All Forum Posts by: Skyler Walker

@Tyler

@Andrew Terrell and I share common views on this. I’m on my second duplex, both are house-hacks and I have similar insurance situations. Paying a little extra for the Homeowners policy and having a rental type policy for the other side is the best thing to do.

Once you are able to move out, you can cover the whole property on a renters policy and help your cash flow game.

Tristan,

I agree with Kevin on interest rate for the loan however I would figure something like 4.15% on a first time FHA. Also I would see consider the numbers tenants in one side and only you on the other, just to ensure you have the funds to back the risk. And then run the numbers for your exit strategy... do you plan to rent both sides eventually or just sell once you are done with house-hacking? This will give some indication on the total investment numbers and what your cash flows will be down the road, making sure this isn't just a short-term good deal. You can buy a single family home and finance less depending on roommates to pay the mortgage if that's your only goal with this.

Also, I would definitely reach out to the owners.  You aren’t going to hurt your position.  Everything to gain and nothing to lose. 

I’m in the tulsa area with a couple duplexes as well!  I hope everything works out!

Rashaun,

I can’t help you much with what you should do in this situation although it sounds like you might just help her rehab the place and increase the comps.  

However, “House Hacking” usually refers to something like a duplex or a property where you can live in and charge rent at the same time.  

Just my experience.  Hope it works out!

I am looking at attaining a multi-family property or possibly a single family residence with a partner to use as a rental property. My question is about deal structure, I do realize that I will need an attorney to write up a proper legal agreement for us but as far as the transactions go, I have questions.

My plan is to see an attorney, open an LLC with the partner,have the partner purchase the property, deed it to the LLC. My end of the bargain is the deal/marketing/management side.

For some background. I own two rental properties and my investor owns zero.

Does this seem like a solid plan?

Who is responsible for the debt when the property is deeded to the LLC?

Is the Investor still tied to the mortgage?

Can you deed a primary residence type loan to an LLC?

I have just purchased my first investment property, a duplex which I have rented one side and assumed the other as my primary residence. I assumed residence primarily in order to use my VA loan however I plan to move out around July of this year and begin to look for my next venture after refinancing the loan and using my VA loan again on the next purchase. Not sure if any one this content helps but the real question here is how I should structure my business, considering the recent tax reform as well as my intent to only deal in buy and hold properties. Are their any issues with primary residence loans being sold to an LLC and is incorporating my best option at this side of the scale? Is their anything else I should be considering? At this point I want to set up my business to run the same as it would 10 years down the road with 10 or more properties, if it is in my best interest to do so. It is currently difficult for me to get a business account considering I do not have a "business" or EIN, this also hinders me from utilizing ACH with my customers as I need to provide proof of business in order to collect money. Go figure. Any advice is great considering I am just starting out!