All Forum Posts by: Logan Fast

@Edwin Colon if you are planning on investing long distance already then I wouldn’t limit yourself to neighboring states. A New York salary will generally be much higher than a Midwest salary to account for the cost of living, so you can leverage that and invest in cheaper properties that cash flow better. I think you can be successful investing in any market but this is a potential advantage.

@Aaron Poling thanks for the reply. The debt to income ratio is what's holding us back at this point. I'm looking to see if having the seller carry back 20% will fix this. Sellers are willing to get creative to make it happen as well so I'm trying to explore all possible avenues. 

I found a 3-plex that I would like to house hack. The plan is to use an owner occupied 5% down conventional loan. The seller is willing to carry a note for the 5% and accept monthly payments until it’s paid off. This would allow me to get into the house for almost nothing out of pocket if it works, but I am wondering if Fannie/Freddie guidelines disallow something like this. I did ask my lender but I know there’s a lot of experience on this site so I wanted to post it here as well.

This is from a meth house I was in a month or two ago. The kind of smell you never forget..

@Brock Simmons people not taking you seriously for being young is just something you will need to get used to. I had to message @Collin Schwartz a couple times on BP before even getting a response the first time. Once you spend a good chunk of time reading real estate books and listening to podcasts you will know all the lingo and basic real estate strategies which will allow you to hold conversations with experienced investors that you may be able to help out, learn from, or partner with at some point. 

@Jacob Carlson good to know! I guess the big thing now is making sure your sister can get approved for the mortgage. If she is in college and doesn't have a W2 then it could still make this plan difficult. Good luck!

I believe the title will have to be in her name, but I don't see why she can't just transfer it over to you after the mandatory 1 year of occupancy is up. I would be interested to hear what your attorney says.

@Ashish Acharya thanks for the information. I'll do some more digging on 100% bonus depreciation and section 179.

I remember someone telling me that the new tax code lets you write-off furniture that you buy for properties under the "hospitality" category (ie. short term rentals). Can someone point me in the right direction and explain any nuances relating to this part of the code? I am looking to upgrade my furniture for my air bnb units and I'm trying to figure out the most cost-effective way to do this.

@Aaron K. thanks for the response. I decided that would be a better use of my time to just focus on deals in Omaha.