All Forum Posts by: Dustin Nygard

Hi everyone. There are two houses on my property. The main house is 1600 sq ft that my family lives in and the house in the backyard is 800 sq ft and is rented out. We have put a lot of money into our property since buying it in 2019. Upgrades include redoing the roof on both houses. Laying down fake grass around both houses. Building car ports on both houses. I have always used turbo tax and filed myself but now that I have a more complex tax situation due to my current real-estate situation I was wondering about recommendations if I should continue with turbo tax or switch to a CPA. I believe some of the work done can be written off in my taxes but Turbo tax continues to tell me the standard deduction is the right one to do. I am not sure about that anymore. 

Thank you,

Dustin   

@John K. I'll be reaching out to you for deals once my current deal is finalized and everything is settled. I live in El Paso.

@Yasir Einaudi has been a really great realtor who has helped me out a lot. Definitely listen to what he has to say and take his advice to heart. He knows a lot.

This was recommended to me and I highly recommend it to you as well. You should purchase and listen to or read more than once "The Book on Managing Rental Properties" as soon as possible before getting or starting to work with tenants. 

Awesome Job! I'm currently working on closing a deal which will be my first real estate investment and house hack. Hopefully it goes through! Great job

It looks like a good deal to me with good cash on cash, Enough cashflow to cover expenses and it looks like you might even be over spending on maintenance and CapEx in your calculation. You have enough cashflow to cover unexpected issues. It seems like a deal to jump on... Definitely see what others say since I'm new to real estate.

Sounds like an awesome deal. Congratulations! It's also awesome to get 4 doors for the first deal. Great job

Investment Info:

Small multi-family (2-4 units) other investment.

Purchase price: $162,000

I will be doing a house hack. My family will live in the main house: Main house 4 bedrooms 3 bath. In the back yard is a separate 1 bedroom 1 bath house that will be rented out. My family will live in the main house and are hoping to turn the 4th bedroom into a small studio apartment and rent that out since it has it's own attached (already remodeled) bathroom and access to a fridge and washer/dryer. This will increase our cashflow about $200-250 per month.

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

Currently my family is renting a house on the military base. We want to optimize our housing costs and get into real estate. A house hack provides the lowest barrier-to-entry to get into real estate.

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

Found this deal on Zillow. My wife and I visited the house on our own and sent videos of the house to our realtor who did the negotiation.

How did you finance this deal?

VA Loan

What was the outcome?

We are currently waiting for the seller to sign the contract.

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

Yasir Einaudi. Very experienced and is an investor also. Knows El Paso really well

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $162,000

Main house 4 bedrooms 3 bath. Small 1 bedroom 1 bath house in the back yard that will be rented out. My family will live in the main house and are hoping to turn the 4th bedroom into a small studio apartment and rent that out also since it has it's own attached (already remodeled) bathroom and access to a fridge and washer/dryer. This will increase our cashflow about $200-250 per month.

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

We need to find ways to optimize our housing. Currently we are renting and not growing in real estate

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

We found this off the MLS. Our realtor negotiated it.

How did you finance this deal?

VA Home Loan

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

Yasir Einaudi. Very good. His is an investor himself and knows the El Paso market very well.

I definitely would recommend jumping into the most simple solution first which is house hacking or doing a live in flip, especially if you are looking at purchasing a house. This reply is very late to the post so may not even apply to your situation any longer.