All Forum Posts by: Brock Jenkins
Brock Jenkins has started 4 posts and replied 9 times.
Originally posted by @Grant Schroeder:
@Brock Jenkins As @Don Spafford pointed out, it is best to get into the condo early as an investment property. The HOA will have limits on STRs and the % of traditional rentals allowed. Typically HOAs do not allow STRs. Fannie Mae has no limits on how many investment loans in a condo complex, they just have the below guidelines about a Single Entity owning a certain numbers/% of condos in a complex:
A project meets the definition of single-entity ownership when a single entity (the same individual, investor group, partnership, or corporation) owns more than the following total number of units in the project:
- projects with 5 to 20 units – 2 units
- projects with 21 or more units – 20%
Great info, Grant. @Don Spafford The new complex me and my partner are looking into is the Teton River Flats in Rexburg. Teton River Flats Rexburg
My partner has been in talks with the builder to make sure we get in during the investor eligible period.
I am also interested in the condos that are going up in Idaho Falls as this is the initial area I have been looking to invest in. I prefer multifamily, but under my current partnership we are working on STRs. I would love to connect to both of you, Grant and Don.
Originally posted by @Nicole W.:
@Brock Jenkins 1st and foremost check to see if you can (a) rent it out and (b) as a short term rental in the CCRs (the condo rules and agreements). This is one step earlier than what you are asking but this is the most important.
Thanks for the feedback, Nicole!
Hello BP community!
I’m am a new investor and looking in the Idaho Falls/Rexburg area. There is a new community of condos going up that I want to purchase for a short term rental. I really like the growth of the area and the near by attractions.
What type of questions should I be asking builders before I purchase a new construction condo?
What information should I have before talking to the builder?
I know they will probably only tell me the sunny side to sell their properties but I’m sure there’s other info I can get from them.
I am doing this from California so any help would be much appreciated!
@Brandon Carlson
Thanks for the insight, Brandon!
It looks like I have a lot of research to do!
@Peter Mckernan
Hi Peter, I'm looking in the Riverside/Corona area specifically. I should have stated that I would like to avoid having roommates as me and my girlfriend will be moving in together. I really like the idea of an ADU from a detached garage.
We are trying to stay in the $350k-$400k.
Thank you for reaching out!
@Brad Sneckner
Hey Brad! I really do not want to live with roommates since me and my girlfriend will be moving in together. I really like that idea of an ADU. And thanks for that tiny home resource. I will be looking into that!
Thanks for the response!
Hello BP Community!
I have grown more and more interested in pursuing a rental property, but do not own a home myself. I’m looking into a house hacking strategy, but there are not many duplexes, triplexes etc. in decent neighborhoods in Southern California where I live.
I was wondering what other house hacking strategies there might be other than a owner occupied multi-family home?
Thank you for any feedback!
When having multiple rental properties how do you separate you CapEx funds?
I feel like it can get dangerous having all properties savings in one account, but I feel like there has to be a better way than having a separate account for each property.
I can see this being easy with one or two rentals, but what do you do once you get in to the 5-10 range.
Thanks for any feedback!
I really want to get started with my real estate investing journey, but I feel caught up in the nuances of the first couple things to do.
What kind of questions should I be asking when initially screening realtors? How do I know if they would be REI friendly?
This is specifically for out of state investing since my market (Southern California) is mostly out of my budget. Any advice would be much appreciated.