All Forum Posts by: Ephrem Bekere

Welcome to BP! It's a great sight to get educated and learn about real estate. The BP podcast is very helpful and will help you learn about wholesaling, flipping and rentals from people that are already doing it. 

thanks @John Warren Seller can’t carry all because he doesn’t have it all paid of. He probably has about 20% or so into it. 

Hello BP community,

I have an opportunity to purchase a 3 unit investment property and I was hoping to get some advice from you guys. Seller is asking 235k for it and its in a nice area with a good school district. 3br+2b rents for $875, 1br+1b rents for $595 for a long tenant who's has been there for a long time, and a 1br+1br for $650. With my financial situation, i will not be able to get a conventional loan so I was planning to use a commercial lender. The seller was wiling to carry 30-35k for the down payment but did not get into details for the terms. Expenses for the year are $6610 according the seller. That does not include repairs, cap ex or management. Would it make sense to have the seller carry majority of the down payment? It does not look good in terms of cash flow. Am i missing something? Any advice would be appreciated.  

thanks @Jon Robbins for the advise

Anyone have any recommendations for CPA? I am looking for someone in my local area, Lancaster, PA for end of year tax preparation. I only have one property so far that is under FHA and collect rent from it. Thanks in advance!

Hello,

Around end of August I bought a townhouse type property with an FHA loan (so I live in it too) and started renting out the rooms. (So I live in it too) While filing my tax returns, however, I ran into a few issues. I understand i need to report the income and figure out the expenses by using the square feet of the rooms. Both rooms rent for a total of $1100 and my mortgage is around $800. I just finished filling out my taxes and it said I owe about $700 for federal and state taxes. Is it supposed to be that high? This is after mortgage interest and depreciation and expenses were accounted for. Did I do something wrong.? Thanks in advance.

Thank you all!!

So I just recently bought a single family house to house hack and I will be sharing it with roommates. Do I have my roommates sign an official lease? If so, what kind of things should I add or watch out for. It will most likely be for college students, since I am in school myself. 

@Kyle Mack Hey Kyle, looks like a great deal. What did the partner gain in partnering with you for the down payment? What kind of terms did you have with your partner? Thanks for sharing!!

@Alex Deacon tanks for the advice, I will be calling people soon!

@Joe P. thanks so much for the detailed info. I appreciated all the tips. Definelty have to find the balance like you said!