All Forum Posts by: Justin Hammerle

@Bethany Phillips - Did you have this SFH legally converted to a MFH? Typically, if you own a SFH you can include snow removal as the tenants responsibility. But if it is a MFH, my understanding is you as the owner cannot make any common areas of the property the responsibility of the tenant to clear. You can of course, hire one of your tenants to act as the property manager. The cleanest way in my experience to do it is if you own a MFH you take on the snow removal responsibility.

@Ankith Yeru - I'm assuming this is your primary home? If so you can refinance or pull out a HELOC. If it's an investment property, refinance may be your only options as seconds for investment properties are difficult to come by these days.

@Gene Williams - Are you referring to renting a property out by the room?  If so, you would need to be sure the zoning allows for this, typically its referred to as "boarding house" use.  If zoning allows then you would have to go through all the registration and operating requirements needed for the municipality.  The building inspection office could assist you with that.

https://newhavenct.maps.arcgis.com/apps/webappviewer/index.h...

@Conner Olsen - if you're looking on MLS for deals you need to be either first or last.

@Jasmin Garcia - If you haven't already I would recommend seeking loan pre-approval;  once pre-approved you can identify your price range and back into a market.  Knowing how far you are willing to go and also building a team to include a Realtor, Property Manager, Contractor, and Lender should be prioritized.

https://www.biggerpockets.com/blog/core-four-real-estate-tea...

@Hari Jackson - There's no telling what the market will do over the next few years.  If you are not happy with where you are and want to sell now and you have a plan in place for the transition; there's no harm in exploring what your home is worth now and if it makes sense. The negative being short term taxes, closing costs, and brokerage fees are likely to hurt your possibility of a breakeven in such a short period of time of holding the property.  

@Sarah Jordan - Without viewing your work it would be difficult to note anything.  Whether or not a deal is penciling out could be a matter of location, strategy, and property type and size.  

@Jacob Brush - ignore the noise and focus on your own goals and ambitions.

@Johnathan Le - Your debt service is just a component of what its going to cost to carry that condo; if your rent won't cover that alone it really wouldn't qualify as a rental property. If this is the only option in your area in comparison to a SFH or MFH, adding some value while your living there and ultimately selling the condo once you move on is likely the best option. Once you've sold it you can use the funds towards better cash flowing options.

@Brandon Ortiz - Would recommend working with an investor friendly agent in your area.  You can search this site using the "build your team" tab.