All Forum Posts by: Adam Tafel

Man, those taxes are a killer. Probably not, unfortunately. Have you used the rental calculators on BP? Totally worth the Pro Membership, in my opinion. What market are you looking in? 

Reviewing 100s of deals every month for clients gives you a pretty good eye. Being well-versed in negotiation tactics, market values and rehab costs goes a long way. Having said that, getting a real estate license for the sake of being able to represent yourself might not be the best deal. There's a big difference between getting your license and working as a full-time Realtor. I'd personally rather have an expert represent me in any area in which I'm not familiar. If I'm buying a vacation home in Florida, I'm absolutely using another agent. 

@Lucy Iburg - double check with the city on ADU regulations. From what I understand, you need to occupy the main residence in order to legally rent an ADU in St. Paul. Do you plan on living in the home? It's likely you won't be able to get a CO after vacating, which you need for Airbnb.

I agree with all previous posts, only do it if the numbers make sense for a traditional tenant. My STRs are doing fine, we are booked through the summer. I've been managing Airbnb properties in St. Paul for 5 years, feel free to reach out if you have any questions. 

Do you have a good lawn-care guy? Mine serves as a great set of eyes and ears, happy to refer him to you. He can also do other landscaping/gutter cleaning type tasks. Shoot me a PM for contact. 

The police aren't going anywhere, can you imagine a world where criminals are allowed to have a free-for-all 24/7? Impossible. I believe what they are suggesting is stripping the police of some of their responsibilities, having the department less involved in situations where a separate government body might be deployed to assist. In theory it's not the worst idea I've ever heard, we shall see how it plays out. I imagine that real estate will be unaffected in the long-term by any shifting of police duties in Minneapolis. 

@David B. - are you confident you'll achieve a 300k ARV after a 10k investment? If the place is completely trashed and needs basic cosmetics it's possible, but that might be a bit optimistic. I probably wouldn't mess with hard money for such a small rehab job, or plan on a refinance going my way, a little risky for my taste. Also, if you refi at 300k, there's a chance you might not cashflow very well with $2300/mo in gross rents, especially paying a commercial interest rate.

I'm seeing quite a few of these mid 200s deals pop up on S Minneapolis lately, most need a ton of work but seem to be decent opportunities. Reach out if you'd ever like to discuss!

@Eric L DeLare - welcome to BP! Most of my investor clients use Tim Swierczek, feel free to send me a PM for his contact info, I can't post it on here. My team is very househack-focused, working mostly in the Twin Cities, but reach out anytime if you have questions or need advice!

@Andrew Youssef you're welcome! Where are you located? 

Welcome to BP! I've been using Airbnb for years, the extra income has definitely been worth the hassle. Check with your local laws, chances are you can't Airbnb all units. Run numbers as a traditional rental before offering, don't count on Airbnb income to make the deal work. Have a backup plan. Airbnb guests are incredibly picky, and the success of you business will be dependent on reviews. You don't need anything fancy to make it work, but it's got to be a clean place in a good location. 

Save money like crazy, network with lenders and agents, and househack a 2-4 unit property. Best bang for your buck in most markets.