All Forum Posts by: Daniel Haberkost
Daniel Haberkost has started 12 posts and replied 677 times.
Post: Rent per room/house hack
- Rental Property Investor
- Colorado Springs, CO
- Posts 682
- Votes 729
@Hai Loc yep I agree 100%
Post: Help with Buying my second home!
- Rental Property Investor
- Colorado Springs, CO
- Posts 682
- Votes 729
@Dimitri Jean-pierre
Really? That’s so cheap I was not expecting that from FL! Well that definitely helps then, with a 40k salary and $1,500/month coming for your rental you would probably be close. Do you have any opportunity to move up in your current job?
Aside from that, if you have a family member that would be willing to co-sign that could get it done as well.
Post: Morning Routines? Who has them?
- Rental Property Investor
- Colorado Springs, CO
- Posts 682
- Votes 729
@Connor Stark
Wake up at 5, meditate for 10
Min, glass of water, journal, read, workout.
Starting my day off this way makes a world of difference. I’m much calmer and more focused.
Post: Help with Buying my second home!
- Rental Property Investor
- Colorado Springs, CO
- Posts 682
- Votes 729
@Dimitri Jean-pierre It depends, what is the price range of the properties you're looking at and what do they rent for?
Post: Why Do You Young-ish Entrepreneurs/RE Investors Fail?
- Rental Property Investor
- Colorado Springs, CO
- Posts 682
- Votes 729
@Nicole Heasley Beitenman that sounds familiar.... I bought my first property (a duplex) in Parma when I was 21 and I'm in the same type of situation. But that's how we learn I guess.
Post: Help with Buying my second home!
- Rental Property Investor
- Colorado Springs, CO
- Posts 682
- Votes 729
Hey @Dimitri Jean-pierre you want to be sure you stay in your current house for at least a year since you used an owner-occupied loan. Once you've satisfied that requirement you should be able to use the rental income from the house you're currently in to help you qualify for the next one.
-Dan
Post: Rent per room/house hack
- Rental Property Investor
- Colorado Springs, CO
- Posts 682
- Votes 729
@Mohamed Mahmoud The amount of hassle and potential conflict involved in 4 strangers sharing a bathroom would make the 3/2 the better option in my opinion.
I have a friend who house hacked a 3/1 and even three people (who knew each other) had issues sharing 1 bathroom.
Post: Would you rather? Sell, refinance, or rent out old primary...
- Rental Property Investor
- Colorado Springs, CO
- Posts 682
- Votes 729
Originally posted by @Mary White:
My current primary residence is worth $250,000-$275,000 and I owe $118,000. We just closed on a new home and didn't have time to refinance the current primary due to other loans closing. Now we need to pick our best route forward to continue our investing. The house in question is in a highly desirable neighborhood and has been fully remodeled. Also, we are long term buy and hold investors with a current mix of single and multi-family homes and. We're set to close on a 4-plex in January and will be ready then for financing needs. Would you rather...
1) Rent out property and do a cash out refinance at 70-75% LTV leaving $50,000-$75,000 for investing and about $200 cash flow per month.
2) Sell the property and get between $120,000-$150,000 (For sale by owner) for investing
3) Find a HELOC product for an investment property
4) Rent it out for 1-2 years and then sell to avoid capital gains and allow for appreciation or at least re-evaluate.
I would love to hear advice and also stories about what options you have chosen and how it's worked out for you.
In my opinion, keep it and refinance. If it's a nice house in a nice neighborhood that's the type of RE to keep! Especially if it still cash flows after the refinance. My personal opinion on single family homes is (generally) the real wealth building comes from the amortization/appreciation over time. So if you're a buy and hold investor as well, I would take that route.
-Dan
Post: Why Do You Young-ish Entrepreneurs/RE Investors Fail?
- Rental Property Investor
- Colorado Springs, CO
- Posts 682
- Votes 729
Originally posted by @Nicole Heasley Beitenman:
@Daniel Haberkost There's a huge difference in the success of my peers who were handed more and myself/those handed less.
I work in Beachwood and still own my former primary in University Heights.
Agreed, I'm from Medina (mostly upper middle class) but I was the poor kid. Beachwood and University Heights are nice but those property taxes are painful!
Post: Why Do You Young-ish Entrepreneurs/RE Investors Fail?
- Rental Property Investor
- Colorado Springs, CO
- Posts 682
- Votes 729
Originally posted by @Nicole Heasley Beitenman:
@Daniel Haberkost I got my first job at the age of 11. I had a paper route and cleaned my grandpa's house for him. I don't get why parents would want to pay for their kids' stuff. Why wouldn't you want to invest that money? Whenever those articles come out about how high the average cost of raising a child has become, my first thought is always, "Stop buying iPhones for your twelve-year-olds and it won't be that bad."
I couldn't agree more! It's insane the way parents feel they have to pay for things like an Iphone/car/etc. So many of my peers graduated college without ever having worked a real job. That's a terrible way to enter the real world.
And I'm from (near) Cleveland originally, where do you have your rentals there?
-Dan