All Forum Posts by: Michael K.

I have a lender who I know can do under 20% with 2 units, with 3 or 4 units it becomes more difficult. Let me know if you need an introduction.

Cheers

 @Chris Gundersen

What about a duplex in which one unit is rented and the other is ower occupied? How would this be treated? It's a fairly common situation.

Last year I launched a beach rental. It's the "cabin" vibe so we were able to get away with a lot of older furniture. Except for beds and bedding etc, a lot of the things we put in there we already had or we picked up at 2nd hand/antique/ thrift stores and then refinished. I like the idea of getting real, well constructed, pieces of furniture and not just crap off Wayfair and Ikea that will end up breaking easily. Typically older furniture, though possibly not in style, will tend to have better construction as it was not meant to be thrown away every 5-7 years. Obviously, this will not work for all people or all styles of rentals. But it is something to consider, particularly if you are a bit handy. 

I'm launching a 2nd STR in Chicago next month. Working on my rehab and furnishing budget right now. I'll let you know how that turns out. It will have more conventional furnishings.

Looks like it's currently still in the pilot phase. I tried registering my unit on their website but It told me I couldn't because the property is outside of the pilot area. https://webapps4.chicago.gov/e...

Hi Brad, welcome to the scene! I was thinking to ask, what's your current living situation? If I were you, I would start by focusing on ways to reduce my living expenses. Whether that comes from buying a multi-unit and living in one of the units, or rent hacking, or some other strategy, will depend on your situation. That will give you some freedom to pivot out of your 9-5. It's also entirely possible that with your wife's job and current savings you can already afford to buy something. Talk to some lenders and see what you can get approved for. Best of luck!

You've got 4 units to work with here, so I don't see a huge problem. When it comes time to re-lease, raise rents by $50 across the board and you've more or less made up your difference. 50 dollars shouldn't turn away anyone that was already planning to re-up their lease.

@Linh Khuc

Can you specify what you mean by reasonable pricing? What kind of a return are you looking for? Happy to help if I can.

What type of properties do you typically find in Casper? How did you choose that city? I assume with a smaller airport connecting flights are harder to come by.

@Aris Terteryan I run an Airbnb and a few other rentals in NW Indiana near Lake Michigan. Have found it to be quite profitable. Reach out if you would like help navigating the various town and cities in that area.

@Josie Sweeney-Rogers

Need to register with the city of Chicago, its a $125 fee for the first unit. Paid yearly. https://webapps1.chicago.gov/c...

There is also a lot of city-specific info on Airbnb's own website, including the local, state, and county taxation laws for Chicago https://www.airbnb.com/help/ar...

Hope this helps! I