All Forum Posts by: Jared Hottle

This sounds like a great situation! If I were you I would try to make a good relationship with them and see if they would have others needing short term leases if all goes well. Only thing I can think is it would be great to get the lease to be up in March-July as those are prime times to find a new tenant. If it ends in December it may sit vacant for awhile. Maybe even offering a discount to extend the lease would be ideal. 

yep! it is such and easy and free way to find off market deals. It is how I got my duplex. My belief is if people are still just using the old hardware store 'for rent' signs and not advertising there may be some value there as they are probably older landlords with properties with a lot of equity built up in them. and also more than likely they are low on rents so the biggest value add can be buying them where the numbers work at current rents and increase rent to market rate when you are able to. 

I agree with Marc. If you have solid properties in good neighborhoods and you maintain them good things are going to happen to you. It is well documented there is a ton of money in the system so having solid real assets is a great hedge on the inflation here/coming. I know people say prices are too high but so are incomes and rents are increasing so as long as it cash flows don't think about what it use to cost. Just focus on the fundamentals of cash flow and I believe things will work out. 

For me investing locally was how I wanted to start. I like being hands one and the numbers made sense but if the numbers did not make sense it would of been hard to make the plunge but also now I feel like it is going to be hard for me to pass off responsibilities of managing. So obviously pluses and minuses to both. 

I have never condo invested but to me if those are your options I would invest out of state first. Too many unknowns with resale value, HOA restrictions, etc but people do make it work. Let me know how it goes!

i would probably start with a duplex. unsure if you are able to house hack or not as there may not be much of an incentive for owner occupied for commercial loan in your situation but would be worth looking into. If not house hacking look at duplexes in the midwest. we have some properties in my area around 150-200 that would cash flow in iowa but other areas in the midwest would cash flow as well. Excited to hear what you can do

@Kate K. Yep as a renter I use to do this and was super slick for me so not a bad plan

I have been having the same question! To me it will depend on rates and terms but all equal the HELOC on the 1st property at least seems best. You will have cash available to pay cash for a property or do a rehab and once it is rented out and refinanced can pay it back and do it again. To my knowledge those funds will be available to draw from for a period of a few years so you can just keep using them and paying them off over and over.

Hello, 

If its protection you are worried about I would just call my insurance company and tell them your situation and see if you can enhance or boost your policy or possibly get an umbrella coverage. That seems like the best if you want to continue to boost your personal credit. 

As far as #2 a couple thoughts come to mind. Definitely talk to a bank and see if they will finance both houses without rental income coming from one. If they wont I would probably suggest getting it rented and moving in with family/friends or renting a smaller place and then seeing if that rental income will help you get approved. maybe a little hectic but sacrificing in the short term tends to pay off. 

Andrew that sounds great! BiggerPockets is a great place to start for sure. Learn as much as you can books and podcasts are free/cheap and their return on investment is very high! Not sure if I can help much but do not hesitate to reach out and I will do my best at helping!

that is confusing the bank would say that. I have properties not in llc and I only do direct deposit with my bank but it is done through apartments.com so maybe thats why the bank is okay with it. I have heard alot of people using zelle or venmo with great success but I am with you I am just not fully trusting of it.