All Forum Posts by: Matt Sears

Thanks. I bought a new duplex from a developer a few months ago, so it might make sense to try to work with that developer to build some more.

I want to build my first apartment/condo building/complex and then continue doing that as my career. I currently have very little of my own money to put into a deal (<$50k), however, I know half of my town and expect that I could raise the required capital from investors. I currently live in Richmond, KY and the town is growing quickly, so I think it makes sense to plan to do the first project in Richmond.

If you were me, who would you be talking to right now and what questions would you be asking?

My Background
I have worked for a few years as a construction manager and a few years as a civil engineer, and I got my PhD in civil engineering by studying construction productivity. I have mostly worked on industrial projects, but some commercial. I have also been a landlord for over a decade and I've been studying real estate like it's my job for several years now. Learning is my greatest strength and I'm certain that I can figure this out if I can find the right people to work with.

Does this group still exist? I can't find it...

Edit: Nevermind. Had to find it through a Google search because it's a private group.

I've never sold a property before, but I'm planning to use an agent to sell a condo that I own. The listing agent just sent over an exclusive right to sell contract for me to sign. It seems fine, but I really don't know what to look for. What do YOU pay close attention to when you sign one of these contracts? Do you ever try to negotiate these contracts? Thanks.

A few years ago I became an accidental landlord when I moved and it made much more sense to rent the condo that I previously lived in than to sell it. Now, I've built up a bit of equity in that condo and I'd like to refinance it to buy my second rental property. I purchased the condo for $120k in 2013, I currently owe $80k, and based upon sales of VERY similar properties within the condo community, I believe it would sell today for $140k - $155k (immediate neighbor just sold their nearly identical unit for $153k). In short, I think I could get at least $30k for purchasing a second property by refinancing the condo (while maintaining 20% in the condo to avoid PMI).

What are the most important factors to consider when purchasing a property with the intent of getting the best return through AirBnB? Is the BiggerPockets AirBnB calculator any good? Mashvisor? Any other tools? Should I just find a knowledgable realtor?

I work in the Boulder/Denver area and this second property will become my primary residence. I've been thinking that a 3 bedroom unit would be best, but I'm open to other ideas. I would live in one bedroom while AirBnB'ing the other two. I also travel quite a bit for work, so I could AirBnB the whole place when I'm traveling. I've been looking at properties within the $275k - $300k range for a 3 bedroom, new construction, but again, I'm open to other ideas. I'll need to move for work within a couple years and plan to convert the property to a traditional rental at that time.

What should my next move be right now? Do I need to find a realtor that knows the Denver AirBnB market? Do I need to talk to a banker to get pre-approved for a new mortgage?

I'm just getting started - I own one rental property in KY. I need someone to help me get that property properly set up in an LLC and to answer my tax/financing questions. I intend to acquire more properties, but probably won't for a couple years. Right now, I just need some basic services.

Who do you recommend?

I own one rental property that I came into by accident. I used to live in a condo, I moved across the country, and now I rent that condo out. I've owned the condo for ~5 years so I have some equity in it. I'd like to refinance it to pull some money out and I'd like to do that ASAP. I've also decided that I want to set up an LLC for this property (my first time doing that) but I'm not necessarily in a rush to set up the LLC. Should I go ahead and refinance the property now, as an individual owner, or is there any tax/financial benefit to creating the LLC first and then refinancing? Is it even possible to simply "transfer" my existing mortgage to a new LLC? I don't know much about how that transition works. I.e. When I create the LLC, would I basically "sell" my condo to the LLC?