All Forum Posts by: Jake S.

In the total gross monthly rent, you put what all four with rent for in total

That is all awesome to hear Thomas! I hope the best for you and your wife.

Definitely reach out to @Amber Gonion

@John Woodrich Yup! My rates for my current duplex at 5.37%

Hey Bobby! Congrats on that find!! In MN, I found a duplex for $365k, so Im jealous of you haha

Okay, so 1 thing I noticed right off the bat, is the finance terms will likely be different, due to it being over 4 units. You will need a commercial loan (I believe) for this, which involves higher interest and usually a shorter term. Again, i'd double check this, but I am pretty certain on it.

Maybe bump up repair costs a bit, since it is 6 separate units, and you may want to do some updating and what not. Doesn't hurt to be conservative in running the numbers

I believe everything else looked pretty good!

@Mitch Brunette, Thank you! It is tough!! Not really wanting to look in other states either (at least for now)

I found it after it came back onto the market, because the prior deal fell through, so I was lucky to snag it. I was looking for SFH as a result of the lack of Duplexes available that will cash flow

Hope you find a property soon!

@Ryan James No problem!! Hope everything works out well for you! :D

Hey @Jessica G. 

I agree 100% with this post. While it's okay to be honest and upfront with people about risks and challenges, there is no need to damper their spirits and provide that doubt in their mind that they cannot do it.

My market (in minnesota) has been pretty competitive lately and coming across great deals is a bit challenging. BUT I came across one solid Duplex finally last month, made an offer and am closing on my FIRST deal at the end of the month.

I feel that, if I can do it, anybody can. Given that they put in the necessary work/time to learn this game!

Keep going strong :D

Hey Tommy!

Yes I believe with a 1031 exchange, the property has to be of equal or greater value. Unless you buy more than one property. 

If you buy more than one, the value of all properties must also be of equal or greater value.

Always best to consult with a qualified CPA on this as well

Hey Paul! Welcome. Glad to hear you are interested in all of this, and at such a young age!

Im from the North Metro (near Blaine), just getting started myself (closing on my first property soon). Feel free to reach out whenever!!

Cheers to a bright future :)