All Forum Posts by: Louise A.

@Matt Zimmerman

Hey!  I've been house hacking for 5 years in two different properties and love it.  To house hack successfully, you have to take your landlord education seriously.  Good leases, good screening etc.  PM me or email if you have specific questions...  

@Gabriel Benavidez

I've house hacked for the past 5 years and am a big fan of the strategy to cut down on monthly expenditures.  However, when I move to the west coast, I'm considering renting.  I think that both options are valid depending on your personal situation.  The most important thing is that you're putting your money to work in investments.  That is what most people fail to do!  Good luck!  

@Craig Carmichael

Hey Craig - It sounds like you have some great resources in your family.  That is always really helpful.  I'm not in town this weekend, so can't meet up, but if you have a chance, definitely do a lot of driving.  That's the quickest way to gain clarity on the areas you like and the areas you don't feel comfortable with.   I also use this map

https://www.trulia.com/local/irvington-indianapoli...

and avoid anything dark green.  If you have any specific questions, let me know.  Good luck!  

@Marcus Coleman

I house hack with a property manager and it works well.  I'm in a duplex and my PM takes care of the other side as well as the rest of the portfolio.  When my tenants move out, I'll be more involved in approving the application, but that's about it.  Good luck!  

@Lou Ruggieri

+1 for Jynell Berkshire.  She has assisted me with multiple situations I've been very impressed with her thorough document review.  

@Seetha G

I own a small multi family in Franklin and I really like the area.  I agree with @Justin Capps on the appreciation, but not on the cash flow.  The cap rates are so low in Indianapolis at the moment, that I've found better returns outside the city.  Let me know if I can help.  

@CJ Berina

My advice is no.  As Travis mentioned, there may be a rental cap in place.  Even if you start renting under the current bylaws, the association can change the bylaws at any time and you could lose your right to that rental. 

Aside from the rental cap, in a condo association, you can be special assessed at any time.  

I had to put a new roof on a historic 17 unit condo building ($140,000/17).  Yup.  

Better to control as much of the property as you possibly can!  

@Will C.

I was told the same thing by many lenders when I was getting started out. Call all the banks and brokers you can find to locate a lender who will give you credit on your DTI right away. My lender will give me credit for the rent amounts as long as I give him leases. He doesn't require years of experience either. He's with Ruoff if they are lending in Richmond. Best of luck!

@D'Juan Thurmond

Congratulations on your recent purchase.  That is fantastic.  

This is such a great question.  You're talking about a business bank account, right?  I've always put the whole mortgage payment on the business side.  If you are using a CPA, I would ask that person.  If not, I'd stick it on the business side.  I lived in a 4-plex for 3 years and we put everything on the business side (insurance/property tax etc.) except for repairs to our own unit.  

Best of luck!  

@Felix Badillo

Unfortunately that amount of legal/tax assistance is probably not needed as you're getting started out, but its great that you now have a platform on which to expand quickly.  Also, as you likely both have more assets than the average newbie RE investor, having more protection is probably wise. 

I started using Anderson myself (unlimited LLC package) after 6 years of investing and its been difficult to transition to the new structure. If I had started out with them it would have been much easier.

Don't beat yourself up on the expenditure.  Set some lofty acquisition goals and make the large upfront layout of cash make sense retroactively by building an awesome portfolio.  

Feel free to PM me with specific questions.

Good luck!