All Forum Posts by: Jeremy P.

Most hard money requires skin(cash) for first time flippers. They want to see that you have something to lose if the deal goes south. they also will review the deal and tell you if it is beneficial to them. check out podcast 9 https://www.biggerpockets.com/renewsblog/2013/03/14/hard-money-lending-ann-bellamy/ look at heloc, ploc, friends and family for dow payment assistance. there is an article/blog about floating credit cards but it is very risky . hope this search URL works. https://www.biggerpockets.com/search/wordpress?utf8=✓&term=Using%20credit%20cards&page=1 Please excuse any abbreviations, misspellings and typos as this message was sent using my mobile device

Also check these out:

https://www.biggerpockets.com/renewsblog/60-day-ne...

https://www.biggerpockets.com/renewsblog/2014/05/2...

Welcome to BP. check out https://www.biggerpockets.com/courses/a-beginners-introduction-to-real-estate-investing

I replied something similar here: https://www.biggerpockets.com/forums/12/topics/413...

You might need to get creative and use a few options.

50K Cash for down payment and/or rehab

Private lender for rehab and rest of loan

Portfolio Lender for rehab and loan

Hard Money is also an option

You could even use your Cash for Rehab

Private Money for Down Payment

Portfolio or Hard Money for rest of Loan

Don't count out your friends and family if you need a little extra cash and good returns for them.

I agree on the Ozone, works wonders

My first tenant smoked in the house probably from day 1 of 365 day lease (No Smoking on Lease but whatever).

We ran the Ozone for 3 days and had the carpets deep cleaned, ran again for another 2 days and was back to Rent ready.

Don't forget to change the filters in the AC and to run the AC to clean anything left in the Ducts

@Steve Cady this was my thinking exactly. 

Just be careful which HELOC you choose. While doing my research for HELOC I came across PNC they offer 2 versions under HELOC

https://www.pnc.com/en/personal-banking/borrowing/...

HELOC Loan (one time loan, payments start immediate, must start process again if you need another & HELOC Line of Credit (10yr draw period, followed by 30yr payment period) some HELOC only allow you to draw a certain number of times

Just make sure you do your due diligence and not all HELOCs are the same

@James Masotti Thank you for the different LLCs option to ask my CPA. I was trying to figure out if I wanted 1 for everything. Read another article/post that mentioned setting up multiple LLCs to cover different types of Partnerships too.

@Paula Steimel That is great news. I had a bad experience with my very first renter and wished I had more Inspections throughout the lease to rectify issues.

i currently use Schlage Connect Camelot Touchscreen Deadbolt at my Primary residence, and am almost changing batteries 1-2 Months (heavy use by myself and family members). I have a key for it in the car and at a relatives house just in case. I change or add codes via my phone connected to Wink Home Automation on same Wifi.

My question to @Account Closed how do you add a new code remotely? or you go on premise to add it? what about Dead/Dying Batteries? Do you expect the tenant to change the batteries?

Welcome to Bigger Pockets.

Talk to a CPA, not just any CPA (might not be knowledgeable enough on all the Real Estate advantages) but one that works with Real Estate even better one that Invests currently in Real Estate.

Check out your local REI Club, and network with others for their advice on Tax benefits

You can research 1031 Exchanges. Brief video from @Brandon Turner 

I believe your saying

You are taking out a loan for 120K to purchase a house.

The mortgage payment is x?

You will be paying $1,000

Your Renter will be paying $1,000

Who pays for the Utilities? Repairs? Is that factored into the $1,000 you get?

Have you tried running the numbers through the Rental Property Calculator? You might have a better outlook once you assess everything that could happen, (repairs, CapEx, taxes, insurance, electricity, HOA, water, garbage, vacancy, evictions, etc.)

I don't know if this calculator will give you the proper numbers since you are House Hacking, but it should be pretty close hopefully someone else can chime in with more info on House Hacking numbers.