All Forum Posts by: Hank Olken

Hi All, I'm looking to move to Denver area in the next year and I'm looking to get a duplex where I house hack one of the units and rent out the other unit as an Airbnb as an introduction into real estate investing and property management. I know that in Denver city limits, one can't Airbnb their non-primary residence for fewer than 30 days/stay booked so I'm looking into surrounding cities like Aurora to do this where they don't have the same restriction. 

So my main question is has anyone here done this before in the greater Denver area? I'd love to connect with anyone who has experience with duplexes and/or Airbnb-ing additional units in the area. I also plan to utilize creative financing to make the deal so particularly interested in connecting with any investors who would like to learn more. 

Thanks y'all and chat soon! 

@Michael Standish what's the book you read? That sounds interesting I'd love to read it! 

@Bill F. thank you for your thoughtful response. Can you expand further on your last paragraph I’m not quite following. What is “dipping your hands in others’ pockets”? 

@Doug Spence absolutely, and I commend you for paying it forward and for your service to our country. So you’re saying the ends justify the means. But does that then imply that the means by which I’ve attained that influence are unethical? Every bad actor can justify their actions for some larger greater cause but that doesn’t mean their actions are unethical 

@Steven Hamilton II I guess the question is will i as an individual paying more tax than legally necessary actually help my fellow citizens? No it won’t make a difference. But if everyone and especially the most powerful and rich in our society think the same way then we’re not creating an equitable system are we? It’s a collective action problem like voting or bringing a bag to the grocery store: my individual decision won’t change anything at scale but if everyone thinks the same way I do then the larger system will be worse off. So am I right in thinking that this tax situation is a common goods/collective action problem? 

@Joe Villeneuve haha well hey now I never said that! 

Hi all, as I've been getting more into real estate investing, it's become quite clear that the US tax code favors business owners and real estate investors rather than W2 employees or self-employed business owners. On a personal level, I'm very excited about the idea of not paying more tax than I need to and creating a financial tailwind by taking advantage of tax breaks. I'm more than willing to continue to legally take as much advantage of the tax code as I can for me and my family. I have no interest in paying more than I need to at the cost of my family's freedom from financial stress. 

Having said that, in the current socio-economic climate where vast inequality and systematic disadvantages are at the forefront of the national conversation, quite frankly I'm feeling guilty about building a business that is reducing my total tax liability because I feel as though I'm taking advantage and participating in a financial system that is causing so much pain for so many. 

So those are the two sides to the coin that I'm debating between. I am a capitalist because I believe it's the only system that works on a large scale (don't want to open that can of worms here) but I don't believe in completely uncontrolled and ungoverned capitalism because it allows for the powerful to retain their power forever at the cost of the many. I believe in creating checks and balances in the system to make sure that as many people as possible have similar opportunities for financial, educational, and spiritual success. 

Would love to hear thoughts from others in the community who also philosophically fall somewhere between Mr. Monopoly and Karl Marx :) 

Hey community! 

I'm a rookie based in NYC. I'm thinking about not starting out in NYC just due to the prohibitive prices so I'm exploring Tennessee, Indiana, and Arizona as good out-of-state locations to start with more affordable properties (but would love to hear other people's perspective on this). I've started analyzing Craigslist posts using the Bigger Pockets calculator and have learned a lot from that (thus far only negative cash flow properties thus far but that's part of the fun!). I'm just continuing to read, listen to podcasts (before Bigger Pockets I started listening to "STR Success Stories" with Julian Sage and I highly recommend to learn more about STR), watch youtube videos cold call agents/properties/anyone who will respond and do deal analysis.

I see the most common advice is to really start networking so I'm posting A) to connect with any other folks in NYC B) to ask for any suggestions for meet-ups/networking opportunities in the city. Thank y'all and good luck to anyone else just starting out!