All Forum Posts by: Adam Kuhn

I am looking at a  side by side duplex in a great neighborhood.  There are not many comps that I have been able to find as it is mainly a single family community.   I am having trouble determining what to offer/what property is worth.

Each unit has 2000sqft, 3 br, 3 ba, office/den

Unit 1 rent is 1965, Unit 2 was rented for 2000 but is now recently vacant. So when full $3965

Taxes about 6,000

Tenants pay for utilities, snow, lawn.

Property has been kept up well. 

Any advice for determining what I should offer/value of the property? 

I have been flipping houses for the last 8 years part time (~30% of my time) and have done about 15 projects.  My dad has been my partner (The bank) and things have gone pretty well with the current set up.  I am coming to a crossroads where I need to decide whether or not I am going to go 100% into my other job or leave it all together(leaning towards this).  I find a lot of enjoyment in real estate and am looking for ways to make it my main income source.  I would continue to flip houses but finding them has been harder as the market is so hot. 

Mainly looking to see if anyone has any advice for taking that next step and suggestions/advice for diversifying and making this more of a main income stream.  Any other topics/posts on here people have found helpful in this area?

Thanks

Looking to get any feedback on my first duplex deal.  It is not a huge cash cow but property is in great condition and in an easy to rent area and hot market. 

Purchase - $259,900, 25% down (roughly $65,000), 4.375% rate

Both units rented to long term tenants - Currently brings in $1750 but the upstairs is atleast $150 under market value so I would look to up to $1900.

Payment, Insurance, and Taxes - $1350/month.

Tenants pay all utilities

Seems like an okay deal with rents at $1750 and a solid deal at $1900.  

Any comments would be appreciated, thanks in advance. 

Call Josh Haase at Haase Construction, I have used them several times, great guy.

I have a financial partner with whom I have done all of my rehab and flip projects and we are able to pay cash for everything, no bank involved. 

I am looking to start building a portfolio of rental properties however my partner is not interested in buy and hold, simply continuing to do rehabs. 

Any suggestions on how to go about financing these projects? Do I go the conventional route and get a 20 or 30 year mortgage to start on the first couple? I have a sizable amount of money saved up and ready to put down 20%+ on my first 2 or 3 buildings but am not sure if that is the best way to tie up my money at the beginning.   

I could have another partner with some cash to team up with but I am not looking to necessarily add another partner to the mix. 

Any suggestions for getting started would be appreciated. 

Been reading the site off and on for probably 4 or 5 years now.  

I have been rehabbing and "flipping" houses part time since 2008.  I am finishing up my 13th project right now. 

I am interested in turning real estate into a full time job.  I joined to gather more information and advice from people who have made the jump into this being there full time profession so any advice would be appreciated. 

I look forward to learning a lot from you seasoned vets.