All Forum Posts by: Jack Stalnaker

I bought my first rental property in Killeen last year and I currently live in Colorado, I was wondering if anyone knows of an accountant who can help me file this year. Any help would be greatly appreciated!

Quote from @Daniel McDonald:

Really depends on your long term goals. If you are 100% sure you'll move there then I don't hate having a property lined up, as long as you swing it. 100/month isn't going to actually cash flow. YOu will likely lose that somewhere. But if you're living at home then it may be fine to build up the equity. But say you move there in a year and sell it you'd likely lose money. So I'd only buy it if you could swing the potential loss each month, you knew you were going to move there, and it fit into your long term vision. 

Thank you sir, everyone in here is trying to berate me about how this is a bad idea, I wasn’t trying to say that I want to buy this property to make money now. I’d be willing to not make any money whilst renting out this property, but it will give me a place to live when I move out there, and I can always renovate and create more value if I want to rent it out or sell it in the future, but I likely won’t for many years. I’ve already found an agent and I think I’ll buy it within the next few weeks if I can.

I’m currently 19 living in Denver with my parents. I have a job making ~ 90k and I plan on moving to Texas sometime in the near future. I found an opportunity to purchase a property that would cash flow approximately 100 dollars a month in Texas including property management fees among all other various expenses with a tenant already on a lease. Should I embark on this and move in once the tenant’s lease is up or buy another property and continue to rent it when I do move, or just wait until I move to purchase a property down there?

Quote from @James Carlson:

@Jack Stalnaker

You're 18 years old in Denver, make $100k and are projected to make $170k next year? Maybe we should be seeking advice from you.

At your age, time is far and away the biggest factor in your favor. You're buying 10-15 years before most your age start doing so. 

What you decide to do depends on a few things. Do you value time/privacy or money more? How quickly do you want to grow your portfolio? If the idea of living with others sounds awful and you're not in a rush, then buy a single-family home, live in it for a year, two, four, whatever. Then, move out, make the first place a rental, buy another and repeat.

If you're really excited to grow, it's the same process but with house-hacking in Denver. Easiest way is to take roommates. No need for a multi-unit. No need for some separate basement apartment (although that is a nice alternative to having friends and you can STR/Airbnb the heck out of that).

Some super simple math: 

-- Buy a $550k 4br/2ba home in a middle suburb like Westminster (just northwest of Denver)

-- With 10% down, your monthly is maybe $3500.

-- You live in one bedroom, rent the other three at $800/mo. You're paying $1,100 total.

-- When you move out, you rent the other bedroom for a total of $3,200 in rent.

-- Or, because Westminster allow for non-owner occupied short-term rentals, you rent the whole house for around $4500-$5500 gross monthly rent.

Numbers aren't perfect (unless you do the STR), but you own a home that someone else is paying the majority of. Of course, this math starts to look different in other markets.

Good luck!

Thank you sir! I appreciate the advice.

I’m currently living in Denver. I’m 18 and still live with my parents so I’d rather not stay in the same living situation I’m in right now if possible. However, last night after posting this I did start to do more research about the possibility of not house hacking after all. I currently make over 100k a year and next year I’m projected to make ~170k so I might just buy a single family home and wait until I can buy another, then start my rental property journey in 2026. This is of course just me brainstorming but what are your thoughts on this if any?

I want to purchase a multifamily home and do a house hack if possible in January of 2025. I have 50k for a down payment and another 25k to cover any extra costs that may come along with it, but I don’t know where to start looking. I am willing to move pretty much anywhere in the United States. I’d prefer  to not be in the Midwest or somewhere that has bad winters, but if that’s the best option I am absolutely willing to make it work. What are some good areas I can start to research for buying? I’ve done some research myself but it’s hard to try and pick out one city in the entire country to find an ideal rental property. Any help or advice would be greatly appreciated!

I am growing a digital marketing business and I plan on purchasing my first rental property in about one year. Would it be possible for me to consider my down payment a business expense when I file my taxes next year and get a tax break? Should I just talk to an accountant? And if so how can I find an accountant who is knowledgeable enough to give me sound advice about such a unique situation? Any help would be appreciated thanks guys