All Forum Posts by: Michael H.

Hey BP community,

Ive been claiming the rental income of my current house hack on my taxes,as we all should. I'd like to know what a potential lender would like to see in order to count this income along with my W2 income for my DTI.

I am in Houston,Tx.

also recommendations to local guys would also be appreciated!

any advice? 

@Mark Lira no wrote downs for living up to what they agreed to. Margins not there. Now a contractor doing a flip is a different situation

@Ben Feder the objective here is to turn you into a lead source for them. They WILL find you money and even partner with you on cherry picked deals. You should also expect that they are going to sell you access to their software, tools, CRM's and if you never find a deal, their costs are covered from your fee and subscriptions.

I wouldnt be upset with them, this is the natuarl progression of guys who hit critical mass and need to grow their network

@Justin Wotring BIG UPS

@Todd Kruger not sure on the reverse syndication. Most will refinance after 3 years and get equity out. If this is your first multifamily you should focus on being an efficent operator. Youll always need to manage the mangers, atleast until you are big enough to hire an asset manager. Rod kheilf has a "deal deck" where for 300 bucks his team will Analyze your deal ans give an opinion. He only does multi family. Give that a try

KKOS specializes in real estate entities. they are great, check out marks youtube channel, hes one of the partners. they are EXTREMELY KNOWLEDGEABLE when it comes to real estate.

@Robert Collins

I have some people in my network that are killing it by turning a C property into a B property, But were less successful trying to turn a B property into and a A property

@Patrick Culleton

Maybe!

Is it in a super high Appreciation area?(think galleria area in Houston, Or artsy South Austin Neighborhoods)

Can your personal finances or other passive income sources take care of the difference?

Did you go through a heavy rehab on the property and your capital expenditures are expected to be low for the next 5 to 10 years?

Are you a high net worth individual who does not need cash flow and can take a little bit of risk on and appreciation play?

What I'm getting at is that there are scenarios were a can work but it depends on your situation and your experience level and investing in.

@George Yu

CONGRATS!

what was your out of pocket costs?

And if other invested with you, what was their total out of pocket costs!

Keep living the american dream!

Its a shame that beginners guide was taken down or moved