All Forum Posts by: John Lewis

Hey I'm back BP Fam,

What's your checklist when inheriting a tenant for a house hack of a 2-4 multi-family property. I may be in this situation very soon. Rents are current paid on time according to the rent rolls, property is kept clean, everything appears well on paper, but what are you doing? I want to hear from others who have inherited tenants and their process of starting the relationship? Thank you.

Thank you, everyone the feedback have been really helpful. This is an awesome platform to get advice....

Hello BP Fam,

The wife and I are in the market for our second investment property, and we are looking to house hack a 2-4 unit. More than likely it'll end up being a 2 unit. I want to know how much of the mortgage is your rental income off-setting, is it covering the entire amount, or will I need more units to accomplish that. But can you share a rough estimate of how much yours is covering, (ie. 60%, 75%, etc.) Also how was your acquisition process, did you use an agent and get something that's currently on the market or did you look for an off-market deal that you could add value and hopefully acquire at a discount. What's your experience with House Hacking multiple units. I'm in the St. Louis, MO area, Midwest.

Also was your financing conventional, FHA, or owner financing?

Thanks.

Awesome post....any recommendations for St. Louis, MO

My wife and I are looking to acquire a 2-4 unit that we will occupy one of the units and rent out the remaining units. I want to know who else has used this house hacking strategy. Also I really want to know if you bought at retail with already renovated units or did you go in and add value, a lot of the properties that I see 1 unit has been renovated and the other unit still needs some updating. Those are attractive to me because I can rent out the renovated unit and update the other unit while my wife and I are occupying it. We're going through the 1st time home buyers program so the place has to pass inspection in order for us to buy it.

Thank You.

Thanks @Account Closed your input is appreciated.

Hello BP,

Question about entity structuring and commingling funds. 

Do you recommend that every investment property that I have be in a separate entity, also what would be the benefits of having a property in my personal name. I ask because I see a lot of people hold property in their personal name but also here how it's smart to put them into an entity for asset protection.

Cash Flow Question: 

I often here people say that they've invested enough to live off of the cash flow from their property. Isn't that using the business income for personal expenses, would that be considered commingling the funds which could lead to the corporate veil being pierced if they came upon legal trouble?

Entity: 

When I create my LLC to transfer my property into which is free and clear, will I need an EIN or can I just keep using my social?

Sometimes when I present these questions to industry professionals they say that you're not big enough to worry about this yet. Would you start you business by keeping good books and making sure that you have proper industry structuring underway or wait until you have a nice sized portfolio.

Thank You.

Thank you so much Rebecca, it's much appreciated...

Hey Dan thanks a ton, this info is really helpful....very grateful to have a platform such as BP to leverage....

St. Louis is representing on BP, fellow investor here. I have 1 shared living home in North STL cash flows great, but I will be looking to sell it here soon and put profits toward a 4 family acquisition.