All Forum Posts by: Joshua Kerner

You know all those signs around your town saying "We buy houses IN CASH!!" and include a phone number? Most likely they are wholesaling, or trying to, which means they are doing what you're trying to do. Call them up. They're waiting for the phone to ring!

Hello BP community, 

I live is St. Paul Minnesota, near the University of St. Thomas, which is a great student rental market. Recently, my real estate agent let me know about a development opportunity. She believes there is a chance to buy 3 congruent lots in a T-1 zone, allowing the property owner to build up to 55 ft of multi familty housing. The 3 lots currently have homes existing seperately on each one. She let me know that if I could make something happen, I could get a piece of the pie, but I don't even know where to begin, and neither does she. 

Does anyone have any advice to share? How might I find a seasoned investor who specializes in these types of transactions and developments? 

Thanks, and happy investing! 

James, thank you for taking the time to analyze this. 

You've opened my eyes to the low ceiling this deal has, and the potential downsides I overlooked. 

This was exactly the advice I needed. 

Again, thank you very much. 

Allow me to elaborate. This property is undervalued at $400,000. Investment properties like this are going for 25-35 thousand more in my neighborhood. 

It is a student rental in a neighborhood that has a high demand for off campus housing. The market rate for properties like this are $850/student. It's reasonable to assume that the unit will be signed by at least 4 students within 1 month. 

It requires less than $1000 in repairs according to the inspection, but has an unfinished basement which could be finished. Doing so is a common way insvestors build equity in my neighborhood.

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Hey BiggerPockets community,

I Just closed on my first porperty. It's a 2 bedroom that I have turned into a 4 bedroom. The property will be a student rental when I move out, but I plan to live here until I find another deal. Until then, I'll be househacking this property. 

I have 3 friends who have verbally committed to paying monthly rent for 11 months.  I have some questions regarding this situation. 

Question 1: Would it be in my best interest to create a lease for my three roommates? 

Question 2: Would this lease be different than a lease I would provide to people who DON'T live in the same property as myself? By this, I mean is this contractual agreement different than what is considered a lease? 

Question 3: What are the tax ramafications of doing this kind of agreement? 

Thanks!