All Forum Posts by: Daniel Dobbs

out of those I'd go option 1. My question would be, why are you paying down to 20% Equity? My other question is Why aren't you renting out the $1800 side and living in the $1200 side?

House hacking is good, but 1 sides rent should almost take care of all expenses. Right now, you are paying what 1300 or so? the other way you would only pay 700, saving an extra 500 or so. You already have 36k in the property. Paying 40k that I can't touch to save what $130 isn't worth it in my opinion. Put some of it in an account for repairs and such. Then use the 20-30% downpayment I had on a duplex / quad that cash flowed well. If you find one that house hacks better that's when I'd consider moving. $700 a month on rent you're paying what $1000 for living expenses. Minus all the extras. That's just my thought process.

But out of those two I'd go option 1. At the same time, I don't know how your financial state is. If you make enough $400 cash flows and get you one that house hacks better. Put the $400 in the repair account, take my saving and save up for the next one. I lived in the first one for 2 years then at 5 years check to see if I could sell it and make some $$. Hopefully I'd have enough to finance 2 more duplexes. But if you'd like to talk real estate hit me up. I don't do financials but that's what good accountants and banks are for right?

First, I'm not a lawyer and under no circumstances offer legal advice. Second, it will take a lawyer that specializes in Real Estate law, which we have a few good ones in Nicholasville. 

Honestly the few others that can't be located will make this a difficult one. Which will require a lawsuit and then the court to make the decision. 

But you'll want to take care of the deceased. In Kentucky, if heirs own property together as tenants in common, the land will remain in the name of the deceased person unless the heirs change the title or deed to reflect their ownership. To do this, they can go to the appropriate administrative agency or court in their jurisdiction.

SO, get a good Real Estate lawyer, not all lawyers do real estate. Here are 3 top rated on google. 

Mary Estes Haggin (859) 231-8780

Richard David Lom (859) 963-1939

Mark E. Yonts (859) 621-3910

Good Luck!

What will generate the most income comes to how much time you want to put into it and the location of your SFH. Right now, the rental market is pretty high if not too high in a lot of areas.

As for options you can improve the property to get max rents for that rental if you aren't at max yet. 

Then you have the short-term and mid-term rentals. I'd check out those sections in the Real Estate Strategies section. They can make money but from what I've seen your more in the customer care and takes more of your time. Also, there are other costs to consider when doing these other strategies. 

I would recommend connecting with other investors in your area. Not sure if they still do but Louisville used to have an investor meet up pretty regularly.

Another option could be to sell and upgrade to multi family.

I used Prep Agent, and they have tests that you can use to see how much you are retaining. If you don’t want to pay for Prep Agent, YouTube has some stuff you can use and you can find some free tests to take online. Other than that work through it as fast as you can, it will build a foundation for you to use in the Real World of real estate. Good luck when you go take your tests! 

If you are looking to build your investments the cash flow may not be the best at first but with time will get better. If you are looking for the best cash flow you have to do what makes since in that regard. Also depends if you plan to sell those and move to bigger rentals of if you plan on staying with 2-4 doors. 

I am not a bank, and don't know your financial situation, but there are several options when it comes to buying investment property. Between the two options, option 2 would be good. Get the next place sooner, you're still cash flowing and you're not putting more money into the deal your already in. 

Feel free to reach out, my info is below. I'm a Realtor in the Lexington area.

 Hope all goes well. I am curious why they made such a big hole in the drywall though. 

Did they add a bed and bath?

About a months rent would be covered by the deposit they wont get back when they move out. Would depend on what a few months are imo. 2-3 months let it go, keep the deposit and fix the place. Just make sure it's all documented. 

If a few months is quite a while and they are damaging the property further then evict them. 

Did this place get broken into? That's a pretty big hole in the drywall.

 If you’re in the Lexington area would love to connect, I’m a local agent in the area. 

Hello, welcome back. Sounds like you have a lot of experience. Have you thought about expanding out of Louisville? What’s your end goal?