All Forum Posts by: Ryan Thomson

@Stephen DeFalco definitely agree with @Will Barnard. Also tell your friends and family and new people you meet, what you are trying to do. You never know who you'll run into that might also be interested or trying to do the same thing. 

@Patrick Q. I have a had a lot of luck with apartments.com. They post to several sites for you and then leads will message you when interested. I also have had a good experience with Craigslist. 

Also, good pictures and a good listing with clear instructions, go a long way.

You'd have to convert the property to an investment property first, than you could 1031 it. Doing all of that in under a year? Not sure what a lender would think. That might be a good question for a Lender.

https://www.millionacres.com/taxes/1031-exchanges/1-time-1031-exchange-your-primary-residence-makes-sense/#:~:text=A%201031%20exchange%20generally%20only,investment%20property%20for%20tax%20purposes.

Here is a great resource on that topic to what @Joey Llamas and @Bill B. are talking about. 

https://www.investopedia.com/a...

@James Devoe Sounds like a numbers game. Here are some questions I would think through to figure out what makes the most financial sense:

1. Did you get locked into a price for the rent to own that is significantly lower than how much everything has appreciated in the last two years? If so, you could have a lot of equity if you stick around and buy that house. If not, I don't see a big reason to stay in that home unless the fee to break the lease is MASSIVE. 

2. AirDNA is a great resource to get an average of what a home would do in your area. Sometimes there numbers are off, but its a good ballpark. This might make you feel more comfortable pulling the trigger. 

@Jason Breton There are some great opportunities here in the Springs for STR properties, you just have to know how to look for them. They are producing some NICE cash flow.

Another good option is student rentals. Buy near the colleges in Colorado Springs and easily rent by the room. @lionrealty and @Mark Hirleman are blowing up this space! 

I agree ^^^^. House hacking has an incredible ROI when you only have to put 3-5% down. Also allows you to get into the property MUCH sooner and the benefits of that are huge (appreciation, loan paydown, scaling and getting the second home, etc).

As a friend of mine says: "No house is perfect, just get started". 

@Bradley Dosch has some good ideas about being creative with SFH. I've converted and furnished garages for 17k and 26k. Walkout basements are also a creative way to split two units. Where I am from I like to airbnb the separate unit as it does REALLY well and ofter covers the mortgage.

Nice! Keep us updated on how the KC investment goes.

Hey @Curtis Towers I don't have an accountant, but here is some things to think about when you talk to a CPA.

I've actually done a couple househacks with airbnbs myself and just met with my accountant today to get ready for filing 2021 taxes. We talked about a lot of what your question asks.

Things to consider with your taxes though.

1. Use an accountant to file your taxes. They are worth every penny.

2. While I lived in my house hacks I was able to depreciate the percentage of the square feet of the home that was occupied by my tenants. This was while I lived there. Once I moved out (to the next house hack) I was able to start depreciating the full value. In addition to depreciating that percentage you can also deduct expenses that are for the whole house at that same percentage while you live there. E.g. repairs, supplies, etc.

3. Make sure you talk to your accountant about Qualified Business Income Deduction (QBID). It basically allows for your first 20% of rental income to be tax free.

4. If you want to scale, and cancel out the mortgage debt on your DTI I would recommend showing income on your taxes.

Butttt I'm not an accountant so these are just ideas.  :) 

@Lauren Zuend I'd start meeting and talking with lenders now. Build relationships and start learning who is more "house hacker" friendly. I would tell them what you want to do and ask them what you need to make it happen. Then you'll have some concrete financial goals to work towards and know your options. 

I would ask them not to pull your credit until a month or two before you are ready to start looking.