All Forum Posts by: Brendon Hanson

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $275,000
Cash invested: $20,000

I purchased this as my first home and used for house hacking. I now use this as a long term hold rental property.

What made you interested in investing in this type of deal?

I wanted to live rent free. I had saved up money for a downpayment by working as an HVAC technician

How did you find this deal and how did you negotiate it?

I was living in Texas during the COVID insanity and houses were selling within 24hrs. I was unable to get an offer accepted. I ended up last minute looking at TN and bought the home sight unseen the first day it was listed

How did you finance this deal?

First time home buyers loan 3% down

How did you add value to the deal?

Built a shed out back. Added a fire pit and seating area

What was the outcome?

I lived at the property rent free for 1.5yrs. I currently rent it out.

Lessons learned? Challenges?

Always find out about any utility easements. I had to tear down my shed by city orders. Don’t install a waterline in the attic with a weak connection. It busted during a freeze and flooded the living room

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

N/A

Hi, I recently turned twenty. I worked fulltime in HVAC for 4 years. I just left that industry to pursue real estate full-time. I am about to acquire my 4th property Lord willing. My 3rd one in the last 5 months.

I currently have enough cashflow to survive off of due to a more creative style of short term rentals I do.

My question is this, 

I made maybe around 30-40k this year as I worked some of the year at my old job. I ran the numbers and conservatively I should be grossing around 300k next year from rentals and other income sources before taxes and expenses. I’ve never made over 100k and I’m wanting to get a step ahead of taxes and make sure I’m doing my books correctly for the likely audit I’m going to get soon. 

How do I go about finding the right accountant and what questions should I ask to know if they are the right fit?

Thanks!