All Forum Posts by: Jantsen Locke

I am very close to a deal in my old college town renting to four students.  I have been a landlord for about a year and a half, but never having dealt with college students.

I wanted to start a forum for newbies like myself to hopefully be a spot for tenured landlords to drop some good tips.  Whether that be things to include in the rental agreement, relationships with the students, etc.

Thanks!

I have been spending my quarantine trying to research different styles of creative financing options.  I have started to dive into how to use retirement savings/ 401k.  

I have come across some buzz words like a non-recourse loan and self-directed IRA. I was wondering if there was a podcast episode, blog, or book that anyone has come across and could share!

Any other tips would be very welcomed, too.  Thank you all!

I have a seller who is interested in selling their single family home, and is willing to go the seller financing route.  I have ran all of the numbers and I think this could be a good deal.  

How do I make sure that the contract is written up and executed in the correct manner?  Would i approach a title company, a real estate lawyer or attorney?  

What is my next step?  Thank you in advance.

@Derek Dombeck very unique ideas. In my particular situation, I had lived in this property two years ago and now one of my friends currently resides. The current owner is in her 70s and lives about two hours away - my friend told me that she is looking to sell, but wasn’t happy with the offers she had received.

After reading various books and listening to some of the BP podcasts, I thought this may be the perfect opportunity to try to use seller financing. This is only my assumption, but the current landlord has grown tired of responsibilities of a being a landlord over two hours away.

With seller financing I may be able to get closer to her target, as long as she is willing to receive monthly payments and not the initial lump sum from selling.

I understand the high level idea of seller financing, and i am now faced with two properties that I feel could be perfect for this. I have never used seller financing, as i am currently house hacking with an FHA loan, so I am not entirely sure on certain details detail such as what kind of documents you must sign and best business practices conducting the entire process from start to finish.

Is there any BP, or any other authors, Seller Financing books that can give me more detail into carrying out this method?

I just bought a duplex to house hack.

The small room below the stoop on the front of the house has mold covering the cinder blocks.

I currently have it soaked with white vinegar and plans to wire brush it later, but I was wondering if anyone else had any other remedy for this or any success in doing so.

Thank you in advance.

@Bill Hampton

Appreciate the response. In regards to starting an LLC, would you need to set up a new one for each individual property? I have read somewhere that someone did that as their strategy, but I really wasn't sure of the advantages.

Also, are there any kind of materials out there that you could direct me to so I can dig into some of the tax info? I actually have a degree in Accounting, but ultimately chose to start a career as an Underwriter so I’ve lost some of the things I learned.

Just closed on my first house hacking deal (duplex- living on one side and renting the other).  I know there are some tax advantages involved (currently my next reading topic). It makes sense to me that opening a separate bank account would help me distinguish business related receipts from personal expenses. 

Is this the right thought?  Also, is there a credit card that anyone prefers because of the perks or any kind of other information in relation to this?

@Amanda G.I was just curious if there was a place to put the money you'd be saving via house hacking into the calculator to better estimate the deal.  I think I might have a good deal, but I wasn't sure how to add that in to my report.  Thanks for your thoughts.

I am currently in the middle of negotiating a deal for a duplex that intend to live in one side while renting the other. With the combined rent from one side and my roommate I will not have a housing payment and profit $100... gross any other kind of expenses.

When using the rental calculator what is the best way to input the numbers so it takes the money I am saving currently on rent ($500) into consideration?