All Forum Posts by: Karl Denton

Welcome to the investing club! Not sure of the market in Canada but hey you made it work and are living there while the tenants cover hopefully all your monthly bills. Thats always a win! Congrats

Hey Kevin, 
                Honestly I think it depends what your passionate about and wanna go for! Fix and flip could be a great short term option, but maybe you want an airbnb. For me I knew an area that was growing where I grew up as a kid, I had about 55k when I started out and I locked in my first deal on a 3 family. Currently I had a tenant move out and I'm renovating the unit and increasing rent. I am currently saving up for my new move to acquire another 3 family. My plans to get a couple cash flowing properties under my belt and form a good system for managing them. Once I get that experience I would like to scale up. Currently my strategy is long term and working out great. My point is do what you know and invest in an area you know. If your passionate about it and well educated you will succeed and if you don't you'll learn and find a way to come out on top!

Hello Sarah, 
                  Honestly while reading your post I thought to myself, "wow this would make a great wedding venue" and then all of a sudden you were like its currently being used as such. My wife is a local wedding photographer in CT and we ourselves were looking into trying to get a wedding venue that was our of our price range. The biggest thing to look at is what you would need for a down payment and see if you can get anyone else on board with the deal. I once was told if you really needed 100$ you would go ask 100 people for a dollar and most would give you one cause it was so simple and didn't mean much to them. However what if you only needed 100,000 dollars....maybe you could ask 2 people for 50k or 10 people for 10k. Where theres a dream theres a way, if its something that had property value you could use hard money and have a lower down payment, if you own a small business you could try to get approved for a small business loan (SBA). Any assets you own with equity? Would love to chat more about this! Feel free to reach out to me in my inbox! 

Hello Richard, 
So first of Congratulations on your first ever flip! That's so amazing, would you want to do another or was this a really good deal you think would be hard to find again. So my goal with having some capital would be to try and use hard money for my next purchase where you could get the money back after refinancing the property. (So basically BRRRR, yes) However short term rentals in your state are probably pretty popular, iv heard of a interesting strategy some are doing. Near big area hospitals there's usually a need for traveling nursing staff and doctors. You can look into Airbnb arbitrage, where you rent someone's place and Airbnb that out. You can find a place near hospitals and that would draw in a lot of traffic from longer stay times. Check it out and see! Unique and very cool investing idea for STR.

Hello Sebastian, 
                        Basically your looking at 250k a door, I know your on the west coast so im sure that's pretty good out that way. The numbers seem to report well, basically it comes down on how your financing it. I know when I ran numbers on a commercial property the numbers were so tight based on having the larger monthly mortgage. One thing I can tell  you is to run your own numbers. ProFormas don't always show the bad, they show the good and get you excited at times. Make sure you think about the worse case scenario and not just the best case.

Hello Vladislava, 
                         This sounds like an interesting deal, if your wholesaling the deal are you just looking for rough numbers to get people interested on it? Sounds like it must be a really good deal if you can tear down a house just to build another with these lumber prices being inflated. I would suggest talking to a builder, there's a lot of logistics when it comes to this. I'm currently GC'ing a 3 car garage project with upstairs living space and this is quite the project. Is this new house going on a existing foundation for the same house but just new construction, or is it a whole new design? Many moving parts here however start with a coupe local calls to builders. Good Luck!

Hey Lily, 
There's a lot out there about ADU's, I'm from the east coats however I have some friends that were exploring ADU options near San Francisco. It seemed even with the prices going up its a trend that will be continuing and well see it even take off a lot harder in years to come in California. My two cents would be to see how you could stick it out and make it work if possible, if you plan on living there for a bit that is. However if you think its not worth your wild then move on to the next real estate deal that your passionate about. From what iv learned if you really passionate about it then it can be done, however try to link up with some locals that maybe have done or are doing similar ADUs. Good Luck!

Quote from @Dan Koch:

I am starting to look at investing in Hartford. I was hoping to connect with people and learn about the area. If anyone could shed some light on/ good PM/ areas etc

WELCOME! CT has many great Areas! I’m investing in Manchester however iv heard Bristol, Cromwell and Wallingford are also all good places to check out! There’s plenty of real estate meetups on here just have to search for them. There’s monthly meetings, and also one in Wallingford next week on the 31st I believe. Message me for further info and I can point you in the right direction! Welcome to the Real Estate investors in CT! 

If your looking to network there’s plenty of meetups locally! Message me and I can put you in touch with when the meetings are! There’s a great property manager in CT, his names Sam Eddinger and he owns, “Ironclad Property Management”. Also my personal advice is make sure you really want to invest in hartford while some deals appear very cheap and good you may not get the clients your looking for. Manchester and Bristol are great areas to invest in and are still up and coming! There’s many other great areas but networking is the best way to find the pros and cons of these areas. 

I agree with the previous replies, it all depends on your real estate plan! Most including myself choose to have the 30 years and I’ll even cash out refi a lot of my properties to pull the cash out to reinvest in future deals. Long as the numbers work and rents cover that cost. However remember that money you pull out of there is not taxed either so that’s a added bonus, however the 30year gives you a lower payment and later down the road when you refinance you can reevaluate your plan and even shorten the loan if that’s what you want. Most are looking to keep buying up properties and therefore go for the long buy and hold plan.