All Forum Posts by: Justin V.

@Lee Yoder

Very cool and thank you for sharing. I must have missed it. How many total units. Do you have the cap rate you bought at as well as the where it’s at now? It has a cafeteria?

@Milton Alvira

Look at rental requirements for your area? This will define legal bedrooms.

In my area, Minneapolis, a bedroom needs to be 7x10’ (anything smaller is an office), 2 separate duplex outlets or 1 plus ceiling light, proper height, door, egress, heat. (No closet requirement).

@Sharon Miller

I always make sure I have deposit before a signed lease and 1st month rent before move in/keys

Keeps me safe and protected in case of non payment. Give them notice you’ll be requiring this up front in secure funds (venmo, cashiers check, cash) unless they are paying well in advance with a personal check.

I wouldn’t take on anymore risk than this by taking deposit plus only prorated rents or deposit only before keys.

@Deborah Repaskey

Assuming copper, turn the water off, cut both sides of the kink with a copper cutter and Quick connect the back together. Use two connectors and an unlinked line if lacking length to do with 1.

@Emily Lauren boulden

I’ve heard the same as Steve. Red states are generally more landlord friendly.

@Wes Waggoner

So it will rent for how much and cash flow how much? How much for a pm?

Is there something you would you rather use your va benefit for? I’m not familiar on if they can be used for 4 plexes.

With the wasted space and “fire”, is there wasted space you could rent out for additional income should you continue to occupy it yourself?

I’m assuming you planned to keep it a bit when you refied. If it doesn’t/can’t fuel your dreams as well as other properties can and you aren’t attached to it, by all means dump it. If you aren’t sure, I’m assuming you could wait to decide (homeowner exemption/capital gains)

@Reggie Rearden

I hate moving and would much rather do pick up runs across the street than play the box shuffle. To each his own, but I would take this risk along with the probable savings for the convenience. I’d pay more for the convenience if I had to.

@Keegan Darby

I think my properties are class b, but I don’t do m2m and set my terms to end during good to move times. In Minnesota that is summer, since people don’t Like moving in the winter and after spring semester but before fall semester since we’re near universities.

@Eric Ruiz

Is the appraisal accurate or is there room to challenge it? Bigger banks have appraisers who are typically more conservative than smaller lenders and mortgage brokers.

Have you already bought your 2nd? Could you heloc (harder to get with covid) your first or second? I can borrow 90% equity on my house via heloc, so that is really nice to have.

@Dayton Rowe

I’d go the becoming a real estate agent route over wholesaling personally. I get 2 cold calls per week from wholesalers and only own a handful of properties, so competition seems to be there.

Things that I’d wish I’d learned first: deal analysis with strong focus on repair costs and timing.

I wish I would have house hacked the crap out of my first purchase. Multifamily with lots of bedrooms and rented out extra bedrooms in my unit or by the bedroom everywhere.

Also don’t waste your time with a lousy real estate agent that can’t understand your needs. Dont sign anything until you know they don’t suck or are putting in an offer. I had an agent once who was selling me good school districts when my girlfriend and I weren’t married and kids weren’t even a thought yet.