All Forum Posts by: Kyle Tusing

Hey, one of my partners on my team is out in Austin. I will reach out to him and see what he suggests and let you know!

Wow! What a great thing you did overall to help her, being kind and helpful may not financially benefit you right now but in the long run, it will pay off. I am a big believer in you get what you give and the act of kindness in offering to help take care of her, giving her a safe home to live in, and only charging her a dollar you deserve any good that comes your way. Always great to see people investing and changing their lives, and even better to see great acts of kindness. You should be proud.

I do not directly have any experience with MTR's in Richmond, however, I know someone who has some experience in MTR's in Virginia in general. From what they have told me MTR's performance is very much based on location (as is most real estate). I do not believe they have tried condo's but I know townhouses and detached homes of equal size seem to perform the same if they are located in the same proximity to areas that attract MTR clients. The best and most commonly found MTR clients are travel nurses. Finding a large hospital or one with lots of travel nurses would be a good metric to look into. Another would be big corporations or businesses that fly in exec's from other areas for extended stays and possibly speaking with some of these businesses can help gauge how often they have people coming and how long the stays are and could foster a relationship to be the MTR they prefer. My suggestion would be to find large hospitals in each of the areas and compare the travel nurse numbers for each one.

Quote from @Alixander Laffredo-Dietrich:

Quote from @Kyle Tusing:

My suggestion: find a good deal that needs a little work but you can get it at a cheaper price. I am not sure what your work schedule is or how much you make now, but if you are using a low downpayment loan option put as little down as possible and use any extra capital and save what you can to renovate and refresh the property. Gain equity which will make it easier to change into an investment property in the future as well as make it possible to get more for rent. I would also look for a roommate or even a partner that may be able to help fund the repairs or do the work with you. You may not have cash flow but the roommate can either be a partner to assist in gaining equity in the home or can offset a portion of the payment and you are not "throwing away" money such as you would be with renting. Pros: out of your parents, started building your portfolio, and gaining equity in the home. Cons: May be uncomfortable, may take a little longer than a year to renovate, and then save enough for a downpayment on the next property.  

 Hey Kyle, that’s a great idea!

I actually have a roommate in mind that could help offset repairs. He wants to get in RE too, and I want to get a place that I offset my costs while giving him an opportunity to save up to buy his own place. I think with a little number crunching and seeing how much some cash renovations can do, I could strike a deal that when I cash out refinance I can give him a chunk of change equal to the ratio he put in with me. I get more equity, he gets a lump sum down the road, we make a cool home, and I don’t think it would tie us up into any legal mumbo jumbo.

And if this goes well it could create a future partnership that could lead to bigger and better deals. I will say for both of your sakes at least create a contract covering as many bases (the ones I keep in mind: Death, Divorce if applicable, and clearly state both parties' roles and responsibilities as well as exit strategies if needed) as possible to make things easier should issues arise. Does not have to be a huge contract drafted by an attorney, for deals with people I am close with/trust highly I use Chat GPT to draft something and have all parties sign, this keeps me somewhat covered in the off chance something got escalated to a court case.

My suggestion: find a good deal that needs a little work but you can get it at a cheaper price. I am not sure what your work schedule is or how much you make now, but if you are using a low downpayment loan option put as little down as possible and use any extra capital and save what you can to renovate and refresh the property. Gain equity which will make it easier to change into an investment property in the future as well as make it possible to get more for rent. I would also look for a roommate or even a partner that may be able to help fund the repairs or do the work with you. You may not have cash flow but the roommate can either be a partner to assist in gaining equity in the home or can offset a portion of the payment and you are not "throwing away" money such as you would be with renting. Pros: out of your parents, started building your portfolio, and gaining equity in the home. Cons: May be uncomfortable, may take a little longer than a year to renovate, and then save enough for a downpayment on the next property.  

I agree with all of the above points, ultimately the decision comes down to what your overall goals are. However in my opinion the area surrounding Washington DC will suffer the least from economic downturns due to job stability with government jobs and government contracting jobs. If you are planning on playing the "long game" with real estate I see no reason to sell, and would recommend doing whatever you can to keep the property and buy the next and start building your portfolio!

How was the event? I am so upset I missed it. Would be great to see more events in the area!