All Forum Posts by: Sean Rhodes

@Tyler Speelman I think if you decide to allow them to break the lease you deserve to have the remaining months paid in advance. So that way you can post an ad and begin the turn over process immediately.

@Matt P. Yeah those sound like great numbers. I live in Portland and to get those numbers your looking at $200k at least. I’ve been looking around in Ohio cities for bigger multi family but they are all in high crime areas. Have any tips on nice cities near you?

@Bryan Beal So the 1% thing is definitely realistic, but I see you are in the LA market as for me I'm in Portland Oregon in these hot markets it is very hard to find a 1% deal. I think you just have to get creative. Something that I just started is on my SFH I will rent each bedroom out separately and most of the time that will put you into the 2% range.

But from my experience if you don’t meet the 1% rule doesn’t mean that the deal you have is a bad deal. I think it more along the lines of if you meet it you definitely have a great deal.

@Michael Plaks wow thanks for the insight. You were a big help.

@Joshua Thompson yeah thanks. I have someone working on it at the moment but it is a family member who is educated on tax law but they say that I can’t deduct the mortgage or expenses from the gross income and I don’t think that is correct. I’ll have to find someone who has the experience for next year. Thanks again!

Hello everybody!! I love this forum. It has helped me change my quality of life dramatically. So now it's tax time and I have just started doing a house hack. And I am wondering about my tax situation. When I am claiming my income from my house hack (rental property) am I supposed to be claiming everything I make or just my NOI? It gets really complicated when trying to split my primary residence and my rental property. Any help/advice/good tax person in Portland , OR would be great!!! Thanks bp!!

Hello BP!!! So I just recently got into buying real estate. I bought my first house 6 months ago and it is cash flowing nicely. Now I would like to do a flip. So I know that I can buy foreclosures using a hard money lender, but I’m pretty sure I can’t afford that at this point so I’m wondering if anyone knows of any other avenues to purchase foreclosures. Maybe theres a local bank here in Portland, OR? Any help would be greatly appreciated!!

@Brandon Phillips I know that they do have a meet up in Portland area. If you check the REIA website they have one at least once a month. I've never been so I don't know how good it is, but it's definitely a start. So just goto the website and register and they will send you email alerts for the meet ups.

@Johan Yang Yes it is very hands on for me at the moment. But I am doing an owner occupied so it does take a little management for now. And you are correct property management companies will not take these kinds of rentals. But my hope is to groom one of these tenants into managing the house and leasing it from me and let him sub lease each room for whatever he wants to charge. So then at that point I can move out and go and buy another and do the same thing again.

@Jason Layman what kind of resources do you have for syndication? I am interested in learning about that.