All Forum Posts by: Nic Logan

@Adrienne Green

yes, so my business partner and I just finished setting up an LLC to invest in Chattanooga. We both live in Virginia. We found an LLC offered the most protection regarding our personal assets vs something like a general partnership. In terms of TN vs VA we found that we had to either pay the $300 to set up the LLC in TN or pay $300 to operate as a foreign entity LLC in TN. So we just went ahead and set up the LLC in TN. Feel free to PM me if you have other questions!

Thanks Jon! It was a good place to start, now onto the next deal. 

Great information, thank you for the help David!

Investment Info:

Condo buy & hold investment in Arlington.

Purchase price: $332,000
Cash invested: $27,000

1st Real Estate Investment! Househacking near D.C. and paying $400 a month to live with friends.

What made you interested in investing in this type of deal?

Looking to subsidize my living expenses, while still living near popular areas. Also, wanted to take action and start my real estate investing career. 

How did you find this deal and how did you negotiate it?

MLS, real estate agent.

How did you finance this deal?

Conventional loan (5% downpayment)

@David Fernandez Thank you for the response! If I do both a lease and a room rental agreement, does there have to be special language in the lease that states the property owner is inhabiting the property and “co-leasing” with the tenant?

I don’t want to sign a lease with a tenant that would prevent me from also being able to live in the property.

Can I use a room rental agreement I found on the internet? What’s the difference between a room rental agreement and a lease?

I am househacking a condo in the northern Virginia area. I want to rent out 2 rooms and live in the 3rd. Because I am living in the condo with my tenants, do I need a strict lease? I found some short rental agreements online that I want to use. I feel like that is too easy and I have heard the horror stories of insufficient leases. Is a room rental agreement wrought when househacking?

Thank you for the advice! It sounds like Northern Virginia is a a safe place to invest, but with lower initial return. I will keep that in mind as I am searching for my first house hack. 

I want to househack in Northern Virginia, right outside of DC. However, many of the common BP rules of thumb, like the 2% rule and 50% rule, are hard to apply in this high priced area. Anyone have any tips on how to make househacking work in high priced markets?