All Forum Posts by: Conner Olsen

Any experience with using 1031 exchange? What are some of the downsides??

Hey everyone, I currently live in the south Austin area and am looking for mentorship opportunities to learn more about real estate investing. I am in school as of now with a little over a year left to go and want to work with someone to build my financial education and knowledge in the world of real estate. I do not necessarily need a job, I am just eager to learn as much as I can from someone who knows what they are doing. If anybody can lead me in the direction of someone near Austin or who is familiar with the market near Austin, I would really appreciate it. 

I have been checking a few houses to invest. One of the houses I'm looking at says " ADU" what does exactly mean? It is historically reserved so If I purchase this out, it would have a lot of restrictions?

Looking for other peoples opinions on what would be a preferred SFR investment property as a buy and hold.

Option A: New (0-3 year old) 3 story townhouse (garage on the first floor with no personal driveways) 

Option B: Average semi updated ranch built in the 60-70s with carport/detached garage. 

I own my home (have a mortgage). I want to keep my home and use it as a rental property. However, I need to do about $15k worth of work to get it ready. Due to a divorce, I don't really have the equity to refinance or get a HELOC. So, I've heard that if you get an LLC with an EIN, you can get a business credit card. Could I do that and use that to fund the renovations?

I'm looking into buying a property with a sibling and renting out a portion of the house to help with the mortgage. We're approved and have been outbid several times on homes where we offered 15-20k over asking. 20K over asking on homes that needed bathroom and kitchen remodeling as well as other minor touches. Supposedly most of the houses we looked at always had 10+ offers so we took some time off from looking at homes in order to not compete with families who were looking into moving into a home before the new school year. 

My sibling and I aren't in any rush to buy a home but we're hoping to make a move soon and give it another shot in acquiring our first home. The question here is, should we wait for the market to calm down? Or pay top dollar leaving little room for future appreciation gains? 

Another option on the table is buying a short term rental property in the Poconos, PA on my own. The goal would be to generate equity in that home to than use in the future to buy a home on Long Island when the market is right??

Any other strategies I should look into?

How did they manage it @Conner Olsen? How did they stop the work around I mentioned? (Something NYC could follow.) it seems weird they would force everyone to rent for a year minimum. And they force a large penalty or landlords can just charge a small fee?

Personally I’d write it something like this is a 1 year lease. If you break the lease with more than a 30 day notice before you leave there’s a $100 fee. If you break the lease with less than 30 days notice before you leave the fee is one month’s rent. 

Hey Everyone, I have a client buying a house in Tolleson, AZ. He is looking to rent it as a furnished mid-term rental but the HOA requires a min of 6 months on any lease. Does anyone have any experience trying to get a 6 month renter and know if it was significantly more difficult than finding renters looking for a 3 month rental?