All Forum Posts by: Bryan Balducki

@Jesse Rodriguez I would speak to your insurance agent about extending your coverage for renting to tenants. A basic plan will not be enough to protect you against tenant injury and damages. I am no insurance agent, but I did have to upgrade my plan when switching to a rental or house hack. Hope this helps!

@Ethan Brown always open to connecting with like minded investors. I am a 4x house hacker/Airbnb operator and investor friendly realtor in Denver. I am part of a mastermind here in CO where we do exactly this, keep each other accountable and push each other to grow to the next level. Feel free to reach out, I am more than willing to talk goals and take action!

@Zach Tisk not only would I save for a house, but I would work on building your credit. You could also ask a family member or friend to step in and co-sign to speed up the process, but building your credit will be the key if you want to purchase a property on your own, unless you go with a non-traditional financing route. Great on you for wanting to get started, and I would recommend making your first purchase as soon as you can. Hope this helps!

@Neel P. hard for me to see the contract you posted, but I believe the seller’s broker is correct if you are past the loan termination deadline, which is usually close to the closing date. If you kept extending the closing date along with the loan termination deadline, then you could be in the clear, but that deadline is the last chance to get your earnest money back. I would check the most recent amend extend contract to see if the loan term deadline was also changed to the new closing date. Hope this helps!

@Rocco Swinney I believe the expectation is that either the landlord or pm will be at the property for the plumber if the tenant can not be present, though I’m sure some leases are written differently. If the tenant can be there and is willing, that is just a plus but shouldn’t be expected, unless your lease specifies differently.

@Gregory Craig I am a real estate agent who owns rental properties in the Denver area. Something that comes to mind…you could do a cash out refinance if you have equity in the property, in order to purchase your Florida investment. My question would be, would this NY property be a good rental? If not, you could also go the 1031 exchange route to avoid paying taxes on the capital gain. Feel free to reach out to me and I could put you in contact with a NY realtor, depending on the area, or give tips on turning it into a rental. Hope this helps!

@Ruben Galindo I tend to allow shorter terms if the tenant is moving in after Summer, that way the lease expires in Summer. In Denver anyways, it is way easier to rent out in the Summer compared to the Winter. The last thing I want is a lease expiring mid winter, so I tend to use different terms in this case. I also have had month to month leases, and each one has stayed for over a year. These leases did complicate my next loan, so I’d keep that in mind. Banks like to see 12 month leases and up when using rental income to offset expenses. Hope this helps!

@Barbara Wilson-Scranton meetups are the best way to do this. There are many in CO and I definitely recommend them. Also, lenders will usually be open to speaking with you if you reach out. I’d call multiple lenders and explain your goals to them and ask questions you have. Also, you are off to a great start by posting in the forums. Bigger Pockets is full of investors. Good luck on your appraisal studies!

@Lauren Zuend great on you for having a plan to get started! A couple books I recommend would be “the house hacking strategy” by Craig Curelop, “Set for life” by Scott Trench, and “retiring early with real estate” by Chad Carson. There are many other great books, but I recommend these to start with.

I do not have personal experience using an FHA loan but I know there are property requirements for an FHA, which makes it less competitive compared to a conventional loan. That being said, I know a friend who closed on a property with an FHA loan and there was a better offer using conventional. He got accepted due to clear communication between agents. FHA would be a great way to get into a duplex to fourplex if you don't have the down payment necessary.

Always open to connecting! I am a 4x house hacker realtor in Denver, looking to connect with like minded investors and those interested in starting. Feel free to reach out with any questions you have!

Hope this helps.

@Daniel Kevin Lara having another host would work, but I would look further into why you’ve been banned. I’ve had great experience with airbnb customer support and they should be able to provide an explanation for you. You could also try setting up a new account under a different email and phone number…I’d look into these options before paying out part of your revenue to someone else for just using their hosting account.