All Forum Posts by: Dalton Dellinger

@Daniel Pak I am an investor in the Evansville, IN area and am also looking into small multifamily units. We have a great market and I see tons of deals frequently in my area, I just lack the capital to purchase them. Maybe we could work together?

@Greg Carrier Hello Greg I sent you a connection request! I'm an investor out of southwestern Indiana and would love to start buying at tax sales. I'm sorry you had to go through this!

Awesome, thank you both!

Hello BP! So I was creating a spreadsheet to track all my business expenses. 

Is my phone bill tax deductible since I use it for business purposes? 

I offer internet to my downstairs tenant for free (I am house-hacking in an up-down duplex), and I also run my businesses out of my home office. Is my internet bill at least partially tax deductible?

I had security cameras installed on the premises, is that considered tax deductible as well?

Thank you all for the help!

Thank you Dick for your response! I am going to talk to my partner and will consider raising the rent to $1000 a month for 4 tenants. That should be a very affordable split for each tenant, even while in school.

I definitely won't let anyone stay for longer than 2 weeks without being screened and added to the lease. Thanks for the advice!

Thank you guys for the responses! I am going to think it over, since I have time. I think the route I am going to go is charge $50-$100 more per person since they'll be splitting it 4 ways. I currently have an occupancy limit of 2 per room. But if they are all (except for 2 siblings) unrelated, I don't think that charging per tenant is a bad idea. Thanks again!

Hello BP! So I currently have one tenant in the downstairs of my duplex. She is a sophomore college student. Since it is summer she isn't home much, but when class starts back up in the fall, she is going to be moving in 3 more students with her. It is a 3 bedroom, 2 bathroom unit that is 1200 SQ ft, so space is not an issue. I told her that once her lease was up in September, we would be signing a new lease at a higher rent because of the additional tenants. The rent will raise from $750 to $800. My question to the community is, should I charge more for the rent because it's 3 more tenants? I am wondering if I could get more money out of the rental, or if I should keep it VERY competitive like it is now, and not risk a vacancy. 

Thanks!

Dalton Dellinger

Don,

Thank you for the response! So it sounds like I need to get a deal under contract with a financing contingency and then present it to my investors. Worst case scenario then would be the deal falls through based on financing. 

Thank you guys for your input! So to add some more information to help you better answer my post:

I have a duplex that I am house-hacking. I just bought a SFH and will have it rented out within the week. I am focusing on Buy and Hold investing. Outside of those 2 investments, I have been doing nothing but researching and analyzing for the last 5 months.

I understand that from an equity partner's stance, I could start up an LLC and write into the operating agreement my investor and myself in an equity split. Whether it be 50/50, 20/80, 70/30, etc.

But if I want a debt investor, and I do get a property under contract, who would I have write the "note"? Would that be an attorney? I know how to analyze it for myself and for the investor to see our individual ROIs. So should I just get their verbal agreement to a specific deal, THEN get the property under contract and hope they keep their word? 

Again thank you guys. I am new to this and am just hoping to learn and soak up any info from people already doing it.