We Built a Duplex...Now Live For FREE?

Рет қаралды 146,718

Күн бұрын

We built a duplex and live for FREE by house hacking! In this video we breakdown how much our duplex cost, show how the airbnb earnings cover the mortgage payment and take you on a home tour!
Watch the FULL construction costs breakdown for our duplex here → • Our $300,000 Duplex Bu...
BUILDING Resources:
⚒️ Build Budget Generator → bit.ly/BuildBudgetMaker
⚒️ Building Expense Tracker →bit.ly/BuildExpenseTracker
HOME Resources:
✅Get connected with an AGENT in your city → homeandmoney.com/nicole/
✅Check Your Home Value → narkhomes.com/home-value/
✅Subscribe to the Pennies & Property Newsletter → penniesandproperty.ck.page/pr...
Work with Nicole:
📩 Contact Nicole → narkhomes.com/contact/
Other stuff that's cool:
💡 Support My Small Business → www.amazon.com/kvnbrands
🛒 Shop My Camera Gear → bit.ly/NicoleGear
(As an Amazon Associate I earn from qualifying purchases)
Social Media Links:
📱 Instagram → / nicolenark
📱 TikTok → / nicole_nark
📱 Facebook → / nicolenarkrealtor
Chapters:
00:00 - Intro
00:10 - How We Got Started
01:09 - Building Our Duplex
02:08 - The Duplex Build Financials
03:08 - Duplex House Tour
03:53 - House Hacking With Airbnb
04:35 - How Much We Make
06:05 - Backup Plan
08:10 - Outro
- DISCLAIMER -
Nicole Nark is a licensed Realtor and the Principal Broker (PB00083374) of HomeWay Realty. HomeWay Realty is not a lender, does not issue loan qualifications, and does not extend credit of any kind. The topics discussed, and ideas presented are Nicole Nark's opinions and presented for entertainment purposes only. The information presented should not be construed as financial or legal advice. Always do your own due diligence.

Пікірлер: 313

@NicoleNark Ай бұрын

Watch the FULL construction costs breakdown for our duplex OUT NOW! → kzfaq.info/get/bejne/sN2Ylqd4mqualX0.html 👀

@CharlieVN Ай бұрын

please pin this post, it's buried (via algorithm) and not easy to find

@andrewkahill5503 Ай бұрын

What did you guys do with the first single home yall brought before the duplex construction?

@Theodore454 3 күн бұрын

I feel investors should be focusing on under-the-radar stocks, and considering the current rollercoaster nature of the stock market, Because 35% of my $270k portfolio comprises of plummeting stocks which were once revered and i don't know where to go here out of devastation

@Manselus-c1f 3 күн бұрын

Nobody knows anything; You need to create your own process, manage risk, and stick to the plan, through thick or thin, While also continuously learning from mistakes and improving.

@Freya-jq8mc 3 күн бұрын

Uncertainty... it took me 5 years to stop trying to predict what bout to happen in market based on charts studying, cause you never know. not having a mentor cost me 5 years of pain I learn to go we’re the market is wanting to go and keep it simple with discipline.

@Matthew-mb6oy 3 күн бұрын

Could you kindly elaborate on the advisor's background and qualifications?

@Freya-jq8mc 3 күн бұрын

My CFA ’ANGELA LYNN SCHILLING’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.

@Matthew-mb6oy 3 күн бұрын

Just ran an online search on her name and came across her websiite; pretty well educated. thank you for sharing.

@whymindsetmatters 2 ай бұрын

You should look into mid-term renting to traveling nurses or government contractors. You can often time sign a contract with the health care agency or government agency who pays you for however many months the client stays. The result is they pay you upfront and revenues are oftentimes higher than that of short term rentals. Great story!

@NicoleNark 2 ай бұрын

Great point! This is something that we have looked into but not thoroughly. Definitely a solid option as well ☺️

@cyrilhall3845 Ай бұрын

What state did you do your project in? If you don't mind disclosing. Location is everything and housing prices are crazy in certain areas.

@delarosae Ай бұрын

@@cyrilhall3845yes please answer this.

@ddub2801 Ай бұрын

What type of government contractor?

@whymindsetmatters Ай бұрын

@@ddub2801 Google it

@TheHomeDesigner123 Ай бұрын

You are on your way to creating a property empire. Take your equity out of the first property and do it again. I did similar to what you did, and I was able to buy another property every second year until I had eleven units.

@NicoleNark Ай бұрын

That's the goal!

@yaasupreme8080 Ай бұрын

Do you show how ?

@josephsands7938 Ай бұрын

Did you build duplexes to add housing to the market or did you just hoard housing that had already been built?

@TheHomeDesigner123 Ай бұрын

@@josephsands7938 I purchased existing dilapidated homes, and apartment buildings and renovated them back into rentable housing stock.

@Somerandomblackdud3 2 күн бұрын

Wish I would have done this when I was younger. Now with 4 kids it’s impossible for us to downgrade much, we don’t have a house that cost more than yours but it’s also just a single family 4 beds which works for our large family. Proud of you guys. Keep up the good work!

@nexttvc 13 күн бұрын

I love the idea and thank you guys you did a tremendous job. and give so many dreams the courage to do it. I will definitely try to do this in the future.

@ShakilEjazIqbal 2 ай бұрын

Soo nice. Well done. Best of luck with your further ventures..

@NicoleNark 2 ай бұрын

Thank you so much! 🥰

@ZavHustles Ай бұрын

27k for the lot and 290k for build seems insanely good for what you guys got, that same build woulda been 2-3x more here in Nashville

@NicoleNark Ай бұрын

Nashville construction costs are super high, but your home values are also much higher!

@ZavHustles Ай бұрын

@@NicoleNark not even just the construction but the land as well

@professionalismwithpassion 13 күн бұрын

@ZavHustles I'm South of Nashville and will be starting my build soon. I'm thinking of getting my builders license like they did here so a contractor isn't fully in charge of my entire build

@ZavHustles 13 күн бұрын

@@professionalismwithpassion what does a license allow you to do exactly?

@professionalismwithpassion 13 күн бұрын

@ZavHustles well if you are your own contractor you'd save a ton of money by not paying one to custom build your property. You'd just be contracting out the labor yourself (plumber, electrician, roofer, etc)

@MR510cz Ай бұрын

Wow! You two are very transparent

@monique.thenurse55 2 ай бұрын

Both of you are very good investors..The duplex home looks so amazing. You guys did a phenomenal job. I love you, hold down the core every picture you put into that duplex ..I’m definitely going to reach out to you..when I’m ready to purchase me a home..!!

@NicoleNark 2 ай бұрын

Thank you so much! 🥰

@Dennis-lk2ed Ай бұрын

The house looks great! Can you give us a full video house tour? Would love to watch...

@magellanmax Ай бұрын

The units look amazing! Smart planning is key, I wish I had that earlier in my life.

@NicoleNark Ай бұрын

Thank you so much! ☺️

@homebuyerinsidersecrets Ай бұрын

Thank you for dropping this awesome content!

@NicoleNark Ай бұрын

You are so welcome! ☺️

@atxgurl00 2 ай бұрын

What an awesome idea and smart investment! A breakdown of the costs around the build itself would be great! Thank you!

@NicoleNark 2 ай бұрын

Noted! We are working on the video with a cost breakdown ☺️

@smitty8350 Ай бұрын

@@NicoleNark that was absolutely awesome. Great way to think out of the box. Can't wait to see the breakdown

@NicoleNark Ай бұрын

@@smitty8350 thank you! The cost breakdown is out now ☺️

@henryerrol1 2 ай бұрын

looks great👏🏾

@NicoleNark Ай бұрын

Thank you!

@jabbaweezy Ай бұрын

This thought crossed my mind too.

@copiouscat Ай бұрын

Wow I’m soo pissed and happy, jealous yet proud of yall. This definitely triggers buyers remorse for my situation 340k sfh in Dallas Texas. (I’m single BUT, I’m exempt from taxes so it’s manageable)

@kelvinjefferson2253 2 ай бұрын

It's great to see you guys accomplished one of your goals. I will be contacting your agency Ms. Nicole very soon concerning buying a home. I love your expertise.

@NicoleNark 2 ай бұрын

Thanks Kelvin! ☺️ I’d love to help in any way I can.

@lounic0216 2 ай бұрын

Wow. Great job!

@NicoleNark 2 ай бұрын

Thanks!

@JudeDude409 2 ай бұрын

Mannnnnn that’s a nice home. Congratulations!

@NicoleNark 2 ай бұрын

Thank you so much! ☺️

@Anonimous279 Ай бұрын

Amazing, congratulations from Brazil 🎉❤

@NicoleNark Ай бұрын

Thank you! I appreciate you taking the time to watch ☺️

@SolH2OYachts 2 ай бұрын

Beautiful home!

@NicoleNark 2 ай бұрын

Thank you so much!

@sonderexpeditions Ай бұрын

Wow that's amazing. Congrats.

@NicoleNark Ай бұрын

Thank you so much 😀

@nubi688 Ай бұрын

GREAT VIDEO! Thank you for sharing. Can you do a video of a step by step outline of what is needed to get this done. Like credit scores, are there zoning restrictions, do you need to have a real estate license? Again thank you for sharing.

@NicoleNark Ай бұрын

Sure thing! ☺️

@nubi688 Ай бұрын

@@NicoleNark Thank you.

@hdfjg Ай бұрын

i'm sure lot of commenters are from CA or TX thinking the same thing... that's a damn good bargain! here contractors charge 20-30k just for plumbing to be upgraded. congrats to you

@NicoleNark Ай бұрын

Wow! And I thought our plumbers charged a lot 👀

@datahoundhunter Ай бұрын

Very smart to do this. The loan and duplex is considered owner-occupied. Even if you build it, you live in one side. You get better terms for the loan. Very motivated, young people doing the right thing.

@NicoleNark Ай бұрын

Thank you! We have found it to be an awesome strategy.

@firesign4297 Ай бұрын

Beautifully!!! Amazing! 🤗🙏🏿👏🏿👏🏿👏🏿🙏🏿🤗

@NicoleNark Ай бұрын

Thank you so much!

@montuna4686 Ай бұрын

I was planning on doing something similar. Very interesting.

@NicoleNark Ай бұрын

Definitely worth looking into!

@gheechiedan9299 Ай бұрын

Very very nice! 👌🏾

@NicoleNark Ай бұрын

Thank you! 😊

@chrisbarnett6180 Ай бұрын

Awesome!!!

@NicoleNark Ай бұрын

Thanks!!☺️

@FIRE_DrNinjaTurtle 2 ай бұрын

How wonderful

@NicoleNark 2 ай бұрын

Thank you! 😊

@jessiearmbruster7902 2 ай бұрын

What a great project to take on especially since it's allowing for a mortgage free living! Always great content from your channel.

@NicoleNark 2 ай бұрын

Thanks for tuning in, Jessie! This has been a fun project for sure ☺️

@jeffd72703 2 ай бұрын

Why the “?” mark? Are you asking if you’re living free?

@NicoleNark 2 ай бұрын

lol good question! I guess I was hoping to make people like you curious!

@busyrand Ай бұрын

Outstanding... I didn't know new builds could be financed... That's a game changer...

@jaykicks1407 Ай бұрын

I am assuming they got the loan after the build was done....similar to a refi

@NicoleNark Ай бұрын

They can definetly be financed! Check out my video on construction loans for more details on how they work. They are a GAME CHANGER!

@King_Ced Ай бұрын

I wanna get into real estate too, hopefully I can learn from ur vids 🙌

@NicoleNark Ай бұрын

You can do it! 🎉

@Riza20462 Ай бұрын

This is awesome

@NicoleNark Ай бұрын

Thank you!

@Venger02 2 ай бұрын

Thanks for sharing!👏🏿👏🏿🔥🔥💥💥❤️❤️💎💎

@NicoleNark 2 ай бұрын

Thanks for watching! 🎉😊

@DRventura333 Ай бұрын

Absolutely, the best way to go. One needs to however, move further away from the urban area to get a nice piece of property and a decent price. The urban areas now have overpriced old homes so it would not be cost feasible. One property at a time is the way to go for anyone to create their property empire. Just do initial savings so you can put as much money upfront, with the ridiculous interest rates that are presently available. Your duplex layout is clean, like in Germany. Hope you have great tenants renting.

@NicoleNark Ай бұрын

Thank you so much for watching this (and the other) videos! I'm glad you like the duplex layout!

@byronholman9228 2 ай бұрын

Nice 🔥🔥🔥

@NicoleNark 2 ай бұрын

Thanks Byron!! ☺️

@deannamoss1995 Ай бұрын

I love this idea! Would you please share the cost breakdown with me? Thank you!

@NicoleNark Ай бұрын

Just finished filming it! I'll have it out asap 😊

@calves93 2 ай бұрын

This project looks awesome, congrats! Could be more cash flow as a midterm rental? Maybe through furnished finder?

@calves93 2 ай бұрын

Also curious what this property has or could appraise at? Have you gained enough equity to potentially cover that $60k out of pocket?

@NicoleNark 2 ай бұрын

Thank you! We do have the unit listed on furnished finder as well but so far have not experienced the same success as with airbnb.

@SPLENDORISTA 2 ай бұрын

Are you serious??? You did it again......Bravo!!!!!!

@NicoleNark 2 ай бұрын

Thank you so much! 🥰

@gileskisife6966 Ай бұрын

Great job guys! Where are you located?

@NicoleNark Ай бұрын

Arkansas

@damienbroussard5195 2 ай бұрын

Great work 👍🏾💯

@NicoleNark 2 ай бұрын

Thanks Damien! We appreciate you taking the time to watch

@manino04baby 2 ай бұрын

That's awesome

@NicoleNark 2 ай бұрын

Thank you!! ☺️

@kendralewis9992 2 ай бұрын

I’m interested in a cost breakdown!

@NicoleNark 2 ай бұрын

You got it! I’ll have it out next ☺️

@bernakeykimathi2020 Ай бұрын

You nailed it. What city are you? Would be interested in getting something in that city?

@copiouscat Ай бұрын

Their in Arkansas

@wosendebebe6857 2 ай бұрын

Congratulations! Can you tell us about cost breakdown for construction?

@NicoleNark 2 ай бұрын

Absolutely! Do you have any specific questions you’d like us to answer? Or just general cost breakdown between the trades?

@Subject_Spotlight Ай бұрын

Absolutely gorgeous

@NicoleNark Ай бұрын

Thank you! 😊

@marleneschultz9092 Ай бұрын

I would like to do this. I love it beating the system

@NicoleNark Ай бұрын

Yes! Such a good strategy for real estate investing 🎉

@artfdiyprojects7204 Ай бұрын

great job guys, what part of the country do you live !

@NicoleNark Ай бұрын

Arkansas

@mikejr1152 2 ай бұрын

Nice build 🎉! I'm looking to do the same. Can you give me a cost breakdown over the trades? Thank you.

@NicoleNark 2 ай бұрын

Absolutely! We will cover this in the next video

@user-di2js5mg8v Ай бұрын

marus brownine mixed with dj ak vibez >.> luv you tho bro

@ryangottilla1 Ай бұрын

This is awesome, where are you located?

@NicoleNark Ай бұрын

Arkansas

@NotxSplayd Ай бұрын

What flooring was used?

@NicoleNark Ай бұрын

We used vinyl plank with tile in the bathrooms

@alexiscruel4009 Ай бұрын

How do you choose finishes ? Are you buying at local home depot lowes or a local supplier or online ? I always think of how Im going to replace this item is it easily accessible.

@NicoleNark Ай бұрын

We source materials from a variety of places but mostly local builder supply stores. Durability definetly stayed top of mind when we picked out the finishes and hopefully if we need to replace items in the future, we can find them or something similar!

@linzierogers5024 Ай бұрын

Where did they find a lot for $27,000? What city? In or outside city limits? Talk about a deal that is a deal!

@Athandatu 10 күн бұрын

I think they’re in Arkansas, but I don’t know what city. It sure is a deal!

@shelraysam6366 2 ай бұрын

Congratulation! How can I also do that too?

@NicoleNark 2 ай бұрын

Thank you! The easiest way to get into house hacking is to buy a multifamily property. You can buy a 2-4 unit property with an FHA loan (as little as 3.5% down) as long as you occupy one of the units! Buying is going to be more straight foward as building does come with additional hoops to jump through!

@jobisrael8313 2 ай бұрын

👍👍 but I hope y'all are double down on payments right now why the time is good. Let's say you have 15 year loan you will pay it off in 10. 05-03-24

@lemarspeed1614 2 ай бұрын

Ironic you did that. Im looking to build a similar 4 unit. Older homes are too high. Smart move.

@NicoleNark 2 ай бұрын

A 4 unit would be awesome!

@lindanimariya5877 Ай бұрын

House tour plz

@Iamjoeycross Ай бұрын

I know you provided a high level account of the cost breakdown, but can you cover the costs associated with knocking down the existing home and carrying costs on the mortgage to do so? Or were those costs covered in that initial 28k plus 33k you already highlighted? I’m very curious to know what happens to the first mortgage payment when you buy a plot with an existing home on it.

@NicoleNark Ай бұрын

We discuss the specific costs for knocking down the existing home in the full cost breakdown video! But to answer your question, the cost was part of the cash we invested in the project. We took the house down before taking out the construction loan to start the build.

@Iamjoeycross Ай бұрын

@@NicoleNark thank you. Pulling other video now. Thanks so much.

@andrewkahill5503 Ай бұрын

What did you guys do with the first single home yall brought before the duplex construction?

@NicoleNark Ай бұрын

We sold it!

@anthonyabbot7618 Ай бұрын

Hi Nicole, I am new to your channel(my first time seeing your videos). I have a question. Where is this building located?

@NicoleNark Ай бұрын

Hi and thanks for watching! We are in Arkansas 😊

@tiffanybrown472 2 ай бұрын

Thanks for sharing. I think I need to leave Texas. Homes that are 250k are around 500 a month for taxes alone. Might need to move back to Kentucky were taxes around 75 a month shoot.

@NicoleNark 2 ай бұрын

The property taxes are high in TX but you don’t have income tax! There are trade offs

@rogeliobarraza1772 Ай бұрын

Even if the home is paid off how much do Texas residents pay in property taxes?

@tiffanybrown472 Ай бұрын

@@rogeliobarraza1772 You still pay the same even if home Paid off

@ashton8878 2 ай бұрын

First, have money lol. It looks really nice guys!

@NicoleNark 2 ай бұрын

That’s why we started with our little house first! Had to grow our money in order to make it feasible.

@torid.1834 Ай бұрын

@@NicoleNarkdid you have to sell your first home or do you still have it?

@ZavHustles Ай бұрын

How did you guys go about finding a construction company for the build? Are you satisfied with the build?

@NicoleNark Ай бұрын

We did it ourselves. Kachi has a builder’s license.

@KalvinAngelo Ай бұрын

Question, did you have to get a permit for the duplex build or was the lot already zoned for a duplex? Also how did you find a builder or GC to build the duplex?

@NicoleNark Ай бұрын

We did need to obtain building permits! The lot we built on was already zoned properly for duplexes so there was no need to re-zone. Kachi is a licensed builder so he was the one who oversaw the build! Would it be helpful for us to make a video of how to find a good GC?

@NicoleNark Ай бұрын

@HighPriestessK 2 ай бұрын

Y’all so smart. It looks better than those tiny homes. Not really a fan of duplexes though. But I love how you two made this duplex a cool look with comfort.

@NicoleNark 2 ай бұрын

Thank you! It was our goal to make a pretty, homey feeling duplex. Not a duplex that felt like a cheap rental unit ☺️

@habib080 Ай бұрын

wow where do you guys live? Those prices are incredibly low. In Long Isand or Queens, we literally pay 600k for a very old 3bd 2bath property

@NicoleNark Ай бұрын

We are in Arkansas

@bryantpun2558 2 ай бұрын

Please make a breakdown

@NicoleNark 2 ай бұрын

Cost breakdown will be the next video up!! ☺️

@jonmaclin8344 2 ай бұрын

What changing taxes are you talking about and why are they changing?

@NicoleNark 2 ай бұрын

Taxes will follow the land value only until the property is complete and the end value has been assessed. For this reason, propety taxes will change between the first and second year you own a new construction home.

@lemarspeed1614 2 ай бұрын

Thats good! What city was this built in? Pretty cheap.

@NicoleNark 2 ай бұрын

Thanks! Little Rock, AR

@lieaorganasolo 2 ай бұрын

It still isnt cash flowing when you factor in the taxes you got to pay for the Airbnb. This is also factoring write offs. However it doesnt hurt and this really was smart

@NicoleNark 2 ай бұрын

Taxes are collected by Airbnb before we get our payout! The monthly earnings shown are our net proceeds after taxes, service fees and cleaning!

@nii3552 Ай бұрын

New subscriber here. If im understanding right the entire duplex’s mortgage is 2349 and renting 1 side of the duplex of using airbnb rental youre netting 2979 average a month before renting the other side or airbnb etc. Or am i understanding wrong.

@NicoleNark Ай бұрын

Thanks for subscribing! Monthly gross income from renting out the one unit is averaging $2979. After paying the mortgage (for the entire building) of $2349 we net about $630/mo.

@nii3552 Ай бұрын

@@NicoleNark gotcha, thank you!

@mrgpro9149 Ай бұрын

If you build a 3rd property and rent your half of this duplex, you will have the new property mortgage paid for and have cash flow. What happened to the first property?

@NicoleNark Ай бұрын

We hope to keep compounding just like you explained to grow our real estate portfolio! We ended up selling the first property

@jarod133 Ай бұрын

Congrats!! Did you cash out refi for the second purchase?

@NicoleNark Ай бұрын

We took out a construction loan for the duplex that we will be refinancing, most likely into a conventional loan. Although we could have pulled the equity out with a cash out refi, we decided against it and opted for a lower mortgage payment for now!

@jarod133 Ай бұрын

@@NicoleNark Good strategy! Thanks for being honest. Me and wife just bought our first home and are looking to buy another. Always good to hear others testimony

@NicoleNark Ай бұрын

@@jarod133 congrats on your purchase! Happy to answer any other questions you have.

@Rellzgunna51 Ай бұрын

i have around 100k cash, i’m 20 with no job and 0 work history, only credit i have is from being added as an authorized user on siblings account. Do you think it would be possible for me to do exactly what you guys did if i worked on my credit? I can get my credit to 700-800 in a year. Also assuming i got my work history put together.

@NicoleNark Ай бұрын

If you can establish a good credit and work history, I don't see why not! Lenders are going to want to see that you are financially stable and can make your loan payments!

@AbesRealEstateGroup 2 ай бұрын

Can you share your blueprints I want to do a similar build in GA

@NicoleNark 2 ай бұрын

We may in the future! At this point in time, we aren’t sharing them

@ttof80biz 2 ай бұрын

$72 in taxes is nothing, I pay 1k a month in texas, where do you guys live.

@NicoleNark 2 ай бұрын

We are in AR. Property taxes here are much lower than in TX but we have income tax.

@saythankyou111 2 ай бұрын

It’s all good over there, I’m in commyfornia,tax’s here are ridiculous 🇺🇸🥺

@x6da9crain 2 ай бұрын

$72 left after taxes are accounted for

@samlocoaa1726 2 ай бұрын

What!! 1k for tax? Mine is 10k per year wtf!! I live in ohio

@ttof80biz 2 ай бұрын

@@samlocoaa1726 1k a month, roughly 12k a year

@cyrusm3391 Ай бұрын

It pays for motgage but what about the construction loan?

@NicoleNark Ай бұрын

Our construction loan converted into permanent financing after completion of the build. Now instead of just paying interest (as we did throughout the build process), we make principal and interest payments. There is only one loan. Hope that helps!

@cyrusm3391 Ай бұрын

@@NicoleNark yes it does, just read on it as ive never heard of this option. Thanks for the info!

@IJRPUBLIC Ай бұрын

Nice, when are you guys getting married🎉

@lyonsdavid Ай бұрын

That's a lot of mirrors!

@NicoleNark Ай бұрын

I love mirrors and natural light!

@TCL_OutPost 10 күн бұрын

How long do you have to live in something like this before you can sell it?

@NicoleNark 10 күн бұрын

It would be dependent on any financing stipulations! For example, we don’t have a certain timeframe that we must occupy the home. However, if we were to purchase this duplex with something like an FHA loan for house hacking, we would be required to occupy it as our primary residence for one year. Hope that helps!

@TCL_OutPost 10 күн бұрын

Thank you Nicole! My partner and I don’t have much for a down payment and would like to build with an fha loan or something similar as a hack to get into real estate investing and would like to sell soon after building. Thanks again for your input!

@BeatsByLoFi Ай бұрын

Do you mind if I ask about the appraisal value of the home after construction? I’ve seen duplexes in the Central AR area selling for about what you built yours for- $320K - $340k. Why put yourself through all that work to save a few thousand dollars?

@KachiDubisi Ай бұрын

You should probably learn more about real estate investing, then you might get a clearer picture of what’s going on here.

@BeatsByLoFi Ай бұрын

@@KachiDubisi I think you misunderstood my intentions with my previous question. I’m not trying to criticize. Just trying to seek knowledge. Can you share the benefits of building vs buying? Really appreciate the awareness you’re creating in the real estate industry

@NicoleNark Ай бұрын

I think it really just depends on your personal goals. The values in Central AR differ dramatically by neighborhood and even sometimes by street! For us, we had a very specific layout and location that we wanted. At the time, there were not any duplexes available that checked the boxes. In our case, our nuild costs came in well below what I believe the market value is if were were to sell it today! Hope that helps 😊

@Gabriela.H Ай бұрын

This looks like Houston, am I right?

@NicoleNark Ай бұрын

Central Arkansas!

@PankajSingh-og2hn Ай бұрын

Which city is it in ?

@aaritg4336 Ай бұрын

Somewhere in Arkansas

@CG-uk1vz Ай бұрын

Those property taxes are high. What city is this where the taxes are 7k annually on a property below 300k? Must be somewhere in Texas.

@NicoleNark Ай бұрын

This is in Arkansas. Keep in mind that the loan amount is less than 300k. Market value of the duplex is closer to 600k which is why the taxes will be much higher when assessed.

@jabbaweezy Ай бұрын

These prices have me scratching my head wondering where is this??

@KevinMcClain13 Ай бұрын

Arkansas

@tommylee3934 Ай бұрын

Assuming the property is valued at approximately $350k, how are the taxes only $846/year. That's a .2% property tax rate. Something doesn't add up there.

@NicoleNark Ай бұрын

Hi Tommy! Check out 05:28 in the video where we discuss how the taxes will go up substantially when the property is assessed. The market value is in the $600k range and the taxes we currently pay only reflect the land assessment.

@donaldlyons17 2 ай бұрын

Only way they get stuff for free is to extract it by default from someone else. My "renters" will not pay full housing prices because they are making me rich by renting from me!!!! But some people......

@dennisoestermann1880 2 ай бұрын

I was wondering, Why AirBnB instead of long term?

@NicoleNark 2 ай бұрын

Great question! We have experience with long term rentals already and honestly just wanted to try something new. I wasn’t sure if airbnb would work in our area since it isn’t touristy. Up until this point, we have only had long term rentals where we didn’t need to coordinate with guests, cleaners, etc. We ran the numbers and felt confident that we could rent out one side long term if needed, but living just next door gave us the courage to pursue a new short term strategy!

@TSBye-qo1vc Ай бұрын

They wouldn't get $3,000/month for it as a long term rental.

@dennisoestermann1880 Ай бұрын

@@TSBye-qo1vc But they would have loads of time to do something else, rather that always come and clean when a new short term rental is done, and replace different stuff all the time. Short term takes a bigger toll on the rental than long term, usually :P

@Flush0000 Ай бұрын

@dennisoestermann1880 Not true. I have an Airbnb property that I manage remotely. I never clean or replace anything I have a maid that refreshes thd property after every guest and I have a handyman incase anything needs to be fixed.

@dennisoestermann1880 Ай бұрын

@@Flush0000 You just confirmed what i wrote. If you have a succesfull short term rental and gets new guests every week, your maid comes in 52 times a year. So lets just say 50 times. And the average pay in the US is $18.11 for a maid. And it takes 2 hours every time. And lets say your handyman needs to come in half as much to do repairs and gardening. But it takes 3 hours every time, cause some repairs is large. A handymans average pay is $25.49. So lets do the math. Maid: $18.11x2= $36.22x50= $1811 Handymand: $25.49x3=$76.47x25= $1911.75 And that adds up to $3722.75 in wages. And add that to all the materials you need to buy ect. Depending on where your short term rental is in the US, it can be 2 months mortage just in wages or more. And lots of short term renters dont have the same respect for your property as long term renters. But its your choice :P