All Forum Posts by: Mike Freske

I'm curious if anyone has ever partnered in buying a rental property with someone who has access to the VA loan program? It seems like the veteran wouldn't really need a partner, however, maybe the vet doesn't have the real estate knowledge required to manage a 2-4 unit, or doesn't have the capital for reserves for that multi-unit and needs to be helped along. Clearly they'd have to live there with the mortgage in their name. Wondering if anyone has tried this or seen it or even just had thoughts? Thanks.

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Originally posted by @Parker D.:

Thanks for the feedback @Mike Freske. Are there any particular metrics you use to come to that conclusion or mainly anecdotal?

Good Question. Mostly anecdotal based on being a lifelong resident and working near there for about 2 years. Just like anything, it's about finding the right tenants and risk/reward for the type of neighborhood.

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Minneapolis, Minnesota

I do not own property in North Minneapolis, but I do think your concerns are valid. Personally, am not a big fan of the area, especially along Broadway.

2 Votes

Minneapolis, Minnesota

Originally posted by @Aaron Logan:

Originally posted by @April Molina:

@Aaron Logan did you pull the plug on TULUM? Going next week to see land director owner.

Hi April, I ended up investing in KASA Hotels down there instead of buying a condo directly. At least for now. Still may get something later. Would love to travel there more often & spend more time down there. Right now I'm focusing on building up rentals in the states & doing some flips to raise more capital. Still hoping to get something in Tulum, Playa del Carmen, or Puerto Aventuras eventually though.

Hey Aaron, any movement with KASA since we communicated how many months back?

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You can get a 30 year mortgage on an investment property. There are lots of people on here who will be able to assist with quotes.

1 Vote

Minneapolis, Minnesota

Originally posted by @Tim Swierczek:

@Thomas Piersiak yes I absolutely know you can find HH deals that make sense on MLS. We help about 70 house hackers per year and nearly everyone of them comes from the MLS. The key is finding opportunity which usually but not always involves finding poorly run properties.

@Adam Tafel and I teach a class on the subject. If you message me I’ll invite you to the next virtual one we do.

I'd be interested in this class as well

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Minneapolis, Minnesota

Originally posted by @Scott Jensen:

@Mike Freske True, but if your refinancing the property inside the IRA you would still have to pay taxes when you withdraw the money for college.

You're right. I actually missed that part about the IRA owning the asset.. Good point.

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@Jim Goebel You could also consider refinancing that unencumbered asset when the time comes for college.

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@Derek Smith

I am no tax expert, however, based on what you have told us, I'm not sure why you couldn't take home office deductions? Those would go on your Schedule C and have nothing to do with itemizing versus standard deduction.

I, too, have a W2 job and a home business and I took business deductions, including a home office. Those are two separate things.

Also, read above from two accountants regarding self-rentals.

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All Forum Posts by: Mike Freske

Mike Freske has started 3 posts and replied 62 times.

Post: VA Loan and partnership

Post: VA Loan and partnership

Post: North Minneapolis concerns - Duplex purchase

Post: North Minneapolis concerns - Duplex purchase

Post: Investing in Tulum, Mexico

Post: Mortgage in Minnesota?

Post: New to investing Minnesota

Post: Kids College Savings - 529 vs Coverdale vs Roth IRA

Post: Kids College Savings - 529 vs Coverdale vs Roth IRA

Post: Rent my primary residence to myself.