All Forum Posts by: Kyle J. Cooper

@Armand P.

I'd rent it out if you can, that solves your current issue of paying for two places(your primary and the place you're renting) and gives you cashflow for the future! Depending on the amount you refinanced you could take that money use it and do a live in flip, you could buy a cheap property with cash and do a BRRRR(recycle the money you refinanced), or you could even do a house hack since you and your partner could technically "live" in two places. You just need to ask yourself based off your current situation, what's the best path forwards where you come out on top and potentially with some income-producing real estate! Hope this helps. Cheers!

@Alex Boylan

I must've been confused since your title says you're from Minneapolis. My fault! In your experience have you been able to save on your rehabs through "sweat equity" or has that not been a good use of your time? I'm curious as I look to do a live in flip, BRRRR, or house hack rehab if I should outsource most of the work or save money by doing most things myself and learn some new skills. Thanks!

@Jonathan Feliciano

House Hacking at its finest! Hopefully(assumingly) you've read The House Hacking Strategy by Craig Curelop. You'll find in that book that renting by the room will almost certainly bring in more income for the property. I live in an expensive market myself and many properties aren't deals but could be beneficial if turned into a house hack. If you're comfortable finding and vetting roommates then you'd be able to offset your living expense at the very least, or live for free with a great deal! If you go the duplex route find a duplex with 2 br on each side. Rent out one side completely for top rent, then bring on a roommate in your individual unit. You'll be living for free or close to free in most markets with this strategy. Or get even more creative and fill your individual room through Airbnb/VRBO when you go out of town or travel. Hope this helps! Cheers!

@Jeff Peters

You love to see it! Great job Jeff I appreciate you sharing. Very simple example of buying real estate and waiting instead of waiting to buy real estate. Turned a personal liability into an income producing asset, Robert Kiyosaki would be proud! Cheers!

@Kaylee Mitchell

My first thought was if that quarterly room inspection was in the lease that the tenants signed. If it's not in there, then the tenant has the right(and honestly the responsibility) to decline that inspection, hopefully respectfully. If it's in there then always go back to the lease that they signed. Just be sure you're abiding by the tenant/landlord rules and regulations in your state. Since you're the one dealing with tenants and not the owner of the property you have the luxury of trying to be personable with the tenants(without encroaching on the tenants rights). It never hurts to try and work something out that can help both parties, my mother would say to approach someone by saying, "I have a problem and was hoping you could help."

But again, if it's not in the lease and you can't persuade them, then it might not happen. Replace the tenant once their lease is up and make sure the inspections are in the new lease. Hope that helped. Cheers!

@Jeff Peters

Awesome job with the base hit deal glad it's all working out! Loved to see the two week turn around getting a tenant in place, that's terrific news. You guys know what you're doing. Adding to your last comment on not being able to afford the down payments of multiple properties, if you've been on BP for any amount of time you've heard of the BRRRR strategy. I'd consider it moving forward, especially as you continue to learn and network with other investors, contractors, lenders. You'd be able to buy fixer uppers for cash/hard money, then reuse that money/lender indefinitely. Scale your rental portfolio while using recycling your cash, what could be better?! Cheers!

@Simon Obas

I'd say bathtub simply bc you mentioned it was the master bathroom, otherwise I'd say walk in shower for other bathrooms. Buyer looking for a family home would prefer a bath in the master, though it may not make a significant increase in sales price. Don't think you could go wrong with either though. Good luck!

@Alex Boylan

Great! I have no doubt that you can find and manage the right people in order to help you accomplish your rehab goals! I'd like to know how everything goes as you're connecting and managing people from out of state. Thanks again for sharing!

@Roberto Reyna

Nice work! I'm a newbie myself for about a year and a half. If indeed you've done your homework, read all the books, listened to all the podcasts, ran all the numbers conservatively, you cannot fail! Keep taking action like you've been doing and reach out to as many people as necessary and you WILL reach your desired goal. We know nothing of the property you're wanting to buy or what your goals are, but continue to build your core group of allstars(Realtor, Lender, Contractor, etc) and keep connecting and asking who people use in these areas. Most would agree that even though you can finance deals with none of your own money starting out, you should first and foremost have a firm grip on your personal finances. Keep learning, keep connecting, and keep taking action and you'll get there. Cheers!

@Naoko Potts

Thanks for sharing! I've read many posts and listened to many podcast episodes where other investors are battling the same problem. If I'm understanding you correctly you want to minimize you personal liability by having your rental property under an llc instead of on your personal balance sheet. Many would say this can be difficult with conventional financing since you may/may not already have a relationship with that lender. You could take the advice of transferring it to your llc after purchase but many lenders will have a clause in the contract giving them the ability to "call the loan" in the event of transferring to a different entity. Basically they could require the full loan amount to be due if and when they find out you have moved to your llc. Though I have never heard of this actually happening to investors, it's not a risk I'd be willing to take!

As you mentioned correctly a stand alone rental property with conventional financing will typically require I larger down payment as well as a higher interest rate. Many aspiring investors mitigate this by looking to other creative strategies even if its a house hack that they "live in" for one year then move it to a full rental. 

If you're concerned about personal liability I would look into an umbrella insurance policy to protect yourself in the event of legal issues. Hope this helps a bit!