All Forum Posts by: Adam Tafel

Man, that's a tough one. I'm assuming that a side by side would grant some sort of easement-of-sorts to it's other half - contacting your local zoning department would be a good way to start. When you share a wall I'm sure you have legal rights - although you never want to start a new relationship citing a law or threatening that sort of action. 

@Steve Gerten - I went to Kaplan online for around $800, but if you have the time you'll learn more in an actual class. The exams and licensing costs around $150, and you'll pay around $700/year in MLS fees. They might nickel and dime you a few other ways - but I think that's it. Certain brokerages will offer incentives to refund various fees after your first few transactions, so be sure to shop around.

Welcome to BP LaPrice! The Twin Cities is a great market for newer investors for so many reasons. Healthy economy and solid growth, yet attainable prices for newbies. Keep reading and listening, and meet with a lender ASAP! 

@Account Closed - great post! Very curious how you built your business - I've always felt a little too conservative to drink all the brrrrr coolaid. Not hating or saying "I told you so", and I think the majority of educated BP members put thought into their deals to plan for hiccups like this. Hopefully most of us weather the storm! 

@Maurice E. Stokes Jr - this is the most frequent question I get: should I wait? Finding your first deal is a process, and most likely a long one. Have you found a good buy? Are you ready to make an offer? Honestly I'd give it a week if it were me - let's not minimize what is happening right now - this pandemic is a big deal. Will it dramatically effect housing prices? Maybe not, probably not, but... You've waited this long to buy a deal, I wouldn't jump into anything without considering the big picture. 

I am on team “dogs-ok, no cats”. SF so I don’t worry about other tenants, and covered by homeowners and umbrella policies. Allowing dogs puts my properties in high demand and allows me to charge more. Most landlords in my market allow cats, so I just don’t see any competitive advantage. Cat allergies are generally more common/severe, and the urine can ruin a place.

Well said @Chris Clothier. I needed this today, greatly appreciate it.

If you are able to wait it out, gains on a Qualified Opportunity Fund can be close to tax-free. You'll be taxed on the difference between "fair market value" and sales price, which should be pretty close. Both methods require the expertise of an experienced team- your lender and agent should know the ins and outs of the process. 

@Gavin Dowdy - When I'm met with a difficult financial decision I try to focus on the "why". Does moving to Portland excite you? Where do you want to build your career and set permanent roots? If you love your current town and would be moving for financial reasons, maybe it's not such a smart choice after all? 

Give yourself options. Breaking even or slightly negative cashflow are going to bite you, especially when maintenance and unforeseen repairs start to pop up. If you have the cash reserves and income to qualify for a killer Portland househack, maybe a slight financial loss won't make a difference in the long-term? Can you try a short-term solution like Airbnb, or market the property as a furnished month-month rental for a premium? Could you reach out to friends and family, and attempt to sell the home off-market and break even? 

Bottom line: you're 22. If you already own a home you're WAY ahead of your peers, and you'll be set up for a lifetime of successful REI if you keep learning and working hard. Move to Portland and take a loss, stay in town for a few more years, I wouldn't obsess about the numbers at this point.

@Nijha London - starting with a lending is the right way to go, you're already ahead of the curve. Most buyers want to find a property first, but the lender is the most important member of your team. Since you are new to investing I highly recommend "househacking" - getting a FHA, VA, or conventional loan and occupying a multi-family for at least 1 year.

Start with your personal sphere- if you husband is from the area he can reach out to friends and family. BP is obviously a great resource, plenty of helpful and qualified lenders within these forums. 

I recommend Keller Mortgage to many of my clients- they have the lowest closing costs and best terms. You'll have to work with a KW agent to qualify. Good luck!