All Forum Posts by: Luis Olivier

There's a few options, you could set up a bank account for your LLC and get wire transfers or Zelle. My wife and I use Zelle and it has worked great for us. Stessa is great too!

What would you like to learn? House hacking is one of my favorite ways to get started in real estate, you are on the right track by wanting to learn more about it!

Congrats on closing on your first property! That is the hardest one. You want to put yourself in the best position to succeed. Networking is one of the most important aspects IMO, some deals can fall in your lap just by knowing someone (like your first deal with a family friend). You never know who might want to sell or have a deal for you. Always try to learn something from someone and build a strong connection. That's what's helped my wife and I get 4 units in our first 10 months. It's good luck but the harder you work, the luckier you get.

I think my first piece of advice would be to do a BRRR in your area first before trying to do it out of state for the first time. You could solve and could be in control of a lot more if you are doing it locally as opposed to out of your market. You could start by networking with investors in your area who have done BRRRs before and learn from the ones that are doing it successfully. You could also get a real estate agent to help you find properties and be your resource for any contractor or vendor you would need.

Welcome Tomeka! My first piece of advice would be to join investor meet ups in your town. It's awesome to connect with different investors and vendors in your area and start expanding your sphere, you may even find yourself a mentor. Learn as much as you can but also take action!

Like Leslie said, if the numbers work for you even at the current rates, go for it. I would stay away from hard money if you're trying to BRRR a STR because there are almost no lenders that will refinance you into a loan with projected Airbnb income. They usually want a signed Long term lease to do the cash out refinance. Go the traditional financing route for STRs.

My wife and I Airbnb a room in our house. We have a 2/2 so the tenant gets their own bed room and bathroom. We do 28+ night stays and we typically get traveling nurses, professors, other traveling professionals. This is a great way of house hacking and I prefer to do the medium length stays because it attracts professionals that just need a place to crash while they are here for work. Not for everyone but if you're open to it, it could be great!

 Yep! My wife and I did this, we had jobs for about 1 year and 9 months so they asked for transcripts. The key here is to have a current job and some months of pay stubs.

Along with the types of professionals that have been listed, if you are planning to house hack, you might want to consider speaking to a CPA that knows about real estate. There are different tax implications when renting rooms out in your house (deducting a portion of expenses because it is also your primary residence). Wouldn't hurt to know that information come tax season.

 I believe that it is at a time (if you have 10 and sell one house then you have 1 more available to take) but a lender should know for sure!