All Forum Posts by: Leo Singer

@Frank Bonzai I agree with Aaron. I’d focus on reducing your housing expense and eliminating your car expense. You may have to make some short term sacrifice today in order to get to where you want to be in the future.

Also, from personal experience, house hacking is a great way to reduce expenses and increase your savings rate, but reserves are equally as important. Once you get your first property, you’ll realize reserves are critical to you success.

lastly, I’d recommend Scott Trench’s book, “Set for Life.” You may have already read it, but it will provide you a nice roadmap toward your path toward your 1st house hack.

@Scott P. Yes they are located on the interior of he houses. I like the idea you mentioned. This is my first duplex, so never ran into this. I appreciate your help.

@Nathan G. I agree - we are having our contractor come out Thursday to fix it. I will be looking for a new contractor after this is done. The contractor who just finished the project was aware of the issue and never informed me. We had a convo this AM and he agreed to come correct the issue without any further cost. This project has certainly been a learning experience.

I appreciate insight from both of you gentlemen.

@Mike McCarthy It is a gable roof with attic access.  I just contacted my contractor to see how much it would be to add a second vent through the roof.  The spring damper idea is not one I thought of. I appreciate your response!

I am running into issues with a current tenant and wondering if anyone has had a similar issues? I also am curious as to how others would handle.

I am house-hacking a duplex and the 2 units share a dryer vent duct exit through the roof. When using the dryer the hot air exits into the other unit as well as through the roof. I have had the dryer ducts professionally cleaned and it is still an issue.  The tenant is becoming increasingly frustrated.  Have any of you ran into this? If so, how did you handle, or how would you handle?

This was extremely helpful and exactly what I was looking for.  Thanks for the help!

Hi everyone!

I’m new to BP and working on my first deal. I wanted to see if anyone could provide me a little insight on some of the intricacies of seller finance.

The seller is a close family friend who has told me they are willing to sell me the property below market value. The property is in a great neighborhood that is renter friendly. The seller owns the house outright and understands this will be a rental property.

I plan to speak to the seller about seller financing. The numbers work well for both parties, but I know the seller will have questions around a few of the moving parts of making the deal happen. More specifically, some of the questions I need some help with are:

How do seller finance contracts work? Do we simply need an attorney to write a contract up based upon the structure we agree to.

What tax implications are there for the seller?

Is the closing process similar to a traditional closing process when obtaining lending from a bank?

Sorry if these questions are elementary, I want to ensure that I am able to answer these when they come my way.

Thanks!