All Forum Posts by: Jesse Mitchell

1. The $10 water sensor add on Simplisafe offers is worth every penny

2. Remain liquid so you can react quickly to an opportunity 

3. Keep and hold "office hours" whether you have 2 properties or 200

@Julia Mozden i'm partial to the convert your primary into a rental option.  If you aren't attached to your current place and are able to make the numbers work then why not.  Only piece of advice though..... I would be leery if you find yourself using terms like "I don't have a lot of cash left..."  It is amazing how quickly large cap ex can crush you if you are not prepared,  I have replaced 1 roof, 3 furnaces, and 2 central airs in 2019 and none of them were planned on.  Good luck!

Whats cool about the one i linked, and this is why you didn't see it in the multi search, the property has currently lost is zoning classification for multi so as far as the city is concerned it is a single family unit.  Which works perfect if you wanted to live in it.  Live upstairs and air bnb the downstairs and you would not have to worry about the zoning.  Side note, you can always re zone the property later on, in Peoria if a non traditional duplex sits vacant for a year or more you lose the multi label.  

I am familiar with all of these!  Of the 3 the crestwood one represents your lowest cap ex and best chance for consistent good tenants to choose from but as you can see that comes with a price.... I haven't been inside the Garfield one yet but it is on my watch list.  I am always hesitant when a single family home has been chopped into a multi unit building.  I have always been partial to this one  https://www.realtor.com/realestateandhomes-detail/...  but cant talk my wife into moving from our current home.  

@ Nik Moushon  Very solid review of the area.  I definitely agree that the Midwest as a whole is probably a questionable place to invest giving the larger macro trends of the state and region.  It’s a shame too, tons of history around here.  

Hey @Travis Knox I’d rather not label a specific area bad per say.  It’s certainly subjective and most would say that North Peoria/Dunlap are the only nice parts of Peoria..... (lots of people in the area only seem comfortable around white people but won’t admit it). I personally am a big believer in the West Bluff and the East Bluff and you couldnt pay me to live in North Peoria.  

Ironically we as investors are the ones to blame for the degradation of a lot of these neighborhoods.  Some areas of Peoria have home ownership rates below 10%.... and it’s pretty hard to sustain a healthy appreciative environment with that going on.   

Not sure if I actually answered any questions here but there’s my 2 pennies.

Hey @Tyler Kress I live in Peoria and own rentals here as well.  Pm me the address and I’ll tell you whether you should do this or not.  There is a good portion of Peoria that I wouldn’t buy a house to rent if it was $5 and managed for free.  Not meaning for this to come off the wrong way but I don’t want to see you get into a bad situation!  Thanks - Jesse 

Need some guidance from all the "Self-Directed IRA" folks out there. Let's say hypothetically that I purchased a home with cash from my SDIRA, I am now selling it and potential buyers are interested in Seller Financing. Does anyone know if that is possible within the confines of the IRA? Thanks in advance!

Morning BiggerPockets world.

I am currently on the first R and trying to plan my renovation in a way that maximizes my appraisal ( as expected)...

I have the opportunity to save about a grand on my rehab by having a used HVAC system installed.  It is a 7 yr old Lennox system and the new option for a grand more would be a GMC unit.  So my question to anybody out there is how much weight would a new HVAC have on the appraisal vs a used HVAC?  I personally feel that the Lennox still has a better long term usage than a new GMC but as I said, right now the main goal is maximized appraisal price.

Thoughts?

Thanks!

Hey fellow BPers,

I have a duplex where neither tenant uses the garage.  I was thinking about renting it out as a storage unit for some extra income.  Does anyone have an experience or tips for me?  I am assuming I could just get a copy of a real storage unit lease agreement and modify as needed.  Also it would be wise for me to amend my tenants lease to eliminate the garage access... besides that I am having trouble finding any downside to doing this.  Thoughts? Thanks!