All Forum Posts by: Mason Yost

- generally speaking, start up expenses that are required to run your business are typically tax deductible. With that said, since you live in the home, perhaps, you can only deduct a portion? (ie. if you occupy 25% of the home, maybe you can only deduct 75% of the cost). Would be interested in what an accountant says about this.

- Regarding utilities, it may work similar to a home office deduction for a small business (similar to what I described above - basically you determine the sq ft of the home being used for business, and that portion is tax deductible. Again, I would check with a CPA

- Regarding LLC... you do not need to refinance to deed the property into an LLC. Just work with a deed service and they can handle this for you for a couple hundred bucks. Side note, since this is your personal loan, mortgage notes generally have a "due on sale clause". In short, this basically means that if you transfer/sell/assign the property, the lender has the ability to call the note due. This is extremely rare, but definitely something to be aware of.

Luis,

When working with a deed service they can make it legal for you to transfer title over to llc or is this just transferring it? And its up to you to get a loan without a due on sale clause or take the risk

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Mesa, Arizona

Hey,

What are all the legal forms that need to be filled out when doing seller financing?

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Kate,
Congrats on having a plan and getting ready to take action and set out on your dreams. I would look into a home possible loan or a 203k loan as well, very similar terms and might just be better for your situation. Most people like to keep the fha for multi family house hacking, if that is something you think you would ever do.

As far as for banks I would just go to your current bank and open up a business account or go to a local credit union and start one.

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Long Island, New York

Looking for some info on what types of insurance people recommend getting when house hacking.

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Originally posted by @Lexey Vezzoso:

Hey Mason!

We started out using the Deal Machine app. You can pin properties on the app and skip trace properties from there. Or you can write down addresses in a notebook and use software such as Batch or Lead Sherpa to skip trace which will then give you contact information. I personally think the Deal Machine app is a better system. We haven't done a ton of direct mail marketing so I can't give you as much feedback on that unfortunately. But I hope the driving for dollars information helps! Good luck and feel free to reach out if I can help you with any other questions!

-Lexey

Do you have to pay to use the deal machine app?

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I think it goes back to the risk you are willing to take. If you put down less you are being more risky but have more leverage. The more you put down the less you have to spend elsewhere, but you will have a lower mortgage so payments would be less and you could cash flow more. Again, the more you put down the less return on your money you are getting in the end.

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When driving for dollars what do most people use to lookup the owners phone numbers/addresses? Looking for feedback on what people have had more success with when driving for dollars, more success calling people or doing direct mail marketing? Lastly, what are some good systems or software for direct mail marketing if I want to go that route? Thanks in advance for the feedback

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Originally posted by @Joshua Janus:

Go to the local county auditor's website to get the owners name (if LLC search the incorporator on opencorporates.com) then use a website such as fastpeoplesearch.com and find the owners then start calling! This is what I do.

Once you get the info you just call and explain whats going on and ask to sell and leave as a message if not? If they say no do you call back within a couple of months?

I sent you a connect. Would love to chat with you more about your approach.

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Originally posted by @Harjeet Bhatti:

@Mason Yost Home possible loan is for primary home but non-occupied borrower can be consider on the loan. Most of the lenders offer this loan.

Do you know if you can live in for one year and then rent out or would you have to refinance then?

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All Forum Posts by: Mason Yost

Mason Yost has started 9 posts and replied 19 times.

Post: Running My Furnished House Hack as a Business

Post: Seller Financing Legal Questions

Post: First time home buyer- tips and feedback?

Post: House Hacking and Insurance

Post: Driving for Dollars Question

Post: Down payment on a rental property

Post: Driving for Dollars Question

Post: Driving for Dollars Question

Post: Driving for Dollars Question

Post: Looking for some feedback