any other tricks? 

Obviously the furnace is on, but I'm just afraid it will stop working and I wont know for a week or two. 
Thanks,

Hi everyone, I'm about to buy a 2 bed 1 bath house. Its in good condition, but older and i'm looking to do a top to bottom remodel on the inside. Bathroom remodel, kitchen remodel, new flooring, windows, furnace, a/c, lighting, doors, paint, etc, basically to studs. What do you think a general price range would be? I'm going to get multiple bids, but i'm just curious. Do you typically do it per sq ft? Any advice would be great! Thanks!

Hello! I inherited a duplex. Current piti is $780 a month. I was thinking of buying a house for myself which the piti would be around $1133 for a combined total $1913 for both properties. The duplex will rent for approximately $2150, so essentially I'd cash flow $237 and live for free a month. This would not be taking into account maintenance, vacancy or taxes on the profit. 

Is there anything that I may be missing in this equation? 

Do you think this is a good idea? Why or why not? If not, what would you recommend. I'm not looking to acquire a large portfolio and leverage myself drastically.

Thanks!

@Derek Diamond Thanks for the response! If you were in my situation what would you do? 

Also, I didn't see any mention of tax benefits. Do you think I should consider this in the equation? 

I also recently became debt free, so the thought of having a mortgage on the rental and another mortgage on a house of my own scares me a little. However, I am very eager to stop renting. 

I've inherited a duplex worth approximately 195k, I owe 89k on it. I have rehabbed the duplex a couple of months ago and both units are now rented. Total rent is $1850/month. Cash flow of about $820/month. Older home built in 1890. 

I do not have a home of myself (I rent) and would like to buy a home (thinking of another duplex , living in one side). I will be able to save approximately 85k by November 2020. This would allow me to put 20% down and leave me with a decent emergency fund. 

Question: Should I use that 85k that I can save to purchase another duplex, which I would live in or should I use that money to completely pay off the rental duplex I inherited? 

Thanks!

Hi There, 

I recently inherited a duplex in Minnesota. This was a property my family member lived in. I did some work and recently signed both leases. The property is valued at 195k. I owe 89k. The total gross income from property is $1850. Mortgage, interest and escrow is $1030 a month. I also pay for trash ($50), so I cash flow about $770 before maintenance each month. The mortgage is an adjustable rate currently at 5%. The mortgage company told me I could assume the loan which my financial adviser said might be a good idea in my situation. 

I currently rent at a rate of $1200 per month. I want to continue to build my portfolio and i think a reasonable next step would be to purchase another duplex as an owner occupied and one I'd actually like to live in. I have 10k for emergency for my rental, 5k for my emergency for me and about 4.5k in liquid investments. 

What would you do in my situation? should I take out equity to pay down 20% on another duplex?

Thanks for your help! Any additional insight would be great!