All Forum Posts by: Luke Nelson

@Evan Kraljic what is house hacking ?

My wife and I have paid off all of our consumer debt besides our residence. We have been following the Dave Ramsey money principles and we have a fully funded emergency fund of 6 months living expenses and we are investing 15% of our income in Roth’s for my wife and I and 529s for the kids. We both have solid jobs and have $2000-$3000 left over each month after our mortgage, bills, and investments are paid.

I have been interested in real estate investing for a long time and now that we have paid off all our debt I want to get started. I have thought about getting my license but don’t know if it’s necessary. I don’t know where to start....

Most of the duplexes in my area are over 100 years old but are in a great location. What are some major red flags when buying homes of this age?

I am looking to buy and occupy a duplex in my area while renting out the other unit in the house. Most of the duplexes in my area are over 100 years old. Is there any advice or rules of thumb for homes of this age. Some of them seem to be in decent shape but a home of that age seems to be a risky investment. 

My wife and I are in the market for a duplex. We live in the Minneapolis area where rent prices are very high. If you can afford a down payment, ownership can often be cheaper. 

We are looking at buying a duplex and renting out the other side. We know plenty of people who are looking for places to rent.

We do not want to accumulate a ton of debt but would have no problem borrowing if we are able to cash flow all of the properties. 

Any other suggestions for buying and holding properties? 

After adding HOA fee to my projected rent prices, I am projected to break even and have zero cash flow on my property. We bought the place for $185,000 and it is now appraised at $195,000 would it be better to sell or rent just to pay down the mortgage?

After adding HOA fee to my projected rent prices, I am projected to break even and have zero cash flow on my property. We bought the place for $185,000 and it is not appraised at $195,000 would it be better to sell or rent just to pay down the mortgage?

Do I need to/would it be helpful to work/get my real estate license to get a better understanding for real estate investment?

That's what we are intending to do. We have done some minor upgrades in our condo and our intention was to rent it out after we move and do the same thing with the next property. We are looking to find a duplex next. 

How would you suggest going about the rental cost for our tenant if we have HOA fees?