All Forum Posts by: Aaron Zimmerman

I think you should go with 2-4 unit multifamily to start. You want to learn on smaller deals first and then grow to the larger ones. How long is the loan for on the dscr loan? Something to consider is if it's 5 years, this is a little riskier than longer term debt because there's a lot that can happen in 5 years (rising insurance costs, property tax increase, etc) that can kill cash flow whereas a 30 year fixed provides some stability. 

Welcome Vincent!! What have you learned while renovating the duplex?

I would second@Milton Chamberlain's recommendation on contacting a cpa in Canada to guide you on what needs to be done from the Canadian side. From there, you can discuss with a US cpa what needs to be done here. 

It really Depends on your goals and comfort with leverage. Personally, I'd look to use a 3.5% fha or 5% conventional to purchase a house hack and improve the property while you're there. It is definitely a smart play given you have a fully paid off building.

you can certainly get into 5+ multifamily but there are shorter loan terms (which makes them riskier) 

Congrats on the purchase! What's your net out of pocket? What would you have been paying for a comparable place?

I'm a little biased but I think Minnesota is great. There's so many amenities with living there and overall good quality of life. There's many suburbs or exurbs where you can do this in Minnesota. 

wisconsin and Michigan are also good. I'd imagine the laws are a little more pro landlord there compared to NY and MN 

@Hayden J Trossman I would do it while You're under contract. I'd stress to the seller that you're a serious buyer and will not nickel and dime them on price outside of unknown issues (i.e. basement) 

@Monish Anand got it. Just so you're aware - CPAs selling their services can't self-promote. I'd encourage you to look through the forums to see who's active and interview a couple of people. From there, you should be able to get the clarity you're looking for!

Chad Carson is certainly a success story. Personally, I'm still in the building stage of my journey. I echo a lot of what Jason said about needing other capital sources to fund real estate. The sooner you can get those cranking, the more properties you can buy and the quicker you can generate cash flow. I'd say in my experience, cash flow is not particularly strong right out of the gate, especially as you stabilize. But, as rents increase and your expenses ideally do not increase as fast as income, you will see stronger cash flow in the later years. 

What software system do you currently have? Are you wanting your next cpa to do bookkeeping and file the tax return?