All Forum Posts by: Nathaniel Walker

I recommend looking into Toledo. More cashflow then appreciation but with knowledgeable help on the ground it could be lucrative.

If you are house hacking you may want to take into consideration that you have to live somewhere and if the cost of hacking is less than if you were renting even a small negative cashflow is not bad if their is upside such as ability to increase rent, appreciation, tax deduction, quality of life, etc. 

Taxes should not be a problem if you run all of the numbers and itemize on tax return.  You want to check to ensure the current taxes were recently reviewed and doesn't have exemptions.  If the home you buy has been owned for a number of years you may get hit with the new valuation.

Hello, welcome and congratulations. I live in Texas now but have been flipping for over 25 years. I started around your age flipping condos on Florida and have since flipped in a number of states. 

Good luck and triple calc numbers as super risky.

1. Planned future increases to lot rent.

2. Major repairs made and needed. Any repairs required by property management.

3. Market value of home.

4. What happens if you are forced to move home.

Deter theft by addressing your cans.

 Criminals are stealing twice in terms of the cost of the cans and the additional services from the city by having more refuse picked up.

If the seller was renting but not reporting the income you can let him know that you will be reporting the lost of income to the IRS when you do your taxes so they may come after him to report the income. Another strategy is you can tell former landlord the tenant will be informed that the security was never transferred with the sale and you require a new security deposit with your new lease and you will advise the tenant that he can go after old landlord for his security as the sale end his tenancy under the old landlord.

I recommend you use www.homewyse.com to help estimate reno costs.  It also describes the work which will help in negotiations. Many contractor will say whatever they need to get the job and then under deliver and over charge unless you protect yourself.

Good luck to you. I use to own and rent out a condo in downtown Providence until last year. I loved Rhode Island.