All Forum Posts by: Shaun Nichols

IMO I think the best way to go about this is to purchase it outright and write up a lease agreement. This way you avoid the property getting tied up in probate after he passes. Another option would be to place the land into a trust for you to take possession of upon his death. 

Obviously, I would have an attorney look over all of that for you to make sure it's written in such a way as to protect both parties interests. 

As far as funding goes, have you looked into if it would qualify for USDA financing?

*I am not an attorney and this does not constitute legal advice. 

@Adam Odom mind sending me the details on that duplex as well?

I always use Pinpoint Home Inspections. They have always been the most through from what I have seen. (803) 917-1884

@Yinglu Wang

I highly recommend Property Frameworks. Their fees are similar without the annual fee but do charge 100% of the first month's rent as a marketing fee. I have been using them since April and they have done a great job for me. 

https://www.propertyframeworks...

Hi Sam, 

I recently purchased my first Hack at the top of the pandemic. The current events worked in my favor because the property had been sitting on the market fo 2 months and the owner (a flipper) worried that if they don’t take my offer that they may not see another one for a few months. 

Much like in the stock market trying to “time” the market is simply a gamble unless you have a crystal ball. By purchasing a chashflowing property like you describe you win no matter what the market does. I would hate to see you pass up a deal because your worried about the future. 

As @Suzy Sevier has said interest rates are crazy low almost to the point of being below the inflation rate. What this means of you is that in a few years you could effectively have a negative interest rate. 

Greetings

I recently purchased my first duplex (House-hack, VA Loan, 3.25%) and want to ensure I set myself up for success. We currently don't need any of the profit generated from this property and we want to ensure stability and growth over the next few years. We can afford the mortgage/insurance etc. while the property is vacant.

Question: What should be the first priority with these funds to set my self up for success. Save up for repairs/mnx/vacancy/improvement ect? (how much?), Debt paydown to increase VA purchasing power for our next investment (currently have negative equity on the property)? Save up cash to put towards our next property? All of the above? I know all of these things will be necessary but how would you prioritize?

@Corey Stubbs Love the idea of this thread. As a fellow Air Guardsman in SC and former AD Airman in GA and ND I just recently purchased my first House Hack with the VA loan (this month). Have you looked at the Active Duty Passive Income group on Facebook? It's a great community of veterans focused on helping each other and sharing strategies specific to the military community.

@Troy Gandee Thank you for the advice. I do intend to set them up in separate entities in the future but since I'm just starting out the expenses are negligible. Unfortunately, because I am house hacking with a VA loan I cant set up an LLC for the investment property until I refinance at a later date.

@Guifre Mora Thank you for your input. I found that by using Quickbooks download as opposed to online I am able to buy one license to run multiple businesses. This seems to be the best option since between my wife and I, we currently have 4 businesses. 

Greetings Fellow Investors, 

I'll make this quick. I'm a Realtor in the South Carolina area who will be buying my first house hack this month. I know that in any business knowing and tracking your numbers is vital to success. I'm curious if I should manage my investments for my sales business and my investing business together or separate them? What would be the pros and cons of each approach? I am currently using Quick Books Online Accounting software for my sales business so if I sent them up separately I would need to pay a separate subscription fee for the software. What other accounting software options should I consider?

(note all business entities are currently sole proprietorship) 

Thanks for all your help.