All Forum Posts by: Kenny Smith

@Carlos Garcia

I wouldn't look at it from a flat number, but more of a percentage. As homes get more expensive, so does your risk if the market flips. As an agent, with the market constantly changing, I'd say at minimum 10% of the ARV.

Best of luck!

@Karim Kane

Starting as young as you can is the way to go!  If I had to do it over, I would have started as early as possible.  If you can make the numbers work, and potentially live for free while doing it, 100% go for it!  

I'd start by chatting with a lender on your options to get pre-approved and you can go from there.  DM if you're looking for a good lender or mortgage broker.

@Richard Gomez

100% use a broker!  They can also really help with what you need within your policy and where to look.  I have a great one, DM me if interested.

@Henry Zhu

I am not familiar with that market, but check out furnished finder for stats on your market!  That is where you'd want market the property.  Click on "property owners" tab at the top and enter your city.

Best of luck to you!

@Jeff Mauerman

You are going to know your area better than all of us. What I would first do is analyze what the property will rent for as a long term rental, and then as a short term rental. You can find LTR data on Facebook marketplace or rent.com to get an idea of what your unit would rent for. As an STR, you can utilize sites such as AirDNA to get an idea of what occupancy rates are/projected revenue.

From there, I would add take into consideration of finding a cleaner, how much is that going to cost, and other expenses relating to that. Are you going to be the host? Do you have the time to do that? If not, STR management companies can charge anywhere from 10 (on the very low end) upwards of 25% of revenue per month.

You could always look at medium term rentals as well..not sure if you're near any hospitals, but you could cater to a travel nurse.

Also, if you really wanted to capitalize on the revenue, YOU could live in the basement, and STR the top floor. I would run your numbers based off of the data, and figure out what is the best fit for you.

@My Nguyen

You should then be able to write off 1/3 of your mortgage as well.

Best of luck!

@Chloe Darst

Welcome to BiggerPockets! You have hit the JACKPOT of resources for real estate investors. You can literally find answers to all of your questions within the confines of this site. What’s the best way to get started using BiggerPockets?

1. Subscribe to the BiggerPockets Money and Rookie Podcasts

2. Attend the FREE WEBINARS

3. Attend a Meetup in your area/virtual meet ups

4. Purchase the Beginner Books: How to Invest in Real Estate, Set for Life, The House Hacking Strategy

5. Peruse the forums! Ask questions! Answer questions! If you are consistent with learning real estate over the next 4-6 months, you’ll be ready to purchase your first (or next) property in NO TIME!

Good Luck,

Kenny

@Lee Tuggle

Welcome to BiggerPockets! You have hit the JACKPOT of resources for real estate investors. You can literally find answers to all of your questions within the confines of this site. What’s the best way to get started using BiggerPockets?

1. Subscribe to the BiggerPockets Money and Rookie Podcasts

2. Attend the FREE WEBINARS

3. Attend a Meetup in your area/virtual meet ups

4. Purchase the Beginner Books: How to Invest in Real Estate, Set for Life, The House Hacking Strategy

5. Peruse the forums! Ask questions! Answer questions! If you are consistent with learning real estate over the next 4-6 months, you’ll be ready to purchase your first (or next) property in NO TIME!

Good Luck,

Kenny

@Janet Gonzales

Before you do anything, you need to figure out what your options are with the equity, or selling the property outright.

There are so many different routes you can take. Multi family, Single family, STR, MTR, LTR, flips, syndications, etc...

I'd recommend start reading a few books so you can learn what strategy may be the best fit for you in your life right now.  Check out a few beginner BiggerPockets books, Set for Life, How to Invest in Real Estate, and The House Hacking Strategy.  From there, talk with a local investor/agent to get an idea where the market is now (in your area), where its headed, and if selling makes sense for you right now or not.

Best of luck!

@Hariharan Elavarasan

I believe you can do it through Zillow if I'm not mistaken.  Also, Facebook marketplace is a great source, roomster.com, hotpads, zumper.  There are a lot.

Best of luck!