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All Forum Posts by: Aaron Zimmerman

Aaron Zimmerman has started 12 posts and replied 1306 times.

Post: Duplex Deal - What to look out for?

Aaron Zimmerman
Posted
  • Accountant
  • Chicago, IL
  • Posts 1,327
  • Votes 615

No major red flags. Older houses tend to have issues like this. #3-5 are largely non issues/minor inconveniences outside of no gutter on a section of the roof. 

The ac units going is not ideal but certainly something to model out. For the basement moisture, you might want to get someone out there to inspect that further  

Post: What’s the Best First Step for a Young Investor?

Aaron Zimmerman
Posted
  • Accountant
  • Chicago, IL
  • Posts 1,327
  • Votes 615

House hacking in an a more expensive market like salt lake is the way. You'll be able to maximize your down payment and get plenty of leverage. I would recommend learning as much as possible about house hacking as you save up for your down payment 

Post: Future Duplex Owner – How Do You Evaluate Returns?

Aaron Zimmerman
Posted
  • Accountant
  • Chicago, IL
  • Posts 1,327
  • Votes 615

@Tajana Reagan of course! Happy to help!

Post: Getting started later in career

Aaron Zimmerman
Posted
  • Accountant
  • Chicago, IL
  • Posts 1,327
  • Votes 615

It depends what you're willing to do. You have a few options:

1. house hack a multi family which will reduce housing expense.

2. Buy a property with 20-25% down that needs cosmetic rehab and boost rents.

3. Buy a total gut that you'll likely need hard money for construction and purchase.

4. If you don't want to house hack, you can do the live in flip. Buy the worst house in the best neighborhood and fix it up. Live in it for 2 years and then sell. 

Post: Future Duplex Owner – How Do You Evaluate Returns?

Aaron Zimmerman
Posted
  • Accountant
  • Chicago, IL
  • Posts 1,327
  • Votes 615

@Tajana Reagan absolutely. If you can break even while living there, that's incredible. It's just with todays interest rates and prices, it's a bit more difficult.

Key lessons:

1. Vet existing residents. The last thing you want is an eviction.

2. Carefully review inspection report to know what items you'll need to spend Monday on in the first couple of years.

3. Have plenty of reserves in case of any storms. 

4. try to improve the owners unit while you live there to maximize rent upon move out 

Post: College student getting into real estate

Aaron Zimmerman
Posted
  • Accountant
  • Chicago, IL
  • Posts 1,327
  • Votes 615

You are on the right path. House hacking in Boise is a great market and one that I personally loved when I visited. Rent by the room allows you to maximize cash flow. I'd encourage you to save up reserves, build credit, and gain employment if possible. Best of luck on your journey!

Post: I have 20k ready to invest

Aaron Zimmerman
Posted
  • Accountant
  • Chicago, IL
  • Posts 1,327
  • Votes 615

I would house hack. However, I'd make sure you have plenty of reserves to weather any storms. 

Post: Rent Cheap to Invest More… or Buy Your Own Home Now?

Aaron Zimmerman
Posted
  • Accountant
  • Chicago, IL
  • Posts 1,327
  • Votes 615

Totally depends on the individuals situation and I agree house hacking is the move if you're single or DINK. It can even work with a young family but might be harder with a larger family due to space constraints. Despite that, I'd say the live in flip for larger families is doable with the right amount of effort 

Post: 100% Bonus is Back - What it Means for MHP operators

Aaron Zimmerman
Posted
  • Accountant
  • Chicago, IL
  • Posts 1,327
  • Votes 615

Thank you for sharing! Mobile home parks are a very lucrative asset class for bonus depreciation 

Post: Brand new to rental property investing

Aaron Zimmerman
Posted
  • Accountant
  • Chicago, IL
  • Posts 1,327
  • Votes 615

Dan - welcome! 

You will want to start educating yourself while you have time to learn. I'd recommend biggerpockets as well as the straight up Chicago investor. 

I would read any David Greene or Brandon turner book. I would also read set for life to get the fundamentals of personal finance. 

You will also want to build your network now so I'd encourage you to go to some amazing local meetups.

Feel free to reach out with any questions. Happy to help!