All Forum Posts by: Jeff Bonner

You owner occupy this propevery? 

@Eugene Kemp

Asking as I'm interested in buying a 2nd property with in-let set up. 

So I bought and owner occupied a single family rancher with a finished in-law apartment in the basement. When I bought it, it was with the intention of my dad living with us until he needed to go to a home; but I also had recognized that there were a lot of boomers, as well as millennials, whose families would benefit from that sort of set up. 

I now rent the place out to college students, and it's been good. I have recently read that these in-law suite set ups have gained popularity. Have any bigger-pockets people out there had any success with actually renting to a family that had an adult millennial, boomer parent, etc living in the basement apt? If so, how's that going? Do you see an appreciation from the market for that product in terms of rent premium? 

@Shawn Roberson I've not been to any of them. I'd love to check it out though. When and where are they?

 Randy, I'm in the process of buying a duplex in Chattanooga that has section 8 tenants. What advise could you give me for sourcing quality section 8 tenants? The ones that are in the units seem decent and have taken good care of the place, but one of them intends to leave in February, so I'm going to be sourcing new tenants. 

Also, have you raised rents much on your sections 8s, and if so, what's the process like? Unit A is $100 less than the max monthly allowance for 2 BR, and unit B is $50 under. That would really juice my returns if I could max out the rent.

Thanks, Jeff

good advice 

@Bill S. 

I've got a great friend of mine who's wanting to start investing in the greater Denver area. Right now he's just looking for a great agent to help him find a great property that he could owner occupy for a year, then rent out. He's looking for anything from a SFH to a Quad-plex. Please message me if you've got any recommendations. Thanks!

I'm in the process of purchasing a duplex, which will be my first multi-family and 2nd investment property overall. 

Obviously, I'm trying to keep my costs down, including insurance. That said, I'm wondering if anyone has knowledge of a particular company that is best to work with on multi-fam properties. I don't want bad insurance, I just know from working in the industry that some companies offer better rates for different risks due to their expertise or due to trying to gain market share. Thanks, Jeff

How did this work out for you? 

Yeah, 1-200 in cash flow beyond mortgage, taxes and insurance is a nightmare waiting to happen. I have a comfortable $400-500 a month in my sfh rental, and that's just enough for me to keep it. I'll try to raise the rents next year.

Right now is a challenging time to find a good deal. To me, it's beginning to look a lot like 2007. Easy money, and everything is "a deal" according to agents. Nothing wrong with getting as cash as you can muster together to wait for an opportunity or just general chaos. Given the fact that our easy money/poor loan origination created bubble of 2007-09 was "fixed" with more of the same, I wouldn't be too surprised to see Housing Crash, Part Deux. I'm not holding my breath, and intend to move forward with a deal today, but I wouldn't burn all my liquidity for a down payment with one deal at the top of the raging bull market we've seen in everything from real estate, bonds and stocks. Something has to give. Maybe!