All Forum Posts by: Mikael Winkler

Some really great advice from @Janani Kalpathi! I certainly agree with all of it. For me defining your goals should be top priority initially. That can involve life goals, family goals, as well as Real Estate goals. Because each will affect the others. And those will constantly change over time. I know my RE goals have certainly shifted since I first became interested in investing!

Related more to RE, as she stated, knowing what your investment strategy initially will be is key. With a young family, are you willing to house hack and live in an investment for a period of time? Or, will you keep your investing separate from your personal residence? My first was was duplex house hack, but my wife and I didn't yet have any children. Now that we have a daughter, that would certainly affect if/where we house hacked. And, like she mentioned, are you wanting to focus on single family, small multi, etc? 

Many things to think about, but you are still young and have plenty of time. Honestly, just having interest and taking action on forums means you're ahead of the game already. If you have any questions, there's no shortage of assistance!

@Ondrej Brown

Yeah, my only question would be the demand for rent-by-room at that price point. However, if you see demand in your market, then that's awesome. Funny I came across your post. I literally just listened to a BP podcast yesterday with a guest who does rent-by-room with more standard 12 month leases, not the short term AirBnB model. Show 392, I think. Maybe check it out.

He even goes as far as trying to preemptively predict the things roommates would have disagreements over - things like shelf space, cleaning, toiletry products etc. He pre-assigns shelf space for his tenants, has a cleaning service come in every few weeks, and even stocks his places with toilet paper! haha. Sure it cuts into his cashflow, but he's also making more in this model. It was definitely an interesting strategy to hear about.

Good luck!

@Aleese Butler oh awesome! My wife and I's first house hack was down on Welch in Merion Village. We love Gresso's! We'd go there to decompress sometimes after a day of painting or refinishing cabinets hahaha. May have to check out that meetup once in-person are able to resume.

Hello BP!

I have a more technical question regarding the BRRRR, and I guess all other, calculators. Are you able to bulk upload pictures, or a folder, to a report? Or is it one picture at a time?

Thanks!

Ahhh that makes. Yeah, I was thinking BRRRR may be an option, pulling out your cash in a refinance. But, yeah, if the seller was unwilling to go lower, the ARV wouldn't be high enough to pull all your cash out.

You'll find another, though. Happy hunting!

@Aleese Butler and @Remington Lyman where does this group typically meet in a normal scenario?

Hey @Jon McCarron! I would say if the amount they're offering will suffice for what your goals are, go ahead and take it. But, if not, I would challenge it. However, being sure to do it in a polite way. Not guns blazing haha. I would maybe present the comps you feel should've been used and approach it like "hey, I see these may have not been included in the appraisal report. Are you able to take a look at these?"

There was a recent BP podcast episode (of course I can't remember the number), in which, the guest was an appraiser and they discussed how to gently challenge an appraisal. I know appraisals can certainly be a tricky thing.

Good luck!

@Charlie Anne

Is there a way you could purchase this deal with less of your own cash (ie a partner or another funding method?) It does seem like they have it listed high for the amount of work it needs. Maybe try and use the inspection to work the price down. 

Also, just curious, why is this deal requiring so much out of pocket? $51k with an all-in of $145k  is quite a lot!

I definitely think there is opportunity for a BRRRR in several of the emerging neighborhoods around Columbus. I started with a house hack of a duplex in Merion Village in 2017, which has turned into a great investment. I think areas such as west Franklinton, Southern Orchards/Vassor Village, Driving Park, etc are still seeing opportunity.

It's crazy how quickly some of these areas saturate with investment, though, driving up prices. When I bought my duplex in 2017, I was able to purchase in Merion Village for under $100k. It was off market, which helped, but I think one would be hard-pressed to find that now. 

But, increasing investment and prices is the sign of a strong market, so you'd prefer to see that as a property owner. But, as as a buyer, it can make it tough haha

@Kyle Deutschmann

Those are definitely some good points. Perhaps refying now to take advantage of these rates is the way to go. It all depends on you're strategy with the property, as mentioned. If planning to hold long, long term, you'll make up that intial "loss" in equity. 

Options are a good problem to have!