All Forum Posts by: Dalton Dellinger

Hello BP!  I am looking for information and actionable steps I can take towards raising private money. I have read Susan Lassiter -Lyons' book "Getting the Money". I have 3 people I work with who are interested in investing with me, but I don't know where to start. If I found a deal and presented it to them, what would be the first step? Do I contact a title company and have them create a promissory note? That is where I am lost. Any input would be greatly appreciated! Thanks!

Welcome Anthony! I'm a newbie originally from Bruceville, IN but now I live in Princeton. I am getting ready to close on my first house hack in Oakland City. I would love to network with you and maybe look at deals together between Terre Haute and Princeton? I'm closer to Vincennes than Terre Haute, but if the deal was right I would be willing to look around.

Thank you for the response. I was just making sure because I plan on having my Property Management Company manage my own properties for a few years before I offer services to anyone else. I was unclear if I had my company set up as an LLC and the properties were in my personal name, if that would be violating any laws.

Sorry to hijack the post Joshua S.  I wish you good luck with your property management situation! 

Does this mean that it would be illegal for me to manage my own properties without a broker's license? 

@Basit Saddiqi

Yes the attorney suggested I talk to a CPA before setting up an entity, and the CPA suggested I set up an LLC. My assumption is that the lawyer has seen in his clients better asset protection by keeping the C Corp income seperate from personal income? I'm not sure.

I am meeting with him on Monday to form an LLC, but am already in the process of closing on my duplex, so I think it may be too late to put the property into it.

Should I open a business checking account as a sole proprietor and just have the rent deposited there?  Then all my properties from here on out would be bought in LLCs. 

Thanks for the reply!  That really helps a lot. 

Hello BP! I am in the process of closing on my first duplex to house hack and I have a few questions as to how to set it up. Can I / should I open a business checking account as an individual and just have my tenant pay the rent there? The mortgage payments, property taxes, insurance, maintenance, and cap ex would all be taken out of there, if so. Also, I talked to an attorney last week to look over my lease and make sure it was legal and I told him about my plans for this business and he suggested I form a C Corporation? Your thoughts on that? Everything I've ever read has said that an LLC was the way to go for both taxes and liability, but I am still learning. Any input is welcomed! Thanks in advance!

Thanks for the advice! You all have been a lot of help. When I heard the "T word" I thought that the property was condemned but I guess that isn't always the case. I am going to talk to the seller on Monday and see if I can get him to take care of both of the issues. If not, I've already found my next deal to pursue. You can't get attached right? They're just properties! Thanks again.

Thank you for the response, guys.

Sam- I am not sure of the type of termites. I have not gotten the official inspection report, but the inspector told my girlfriend that the termites had tunneled into the carport and most likely into the house. I am definitely still looking around for another deal. 

Trenton- If the seller won't repair, but I can get him to negotiate a lower purchase price, what would be a reasonable number to ask? I'm assuming it depends on the extent of the damage but I'm not sure how much termite treatment costs. 

 Is it possible to get rid of roaches and termites permanently or are they always going to be a problem at this property?

Also, how do you easily find a forum that you posted? I posted this and had to sift through 4 pages of forums after searching "termites"? Thanks again

Hello BiggerPockets community! I'm a newbie who is itching to buy my first small multifamily to house-hack. I have never bought a house before. I am currently renting. I put an offer in on a duplex close to where I live and it was accepted. After the inspection I found out there was termite damage and cockroaches in one of the units. Is this a deal breaker or what should I do from here? Any advice would be greatly appreciated. Thanks!