All Forum Posts by: Adam Sciupac

Hi @Max Yuan! I currently have a single family rental (room by room) and I house hack in my second property. I'm actively building out processes to begin the wholesaling venture and in doing research came across this post. I'm curious to learn more from your experiences and what you suggest with regards to automatically pulling data.

Hi Nate!

I do invest out of state. I have a property in Charlotte, NC and I live in Baltimore. House hacked the Charlotte property and now I'm house hacking in Baltimore!

I'll reach out to you.

Thanks @Noah Bacon! I found this link in a previous post but unfortunately it doesn't work anymore. It says the page can not be found.

@Nicholas Aiola

I have a rental where I rent out rooms month-to-month. As it stands the contracts are 30 days and they auto-renew if the tenant does not say otherwise.

I provide for biweekly cleaning of all spaces.

I want to take advantage of the STR tax "loophole". I know each rental would have to be 29 days or less. So, I'm wondering if I change the contract to 29 days but they still auto-renew if I would qualify as a STR in the eyes of the IRS? If not, are there some minor tweaks or additions I could make short of kicking them out and posting the place on AirBnB to take advantage of taking active deductions on my W2 income?

Thanks!

Hi all,

I am looking for a CPA that is creative and easy to communicate with. I have tried doing my own taxes with Turbo Tax and I have also tried using a couple CPAs over the years but they have either been very hard to reach or they have charged me much more than they ever saved me. I'd love it if they are somewhat local so I can sit down with them face to face but that is not a requirement.

I have a small portfolio as I'm just starting out. One rental and another house hack (the basement is rented out as a separate unit). They both could potentially be turned into STR if it makes sense to do so.

Thanks all!

Hi all,

Analyzing a property in Annapolis that I would manage semi-remotely. I’m looking for recommendations on a good cleaning person and/or maintenance person that can help with some management tasks such as restocking, reviewing for damages, etc. Welcoming all recs!

Hi all,

I am looking at purchasing a short-term rental property in Annapolis and will be managing it remotely. Does anyone have recommendations for cleaners/handypeople in Annapolis that go above and beyond and will also help manage (obviously at a premium). I'm looking to avoid a management company.

@Paul Chapey No it wasn't. The project manager offered it to several people he knows, one of them being the real estate agent I was working with.

@Joshua Heath You touched on the perceived diversity of Charlotte and that's something I am trying to better understand (I moved here last summer). This property is in Wendover-Sedgewood, and my impression has been that the majority of people that can traditionally afford that neighborhood are in finance. When it comes time to find another tenant who would pay upwards of $3,000 for a townhouse when they could rent a SFH or buy something? I am concerned it will be difficult to find a tenant at that price point. I also reviewed the lease contract today and it seems like the builder (initial tenant) can leave within the first year and I may not be protected (reaching out to an attorney to read the fine print).

@Kaiser J. those are some really good points and touch on my main concern that the market does a lot worse than we think and the builder leaves the development. That appreciation I was betting on assuming the development finishes is now gone. Let's say I do see a drop in value of 5% over a year, would I compare the loss in value to how much profit I made in cash flow along with my equity in the house after one year?

I have an opportunity to purchase a model townhome from a builder in one of the better neighborhoods in Charlotte, NC. The builder would then lease back the model home to use as their office/model for the duration of the build. The lease contract stipulates that the builder occupies and pays for 12 months, after which they renew on a month to month basis until the building/sales are complete. The numbers make sense, it works. My worry though, like many others, is that we don't know how the real estate market will react to the current crisis.

On the one hand, I would have a guaranteed tenant locked in at above market rates for the next year. Assuming the build continues, the model home will incrementally appreciate until the development is complete (traditionally 2-3 years). At which point I either sell it, move in and rent the other rooms out, or find a tenant. It seems like I can protect myself over the foreseeable downturn.

On the other hand, after the year lease is over the builder walks away from the development because the economy isn't doing well and I am stuck with a townhouse at a market value lower than what I paid. Current comparable rental rates in the area are between $2,000-$3,000, but who knows what it will be in a depressed economy. The area traditionally attracts buyers and is mostly SFHs. So I question what I will be able to rent it for a year from now, and whether that will create cash flow or simply cover my expenses.

The biggest dilemma I am facing is that, assuming I can get a loan, this one investment (my first one) would tie up my credit and I will not be able to invest in possible deals that pop up through a downturn over the next months/years.

Any thoughts, insights, and experience from investors who have done something similar would be awesome!

Thanks