All Forum Posts by: Thomas M.

I am currently looking for multifamily housing so that I can house hack it. I will be using a 203k FHA loan with a 3.5 percent down payment. I have to live in the house of a year which is fine with me. However a lot of the homes I am looking at are fantastic investment opportunities with my rate and low down payment. However with me living in one side and renting out the rest I get negative cash flow but something I can afford if need be. I know after the year of me living in the home the houses will cashflow great and will be amazing investment properties. my dilemma is going into a house now with negative cashflow for the anticipated cashflow in the future. * the areas of these homes have either high taxes which eats at my cash flow when I live in it, or are in a grossly competitive market*

Best books on real estate tax codes? I am not an accountant but want to make sure I thoroughly understand the tax benefits of real estate (added bonus I’m in NY if anyone has suggestions that are state specific )

@Kate Blalack thanks for your response ! Yeah it’s fallen out of contract before with other potential buys. The listing expired and now it’s back up for only 10k less than than their original price point . I submitted an offer and I received a counter that knocked 15k off their asking but still no where near market value .

There is a house for sale in my area that is listed for 60-70k more than it’s market value. The house is in great condition but the sellers think it’s worth the listing price and are almost avoiding the fact that they are pricing their home way over its market value . How do you get a seller to come down to a on their price closer to market value. I know they probably think they are sitting on god but their price is not practical for the area . What would you say/ do to get the seller to come down on their price ?

Hello! I have a question that may be a little out there for someone just starting out but nevertheless I am trying to compile information and opinions on.

I do not own property...yet.  I am in discussions with other like minded individuals about starting in real estate investing.  While on the other end I am still looking for a personal place of residences that i can ultimately house hack, live in and charge rent to other tenants in  separate units. 

My question is, if I purchase a investment home with other investors, does this ruin any potential first time home buyers perks and anything down the line I would be stripped off because of buying this investment home first  before purchasing my personal residence?

any clarification please don't hesitate to comment and ask I am very curious to hear what the community says, thank you!

-Tom

Great insight, thanks so much!

I will definitely do some more digging on this, thanks for the suggestion!

Appreciate the quick response, super helpful. I plan on moving and doing some sort of house hacking to begin with. LLC is for upcoming future endeavors. Is it possible after I live in the property for the required amount of days that I can refinance it and deed it to the LLC?

Hello everyone, new to the discussion board and to investing real estate in general. Just trying to soak in as much as I can and read up on what ever I can. This might be a bizarre question and frankly not even make any sense but is there a 203K loan for LLC real estate investing. I know a 203K loan requires the owner to be the primary resident. But is it possible if said primary resident was part of an LLC that the mortgage was under? I know banks frown upon giving out mortgages to LLCs but do usually if there is a personal guarantee from a LLC owner/ share holder. With this being said is it possible to have a 203K type loan under an LLC if the personal guarantee is also the primary resident? I haven't dug to much into this and I'm still trying to read up on other threads on this. Curious if there were other options besides commercial loans.

Thanks for the help!