All Forum Posts by: John Carr

Hey Team,

Quick run down. I live in my PR located in IL, but bought a home in FL with my daughter which she is house hacking. We are renting out 3 rooms atm. Since I make well more then my daughter, the plan was for me to claim the house for any tax breaks.

Question is, will we need a more specialized tax professional then the HR Block person I've been using for 20 years. They, the HR Block person, is also an investor and owns multiple properties, so I just assume they are well versed.

Thanks for your thoughts!

Thank you both very much!

Hey all,

Just got my first house hack in Orlando. I downloaded the FL lease agreements from BP but I am still a little confused and could use some help.

I see a Residential lease agreement Florida containing fee in lieu of security deposit. I see it has an area for fees in lieu and an area for security deposits. Do I just enter N/A the fee section?

Thanks!

@Travis Bohling

Thanks much, I was able to find the plot. Looks as though my father was able to find a piece of the desert in a flood zone :)

Now to find out what it may be worth....

Thanks everyone for the replies.

@Alecia Loveless great ideas with the cleaners! That was one of the issues I was worried about.

As it is right now, my daughter and a co-worker rent a small apartment. They both moved in together and both are on the lease. They are best friends and will move from house to house together(nice as we get a built in tenant), but with adding a third co-worker. Once the property is stabilized, we will start looking for the next investment. 

Still looking for a property, but thanks for the advice to check the HOA for any potential restrictions. @Noah Bacon 

Hey all,

I am getting ready to buy a SFH with my daughter in Orlando. Looking at 3 bedrooms, daughter will live in one BR, her current roommate will rent out another BR, and the third will be rented out to another co-worker.

Question is, I assume, we should have the two "roommates" or "tenants" sign a lease?

Also, the goal is to rehab the place, and then move on to another SFH in a year or so. When we make that move, what is the best option for the first house? Leave that house furnished and just rent out the vacant room or move out completely and just rent out the house as a whole?

thanks!

JC

Thank you very much.

Thank in advance for the help.

My father purchased a parcel of land in Cochise county AZ. I have the deed which supplies me with the unit, block, lot and parcel ID#. I have been searching high and low trying to see the property and learn anything I can about it aka value but I have gotten nowhere.

Anyone able to point me in the right direction?

Thanks!

JC

@alice 

@Alice Horn

Thank you! The sums it up nicely. Eventually, I will look in my own market, but right now, there is a need for housing with my daughter in FL, so that is where we will start our journey. I'd love to hear more from you about the area and how to navigate it.

@Nicholas L.
I love your advice on what I can do locally, and I plan on following it! I just need to get the ball rolling in her local market first.

@Nicholas L.

Maybe I explained it wrong. Simpler version. My kid currently rents a house in FL with a room mate. I want to start REI, but don't want to put 20% down. The idea is to buy a SFH or MFH with my kid that she will live in so we can benefit from 5% down and owner occupied. Eventually, move on to another property until we build enough equity to be able to just use a traditional investment mortgage with 20% down.

Rinse and repeat with my other kids.