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All Forum Posts by: Logan Beckner

Logan Beckner has started 7 posts and replied 25 times.

Post: First Property, House Hacking, Searching for Tenants

Logan Beckner
Pro Member
Posted
  • Posts 25
  • Votes 13

@Eddie Brady My wife and I actually ended up moving to a new property and kept the old property as a rental. We rent the townhouse with 3 separate leases to 3 different individual. We have reached our "nest egg" savings goal of 10k for the property and now we clear 900 per month for the property. It has been so good to us! Raising each rent by $25 at the end of each lease so we will be looking at $975 for our monthly cash flow. House hacking is an amazing avenue to wealth. Message me for any questions!

Post: Best bang for your buck renovations

Logan Beckner
Pro Member
Posted
  • Posts 25
  • Votes 13

@Eric Chiang that was the original idea, but after more numbers and comps, it seems like I won't be able to recoup as much as I would like for the traveling nurses. STR seemed like the most lucrative approach.

Post: Seeking Advice for a newcomer

Logan Beckner
Pro Member
Posted
  • Posts 25
  • Votes 13

Rafael,

In general the best way forward is to own and not rent. So if you have the means to buy, then yes, it would make more sense. That being said, since this is your first job out of college, do you have the downpayment for a duplex or above? If not, you can still house hack a single family and just get roommates. 

It's not as comfortable as "luxury" house hacking with multiple units, but it's just another options. You don't want to spend future money. Just run your numbers, use the BP calculators to be sure that the house will work for you AFTER you move out. No point in buying something that's going to continue to cost you money after you move out of it.

My background - my wife and I bought a townhouse and rented out our basement. It wasn't comfortable all the time sharing the kitchen and such, but our mortgage was around 400 dollars while we were there and now since we have moved, that property brings in 550 dollars in pure cash flow.

Finally, Brandon Turner's new book called multifamily millionaire volume 1 will be a great resource for you as well as Craig Curelop's House Hacking Strategy

Post: I want to learn flipping house and realtor. Anyone can help me?

Logan Beckner
Pro Member
Posted
  • Posts 25
  • Votes 13

https://www.amazon.com/Book-Fl...

J Scott from bigger pockets summarizes all of the details you'll need to get started here. Education is the first step, so dig into some good real estate books.

Post: Best bang for your buck renovations

Logan Beckner
Pro Member
Posted
  • Posts 25
  • Votes 13

Thank you all for the great suggestions. @Peter Tverdov I love what you said there! Yes the home is old and it has small rooms but making sure they are wow'd be the entertainment areas and just having a great place to sleep will go a long way. @Wesley B Williams and @Will Barnard the market conditions in town for STRs is tough because there's not too too many in the area, but we are near a good downtown area and right across from a hospital, so we are thinking this is a prime candidate for airbnb. Fingers crossed! 

I think they plan is to do kitchen and bathroom updates as well as updating light fixtures throughout the home. I didn't mention that in the original post, but my wife and I find good lighting to be important. Thoughts on that? Or are we thinking too much about the smaller details

Post: Best bang for your buck renovations

Logan Beckner
Pro Member
Posted
  • Posts 25
  • Votes 13

Scenario: You bought a house for 5% down as an owner occupied loan. You want to gain as much equity and/or rentability as possible doing DIY projects around the house. The plan is to turn this into an airbnb. 

Are you putting in fancy tile to make it more attractive in the bathrooms? Are you getting granite countertops for durability? More than likely the renovations will not get us above 20% equity in the home so refinancing will not be an option. What are your go to big money projects?

The home is from 1920. No CAC. Boiler and radiators. Unfinished hardwoods. No updates in kitchen or bathrooms. Plain backyard. Great Character to work with. What are you changing and upgrading?

Post: Hagerstown Meetup This Saturday

Logan Beckner
Pro Member
Posted
  • Posts 25
  • Votes 13

Post: Frederick, MD Real Estate Meet up

Logan Beckner
Pro Member
Posted
  • Posts 25
  • Votes 13

Hello all! My name is Logan and I've been investing in Frederick, MD for two years. My wife and I would like to meet some other investors in the area. We would like to start a meet up at Smoketown Brewery. They have large tables that will allow good discussion for anyone that wants to join.

If there's enough interest, we would love to meet up on a monthly basis with everyone so we can all expand our networks and gain insights to local trends and talk real estate. See you there! 

Post: Hagerstown Meetup This Saturday

Logan Beckner
Pro Member
Posted
  • Posts 25
  • Votes 13

Frederick has too much potential to let it go to waste! I'll work to set that up

Post: Hagerstown Meetup This Saturday

Logan Beckner
Pro Member
Posted
  • Posts 25
  • Votes 13

Hi @Edward Holland, do you know of any that I have missed? My wife and I are willing to set one up if not!