All Forum Posts by: Jared Hottle

I have a ranch house. Finished the basement with a bedroom and bathroom and have opened it up to traveling nurses and summer interns. Biggest challenges are I only have one kitchen and parking is somewhat of an issue but I will have my entire mortgage paid for the year and the amount of peace of mind and freedom that gives me for a low level of inconvenience is so worth it. Hoping to parlay it into a luxury duplex in the future and continue doing the same. 

I would agree with that! we have used the Amish and Mennonites for great quality and pricing. Beyond that we use Menard's as they are cheap and decent cabinets although I am guessing you do not have a Menard's in PA so if you get to the Midwest its worth a look. Otherwise we have used Lowes and were pretty happy with them for a flip.

I typically use 8% as that is a full month. Do they charge for lease renewal? If not it will probably balance out as there will be some that wont move after their lease is up. Additionally, may be worth it to reach out to a couple other PMs and see if that is normal for the area.

The most straightforward and easy way would be get it under an agreement. Make it subject to clean title. The seller may not be able to take care of them depending on how much in proceeds they will get but at the very least can get out if an agreement cant be reached. 

Mason! I love Des Moines! Greetings from Northeast Iowa. Excited for you to start your journey. You have done something not many can do, take action. You are well on your way! Beaverdale is always going to be a solid area. Hope to meet up sometime if you make it up this way or when I make it down there!

There is a lot of ways you can do it. Cash out refinance is one. Could also use your building as collateral to get another loan so you do not have to bring a downpayment. Also could probably get a version of a Heloc secured by the commercial building, pay cash for a property fix it up and refinance that one. Definitely talk to local banks in your area. All will have a different way they do business and figure out which one meets your goals the closest. 

I think travel nurses is an obvious choice for a property near the hospital but I think Airbnb is more lucrative as there are people traveling for surgeries, family who want a place to gather when they have a loved one in the hospital, etc that a duplex by the hospital could really provide a need for. I think try to maximize the amount of people it can sleep with egress windows and pull-out couches/futons and put it on Airbnb. 

To me it seems like your bottleneck is your deal flow. When I do not like my current options I think how can I get more options. Or as Brandon and David would say you need to expand your funnel. You say you are looking everyday is that on the MLS? Definitely a great place to start but a good agent can automate that process for you pretty easily. I would say spend your time driving for dollars, finding distressed properties, and getting a hold of the owners. Additionally, networking at real estate meetups and telling people your goals will unlock opportunities you wouldn't imagine if you consistently go and meet people each time.

Another thought I have is can you look to do a house hack on your primary. Having someone pay your mortgage while you are living there gives a great feeling of freedom, you will get to see if you like real estate investing without doing something that will be harder to unwind if you dont like it. I certainly would not make my property a rental if it is the last one you will be able to buy for awhile. I think the main purpose of making your primary a rental is to continue the stack and go get another secondary mortgage with a low down payment. 

 Wow, I like this. Perfectly sums up what we have taken as the new normal but in reality there is a serious problem here. Regardless being a person of action will always payoff in long-term, short-term is impossible to predict as you know