All Forum Posts by: Evan D.

That would be great, thanks

Hi everyone,

I'm currently under contract for a duplex (first house hack and first home!) in Columbus. I will most likely Airbnb one side once their lease is up. I'd like to talk to a CPA familiar with real estate and the related tax situations specific to house hacking as well as Airbnb. Could anyone recommend a CPA for this? I plan to invest in a STR cabin in TN as well. It would be even better if this CPA is familiar with TN. Thanks in advance!

@Andrew Weiner That's the overwhelming advice I keep hearing on areas. Stick to C+ or better. Renting to med students (or similar graduate students) would be a good tenant population to try to attract

@Brandon Sturgill Yeah I could see how using a loan broker would be well worth it if it means getting the loan and closing on the deal. It isn't going to hurt by starting with a smaller MFR, though. I know I'll learn lots. Thanks for the insight!

@Antonio Cucciniello Turnkey is what my gut is telling me due to the passivity but I also know I will be giving up total returns wit that approach due to paying market rate or above for the luxury of turnkey. That's something I struggle with but passivity is most important. 

@Remington Lyman I'd move back to the Columbus area or just outside of it. I am open to properties in Cincinnati, Cleveland and Columbus. As you know, the first two cities are a lot easier to buy "in to" or so it seems. I lived in the Columbus area for six years though. It is the area I'm most familiar with and has the best future outlook (to me.) I know money can be made in any market, though. Do you have any reputable turnkey contacts in any of those cities? 

@Andrew Powers Thanks for the suggestions! I never even considered HML. I'd rather have my skin in the game and own some property rather than that. If someone is going to spend my money! Ha.

@Jonathan Oh Oh yeah...I made sure to set money aside to secure a primary residence once I move back. Ideally I'd like to pick up a small MFR to house hack.

@Marc Rice It was such a shock for me to go from Columbus to Denver and see the home prices. I lucked out with my housing situation here. I'm only paying $700/month for a furnished room in a house with two roomates. That's what I was paying for a big 2 bed/2.5 bath townhouse with attached 2 car garage split with one other person in Grove City...great point on the AirBnB. I hadn't even thought of that. 

@Chris Allen Messaged you back!

@Brandon Sturgill my true original plan was to get into a larger MFR like a 10ish plex. I learned though that most lenders won't lend on a commercial property like that to someone with no REI experience. DO you find that is the case? I thought that would be the most efficient use of my capital and the least amount of "frictional" expenses (like closing costs) since I'd only have one property to start. Versus buying several SFH or MFH. The only downside I see to buying a mid-sized commercial property is increased risk by only having lots of money tied into one property.

Hey BP!

First off I want to say that this is the best forum I've ever read and interacted with. Though I'm new here, I can tell from all the forum posts I've read that this is a very welcoming, educational and civil forum. I can't say that about some of the other forums I've been on (non-REI related). They can get pretty heated at times.

I was hoping that I could get some direction or insight on how to proceed with REI. I've read several books and have a whole pile more to read. My initial plan was to buy and hold multi-family properties all taken care of by PM. The more I read the more unsure of my initial strategy though (analysis paralysis maybe?). My goal is passive income (netting $60k/year or more) so I can be work optional within 10 years. I sold some of my stocks so I have about $225k to invest.

I'm 28 and have been a nurse a bit over 4 years. I'm currently travel nursing which means I can potentially be moving to a new area of the country as often as every 3-4 months. I recently came to the conclusion that continuing to do this (at least until this pandemic cools down) is my best ROI of my time since I can net $1500-5k/week on average depending on the assignment. I would like to exit the healthcare industry through RE or at least work in it significantly less. I have no debt, no primary residence and typically rent the cheapest furnished room/apartment I can find when traveling for work. I would like to move back to my home state of Ohio in the next 12ish months. At that time I plan to use a FHA loan to house hack a duplex. I don't have interest in flipping or any of the more active strategies. I may get into BRRRR once I move back to Ohio but we will see. I'm interested mostly in passive REI. I understand that nothing is 100% passive with REI and I'll have to manage my PM if I go that route.

What do you suggest the best plan of attack is while I continue to move around over the next year? Turnkey? I know that has its own pros/cons as with anything. Or should I just keep my money in the bank until I move back to Ohio where I would plan to stay. I'm currently in Denver but the market is too expensive here (for me) to buy anything. I think it would be more wise to invest back in Ohio or another state with cheaper prices where my money would go farther. That introduces the whole out-of-state investing drawbacks. I know there is no right answer but I'm just trying to figure out what the best option is for my situation. I keep reading over and over that access to capital is a lot of real estate investors' biggest challenge so I just want to make sure I'm making the best use of what I have. Some of this money I have was left from my late father so I want to make sure I'm making the best moves I can. 

Thanks all in advance!

Thank you both for the clarification!

Hi CJ,

Trying to revive this thread because I'm also wondering about this. I'm just starting out (no properties or loans yet). Is this common language on a typical 30 year fixed in 2020/2021? I just found out about Dave Ramsey's situation where all his loans got called decades ago and it's a concern for me. I just don't understand why a bank would call a traditional loan for SFH/2-4 plex if the buyer put 20% down and is current on all mortgage payments. Is there a way to avoid this clause or potential scenario by going to another lender?

I understand one must understand ALL of the loan details but I'm not sure how to find the answers of these questions without actually finding a property and right before signing with the bank. 

Lastly...is banking loan calling a possibility with most commercial loans where the buyer is putting 25-30% down? I'm not looking for legal advice from the BP community. Just looking for some general advice and knowledge. 

Thanks everyone!

@Steven Foster Wilson good to know...partnering with someone experienced is something I am very interested in 

@Steven Foster Wilson I totally agree with you! I am excited to (eventually) house hack a small multi-family unit with an FHA loan and learn more about managing myself. That won't be for awhile though since this pandemic has created an advantageous time to be an ICU travel nurse. I think it would be better for me to get the REI ball rolling by looking for larger multi-family deals rather than waiting 12-18 months until I move back to Ohio. We shall see though...

@Remington Lyman Thanks for the info! I will check that out. I'm reading lots and still discovering the ways to find off-market deals. I will check out the auditor's website today.  

@Steven Foster Wilson That's the plan once I move back to Ohio. That may be some time so I think I will be focussing my strategy towards larger multi-family properties (5-12ish units.) I will most likely start looking in Cincinnati/Cleveland since the barrier to entry seems lower. I plan on using PM for any properties I acquire since I will be moving several times over the next 18 months for work. This, I believe, helps since I won't be as location dependent to a certain market.