All Forum Posts by: Jordan Allinger

Hello all, I've been considering short term rentals for some time. I've been diving deep into the financial aspect of how banks view income from rental properties (need to be on previous years taxes for 100% usability or 75% of a lease can be used immediately) so that I can get multiple properties in a year without using private financing or hard money. My question lies in short term rentals. How exactly do banks use this money as income? I know the proper answer would be to talk to a lender but I'm just curious before I start talking with them if there's any simple answers you can all give me. Let me know, Thanks!

Jordan

Hey all, I'm just getting back into regularly analyzing deals. I've started with multifamily, because for my personal first home, I think it would be the best fit. My girlfriend bought a home with FHA that we're currently living in and about to house hack, and I'm starting to job hunt for the salary that will allow me to buy as well (since I'm not on her home). As stated I'm looking for multifamily, and will probably be using an FHA or FHA 203k, but I'm just curious what some others are looking for in this market. Perhaps single family off market properties, or larger homes near the universities (single room rentals), or finding areas that will hopefully inflate due to developments, or finding perfect homes in the markets outside of Marion county. Just curious as, if you don't know, there's very few multifamilies in this market. I know that some will say, look in a different market, but I will be house hacking the first home while I save for a 10 or 20% down payment, so that's not really an option. All tips and advice are welcome! Thanks for your time!

Jordan

Hey y'all, my name's Jordan Allinger. Currently residing in Chicago but previously from the Champaign county Illinois area. I'm somewhere in the middle of my restaurant career as a chef. My background in real estate only goes so far as being a tenant. With that said I'm hoping to grow my financial freedom and get out of working 2 full time jobs. I plan on saving a chunk of money over the next 5 years to hopefully start investing in multi family homes at first, and see where that takes me. I love the idea of having a few rental properties and using those to build wealth. We'll see where it takes me.

Jordan