All Forum Posts by: Roman Puzey

Currently own a 1 bedroom in Denver area thats an MTR and been cash flowing pretty good and just bought a house last year with doing 2-1 buydown (4 bed, 3 bath, 2400sq ft of livable space, 3200 total). Instead of selling the house (location is Arvada btw) thinking of turning it into MTR, no repairs needed on the house outside of backyard is kind of a jungle and needs landscaping work. There is a house nearby that i was able to see on FF that is going for a decent price per month. Based on peoples experiences in MTR in Denver area, is it a good idea to turn a house into MTR, especially of such size? Do those get rented often? Right now we require two incomes in order to afford the mortgage and looking to downgrade/rent for a while and be a single income household so wouldnt be able to pay the mortgage for the house unless its being consistently rented on FF. The rent would need to be higher than 4k

Hello,

Looking for real estate friendly investors, wholesalers and any resources on hard money/private money lenders in Denver area. Trying to get into BRRR strategy and want to find distressed properties that be used as MTR moving forward. Currently have 1 MTR property in Denver area and looking to grow the rental portfolio. Happy to connect! Any information would be helpful on this

Hello,

How do we handle monthly payment for tenants that move in towards the end of the months like for example on 21st of the month and then they are moving out on 24th of the month 6 months later? Do we just make them pay the pro-rated rent from 21st until the end of the month or are they paying for the full month as soon as they move in plus the security deposit? Trying to figure out the verbiage in our contract where it says "The remainder shall be payable in equal monthly installments of blank amount each, due on or before the blank day of each and every calendar month throughout the lease Term, commencing on the blank day." Any thoughts? suggestions?

Hello,

We have done a lot of remodeling/updates to our existing property that we are about to start renting (furnace, ac, kitchen etc..). We are wondering if we can right that off for our tax return next year without having an LLC or do we have to create an LLC and put all the expenses under it even though they already been done and we didn't have an LLC at the time when we made updates?

Open to suggestions

Quote from @Allan Smith:

Most of the brands use the same components from same manufacturers. I wouldn't get a no name low tier brand, but even Goodman or Rheem is pretty decent. Trane will last 25+ years and is probably the best value.

Would you recommend Trane over Goodman or Rheem? Whats the difference between low tier and higher tier brand?

Hello,

We are getting ready to install new AC/Furnace in our condo that's about 700 square feet. We are probably going to go with 80% efficient since thats the cheapest option and we don't think medium or high end performance is needed for such a small space. Does anyone have recommendations/experiences on what brands to go with for the rental property and if they start causing a lot more problems down the road vs buying a medium/high end one? 

Quote from @Bonnie Low:

You've already named all the main outlets for reaching travel nurses. If you only have one unit you probably won't have much luck with hospital personnel, but it's worth a try if you want to leave no stone unturned. It can take 30-days or so once you list an MTR if you're targeting travel nurses because that's about the time frame in which they get their contracts and start looking for housing so be patient. You might also consider what other groups you could target: digital nomads, insurance placements, corporate housing, construction companies, academics, relocations. Depending on your type of property you might find a broader audience than just traveling medical professionals.

do you have any suggestions on how to target those groups?

Hello,

Trying to figure out what are some of the way to get traveling nurses into your property. I know there are specific facebook groups that are available and furnished finder is used for advertising the property. Would having it on Airbnb/VRBO help to get more awareness about our property? Also, calling the hospital directly and getting a hold of HR department so they can help with what traveling nurses they have available in the area that are looking for a place to stay is a good route to go to as well? We still finishing up the property a bit, in terms of getting the legal portion done (contract), some minor fixes that will only take couple of days, some small furniture and taking professional pictures for FF advertising. Then it will be a matter of time but also how to get someone into our property

Quote from @Jaron Walling:

@Roman Puzey We're in a similar situation right now... house for sale... looking for the right buyer. We can pivot and the rent the property if necessary.  

What's the interest rate on the HELOC's? I don't know your experience level but don't get trapped under high interest rate loans regardless of the strategy you choose. Assuming you have reserves 1-2 months is not a lot of time. I'd stop using a HELOC to fund things. You're robbing Peter to pay Paul to get a property up and running. That's my opinion.

The interest rate is not fixed, its variable so its at 6.8% right now I believe

Hello,

We are just starting out with our first MTR property and we are currently paying for 2 mortgages at the moment (house we bought and live in and for the condo that we are going to MTR that we used to live in). We haven't finished furnishing it yet fully (looking to spend between 1-2k to furnish it fully), also some minor things needs to be done in there (<800$) and will need to verify the contract that we have with a lawyer to make sure we are protected. Kind of getting into analysis/paralysis regarding how long will it take us to rent it after we are finished getting it ready? Having a fear that 1 or 2 months we wouldn't be able to get anyone in there, so my question is how long do you keep trying for and manage 2 mortgages before deciding its not working and we should convert it to LTR or sell the place? Anyone with previous experience on this would be helpful. Currently we are using the HELOC funds to furnish the place and also used the HELOC to buy our new house.