All Forum Posts by: Marcus R.

Scott beat me to it by 1 min.

No decision is a decision so my wife and I decided we'd like to come up with our own plan instead of letting the state decide. 

@James Kerson - Give this a shot until something breaks or you get consistent "no's".  Iterate and try again.  Prob worth a shot given the startup capital.  And if it doesn't workout you'll learn a lot in the process.

I think you can sell with a tenant in place, I did it with a small condo a few years ago.  

Other investors may be interested and you also have investors who are running outta time with a 1031x.  Just be sure to be transparent with the financials and tenant behavior. 

Option 1 - I started with a condo and could be worth it if you buy right.  Look for condo/townhomes in smaller communities (8-16 units for example).  Buy something that can be a live-in flip and you're on your way.

Option 2 - Does it make sense to buy with your brother and spouse? Duplex, House + ADU, create walk-out basement etc...Agree on how the partnership will work in advance.

Pets all the way.  Include it in your advertising.  One of the biggest benefits we can offer over a hotel or large apt buildings.  With a hotel/apt you need to take the elevator down and go through hallways to let your dog out. 

In my experience pet owners tend to be more responsible.  Takes a lot of organization and preparedness to fly with a pet.  Lastly, while birth rates are declining the # of pet households is increasing.   

@Brittany Guimond - Yup, definitely seeing the same.  Noticing a slow down lately for one unit but this is historically slow season.

Anything particular that helped you get it rented?  I've dropped the price but may also offer a concession similar to yours to help with moving costs. 

@Sara Holda and @Teonia Riley - Reach out to @James Carlson. Best there is at navigating the complex landscape out here and helping you make the right purchase to be competitive in the STR market.

@Sean O'Keefe - One more request.  Can you send to me please? 

@Ben Russell - Try the local credit unions like ENT, Bellco, or Canvas

Think it's best to start with in a live-in flip.  Get to go slow and learn over time, build capital, and qualify for the primary res cap gain exclusion.  Can you improve the Duplex so that it cash flows more?  Is saving up aggressively and recasting the mortgage an option before you move?  Since you already are house hacking I'd first figure out a way to make that more profitable before looking for the next thing.