All Forum Posts by: Patrick Gledhill

So I just wanted to see some feedback on this. I have been renting out my primary residence basement and recently had a vacancy and tried air bnb this week. I had a surprising turnout, it was booked for 4 out of the 5 days I made it available. But in my opinion what a freakin PAIN! So much work. I have a full time job, luckily I am able to go home and take care of some of the check in check out stuff. Cleaning after every guest. Worrying about reviews... And if I were to outsource cleaning and management the profits would be drained. Unless I scaled it across multiple properties that are in the same location... I have a regular rental lease signed for April 1 and I am very much looking forward to this compared to the Air bnb. because it will be on autopilot. Am I looking at this wrong?  Or does anyone else have insight on this? 

@Matthew LoPiccolo @Stetson Miller @Ben Rhodin @Griffin Schermer @John Sledge @Mike Wadsley @Jeff White

All, Thanks for your input on my first BP post. I followed your advice and called my lender here in Denver, who does work across the nation apparently and invests himself. He said I could probably qualify for a 2nd home loan in the amount of 200-300k. I am amazed and surprised by this news. Time to make progress. Thanks again for all of the support. 

@Ben Rhodin WOW Thanks for the advice, this is good stuff. Yes I purchased my primary in May. Just did a quick rentometer. My monthly payment is the same as the average rent for my area. However, my FHA payment includes PMI. So if I could get rid of my mortgage ins. I could probably cashflow it... Good idea. Not sure I can get my equity to 20% anytime soon. So not sure if I can get rid of FHA. But as is looks like I can rent it and break even monthly...

I have been playing the Rich Dad Cashflow game. Really pounds it in your head that once your passive income outweighs your expenses then you are on the fast track. 

@Matthew LoPiccolo You mean Cash as a downpayment or and all cash offer? I realize the power of Cash, wish I had more at the moment. I have also looked into seller financing where I could use less cash. Haven't fully wrapped my brain around that one yet. 

@John Sledge Thanks for the tips. I guess I need to start talking to several lenders to see what I am working with. I do see the benefit to starting off in my own back yard. Especially since I am in construction in Denver and can basically GC the project myself, I know all of the subcontractors, suppliers in town. I have some more to think about it seems... Maybe I'll start by talking to lenders in both Denver and Florida. I can't believe I didn't consider the fact that my rented basement will alter my income as the lender will see it. 

@Griffin Schermer Thanks for the input. Yes one of my next goals is to join some type of real estate investors association or group. I just took a "research vacation" to Florida last month. rented a car and drove all the way up to Tampa and all the way down to Marco Island. Trying to see with Real Estate Eyes. Something draws me to the Gulf side and especially the Fort Myers Area. It's crazy many of the properties down there have some type of boat access even if the house isn't on a coast. Even low end market like mobiles etc. Gotta watch out for HOA's down there though. I will continue to talk to friends and family as well. I will be honest, I am hesitant to jump in with friends or family.

@Mike Wadsley & @Jeff White sorry I was having problems tagging people due to my pop up blocker. Thanks so much for your input! I did reply above.

@jeff white yes! I currently rent my lower level of the split level with private room for 895 / month. I have saved all of it. Still it will take years to reach a proper down payment! 

@Stetson Miller Good Call. I haven't actually spoken with one yet. However, I co-signed with my wife on my current loan and we pretty much maxed out our buying power a few months ago. But I will check. I seem to think that a hard money loan or something like that it what will be needed to start the fire! Thanks! 

@mike wadsley YES this is exactly what I was thinking! I love the Fort Myers Area and hope to build a portfolio and ultimately retire there. I purchased my home in Denver at the beginning of the Covid Fear. I was able to get into a house under asking price miraculously and it has gone up about 20k. Unfortunately I have an FHA loan on my house and I don't think I qualify for Heloc yet until I get to 20% equity. I was thinking using a hard money loan on a flip to get started possibly...