All Forum Posts by: Aaron H.

Not required, no. And depending on how you handle title, can complicate the refinance for you down the line. Some hard money lenders prefer to lend to an LCC; I suggest asking your lender if they have a preference.

It depends on your goals. Do you need to generate more cash ASAP? Then flipping is a better bet. Do you want to invest for long-term cash flow and appreciation? Then you'd want to own the property long-term. Flipping is a job, a house hack is an investment.

Also depends on your risk tolerance. If you try flipping your first house and screw up, you could lose significant money. If you "screw up" a house hack, you're still usually way ahead relative to renting.

Money you spend on a lawyer or accountant in the process of being a landlord and renting a property are deductible operating expenses.

For a single family house, I don't typically budget separately for those kind of expenses. For a larger multifamily, your main legal expense would be evictions. Accounting cost will depend on how much you do yourself and how complex your finances are.

There are a lot of wholesalers active in SLC - a quick google search will turn up a bunch. Note that the SLC market is very competitive at the moment. A large majority of "wholesale" deals actually end up sold by the wholesaler to a retail buyer (usually through an agent). That typically makes the margins for investors pretty thin...

House hacking is one of the very best ways to get started. Usually lower risk than flipping, and keeps a roof over your head for cheaper than you can otherwise.

Your best bet is to ask a few banks. Nobody on the internet is going to be able to give you a better answer than the lender themselves. Broadly speaking, you're going to struggle getting approved without a W2 job, especially if your current income is too new/recent to show up on a prior year's tax return.

You have a great rate and will still cash flow positive, I probably wouldn't bother. You're also going to spend several thousand dollars in closing costs to do the refi.

Depending on how they list the property, it's possible. But as the buyer, you're not typically paying the 3%, so who cares? The bank isn't going to give you a discount for not using an agent either way. As long as it's a good deal and you make money, I'd advise not spending any energy caring about whether other people made money too.

I've been having success with both absentee and driving for dollars. The list matters a lot less than consistency in marketing to it.

Not a CPA, but in most circumstances you should be able to, yes.

Your best bet is to find a partner that has more money, and split the profits. You need money; nothing says it has to be your money.

There are other avenues to purchase property with a small amount of money down - check out Brandon Turner's book on "Low and No Money Down" in the BP store if you want an overview on the different techniques people use.