All Forum Posts by: Mason Hickman

@Jeffrey Kreisberg

The IRS will consider the house a residence since you're using it for personal purposes for more than that greater of 14 days or 10% of the total fair market rental days. As a residence, you won't be entitled to the tax benefits of bonus depreciation. 

@Trent Reeve

We went through two shlage encodes very quickly on one particular house. I like the lock but there was an A/C vent right next to the door and we had condensation issues with the locks getting wet inside and malfunctioning. Switched to a kwikset halo and it stopped the issue. Lock settings on Shlage are better but this was our experience in a unique situation.

@Paulina L.

It depends on what level you are trying to pull data for. If you have specific areas in mind, ask a local agent to pull all the historical information for the area and run the numbers on averages. 

Zillow also has some of the rental data. See copied information below:

RENTALS

Zillow Observed Rent Index (ZORI): A smoothed measure of the typical observed market rate rent across a given region. ZORI is a repeat-rent index that is weighted to the rental housing stock to ensure representativeness across the entire market, not just those homes currently listed for-rent. The index is dollar-denominated by computing the mean of listed rents that fall into the 40th to 60th percentile range for all homes and apartments in a given region, which is once again weighted to reflect the rental housing stock. Details available in ZORI methodology.

https://www.zillow.com/researc...

@Eric S.

Utilize your skills as a contractor and get something that needs repairs. Flips or BRRRs would be where I would focus my attention with your skill set and decent starting cash. 

@Iymon Rasoul

It will help you more if you add in some additional information about the state, loan amount, expected loan structure, etc. 

Fortunately, you still have some time but it's running out quickly! Good luck!

 yes, even though the house may be worth more, most banks lend based on purchase price.

@Theresa Harris gave a good solution. 

@Gurjot Grewal

When we release a party from the contract, we typically have the escrow release in the same document so there is no question about where it is going. Why are they pushing back on the release of escrow? Is there anything else going on there? How long has it been going on? If it has been a few weeks, start calling the brokers to see if you can make headway. 

@Reese Morgan

Not sure about your town but I would search "[Town name] Assessor's database" Then go start plugging in the addresses. If there is an assessor's GIS map, you can likely just click in to grab the property owner information. This is the free way to do it. There are plenty of paid options out there, too. 

@Katisha Mion Jackson

At least two: wholesale it or close it yourself. If it makes sense for someone else to flip it after paying a wholesale fee, you can do it yourself. Check if it would make sense as a BRRR or a buy and hold for yourself.

@Reese Morgan

If they are duplexes, a bunch will probably be investors. Check the property records to get the mailing addresses for each of the buildings and cut your costs in half.