All Forum Posts by: Karl Denton

Always good to learn from our mistakes! Keep up the great work! 

One of my biggest mistakes is not creating systems sooner to streamline payments and leases, I just finished doing that and it’s fantastic honestly. 

Your biggest hurdle with any changes and rebuild is zoning laws and if they will allow you to change the occupancy. Call and chat with town hall. Also have to look at costs, I mainly try to follow a model where any of my renovations turn me 1% back, so if I’m going to do a 50k renovation I better be able to get an additional 500$ monthly for that. 

I agree, had I known this years ago when I purchased my first house I may of considered this but I didn’t aspire to invest in real estate back then. 

Depends how you see your goals, if you think you'll be able to hard money some off market deals and then refinance and get your money back out, the BRRR method, then go for a HELOC. This is a line of credit with a variable rate usually against your home value.
My personal opinion is to do a cash out refinance because that is untaxed money and you’ll be locked in at a lower rate then where things are headed it seems. You’ll then have access to use this money for investing in real estate. However if you just want a line of credit verses pulling all the cash out then go with a HELOC. 

New legislation makes things harder however if we were to see a full economic crash and people stopped being able to pay rent and the housing market went down to, I could see me and others being close to being forced out due to not being able to stay afloat however my goal is to set myself up so that can’t happen, and choosing good tenants up front will save you from this. 

Are you looking to search posts from a specific area? Because that is still available. However if there’s nothing from that area I noticed it wouldn’t populate. Not sure if this helps or not. 

Sam is absolutely correct, my friend owns a MF in Hartford and they are overloaded with paperwork it usually takes forever and keeping on top of them goes a long way, persistency is key. 

Airbnb is going to cash flow you way more. 1mill for a 3 family is steep and you won’t be able to cash flow. Better investment honestly is the short term rental Airbnb in Florida. Just check local laws as they differ from each county. Good luck!

It’s really up to you and how you market it.

Will this be a monthly event?