All Forum Posts by: Nicholas Johnson

@Andrew Kerr makes a great point on local regulations. I know the greater Minneapolis St.Paul area has seen some regulations introduced. They are now requiring a license to do AirBnB out of St. Paul and I believe Minneapolis just introduced a licensing requirement as well. I have heard that Denver has cracked down a bit on AirBnB's from listening to the most recent BP podcast. On the show, Craig mentions that you can do short-term AirBnB rentals out of property that you occupy, but for property that you own and do not occupy, there was a minimum rental period i.e. minimum rental length of 1 month. Don't quote me on the duration as I am not sure how long they require it to be. (BP podcast/episode 252, "House Hacking (Your First Deal) & Life Hacking with Craig Curelop).

I've got a buddy that does AirBnB out of his Minneapolis triplex and I can tell you it's been lucrative for him. One caveat to that is the amount of work you have to put into it. There can be a lot of cleaning involved and it takes work to be doing setup and takedown.

Sean, here is a link to Brandon Turner's Recommended Book List

@Tim Swierczek hi Tim, the 5% down conventional option sounds attractive, I'll PM you on that. I am hesitant to use up our FHA right now due to somewhat inflated market pricing. I think if we waited for the market to pull back at some point we could get a lot more bang for our buck using the FHA later on. And yes I do plan to purchase more multifamily properties in the future.

@David Barnett Hi David, didn’t work out how I imagined! I called ahead to make sure a lender would be there that I could meet in person. I wound up preparing all of my information — printed and digital copies of all the requisite materials and a few potential properties to discuss my goals. So I didn’t get the pre approval done yet, hope to get that banged out early next week. But I did take a step in the right direction thanks to everyone’s advice. 

Nick

Hey Sean! Pumped for you man. I’m just breaking in right now too. I probably can’t touch most of the questions you put in your post because of my lack of experience. But I can tell you the book list that Brandon references in his webinars has been a great starting point for me. I’ve got a couple of his books and read through a Rich Dad Poor Dad book. It sounds like you’ve been doing some reading too on BP. Anyhow if you’re looking for books that list was put together by Brandon, so we can be pretty confident in the value of the info. For what it’s worth! Excited for you man, you’ve got some great goals. 

Nick

Thanks for the detailed reaponse Tim! Very helpful. 

Awesome Kristina! I appreciate the mindset you take into your meeting with lenders. I'll consider sharing some examples of properties I am considering and maybe run a couple of the bigger pockets cash flow calculator tools so I've got something clean to present. Thanks for the encouragement and tips.

Nick

Hi Care,

I recently found on Realtor.com (or the app), that there are a few useful filters you can add. You can show crime rates, see if there are schools nearby, grocery stores, etc. and it overlays the map of homes for sale in those areas. Pretty cool! So yeah, I would recommend trying that -- finding one with lower crime, one with nearby shopping areas... and then maybe search nearby businesses on Google. The more closeby, the merrier! Hope that helps.

Nick

Hey BP -- I'm working on getting my first house [hack] purchased in the next couple months and I am going in to meet a local banker / lender tomorrow morning. I plan to dress sharp and bring some information about the area I'm targeting and some of my specific goals. I'm going in with the intention of building a long term relationship. In short, I'm looking to get pre-qualified for an FHA loan.

Wanted to reach out to the community and ask for help on how to best prepare for the meeting to make it a success! Any tips or advice, please share in the comments! Thank you for your help.

Nick 

Minneapolis, MN

I love that story Jason! Thanks for sharing. Like the old saying goes it's never to late to start. Great reminder to take ourselves lightly / not too seriously. My wife and I are getting after the house hack right now. Very excited to be on this journey. 

Nick