All Forum Posts by: Thomas O'Donnell

This is what my current situation looks like:

I live in one side of a duplex and have been struggling to get qualified renters for the other side. Even after lowering rent and being a little flexible, I am still paying a $2500 mortgage by myself instead of the $1000 I thought I would be paying for my portion prior to purchasing this house-hack. This is draining me of my funds and not allowing me to save any money for future investments. I have a bunch of people who reply to my ads but most of them do not meet the minimum requirements that are literally listed in the description. 

I am currently studying to take my state exam to be a home inspector next week or the following week. I am hoping to do this part-time in 2023 in addition to my W2 job until I can possibly switch over to full-time inspections.

What I want to Achieve in 2023:

This year, I am looking to purchase another house-hack via FHA loan on either another duplex or a 4plex here in Columbus, OH with a small value add opportunity. I would love to have my living expenses even lower than the $1000 I expected to pay here once the other side is rented. However, because I am struggling to get it rented I can't really put away any cash for this year's investments.

I would love to hear some of your advice on my current situation and how I should be looking to attack this year and get a tenant soon, as well as add an additional property or two to my portfolio by 2024. I have a very driven attitude and I am willing to put in the work, I am just a little lost at the moment on where I should be started or how I should go about my situation and my goals.

 Hello Cheryl, I used CF bank here in Ohio. They offer 0% down on a 2-4 unit property. Rates are a bit higher and my credit wasn't great to start so I ended up with 7.25% interest. However I negotiated for the seller to pay my closing costs so I got in with pretty much $0. 

Whenever we hear about investing in real estate, the topic of refinancing at a later date always comes up. Now this can be for a BRRRR, if rates fall and you're trying to obtain a lower rate, or for some other reasons. But no one ever talks about how refinancing actually works and what is required in order to refinance your mortgage. Now let's say someone bought with a high rate (7-8%) during 2022, and they are looking to refinance into a lower rate come 2023 or 2024 when rates drop (I believe they will, but who am I?). How would one go about this? What is required in order to refinance your property, and what are the steps that actually occur? Are there costs that people should be aware of? Any limitations or cases where you either cannot refinance or it wouldn't make any sense to? I feel like no one ever really digs deep into these questions to explain how it all comes together. Asking for all of those who are wondering the same thing.

I have a section 8 voucher holder who is interested in renting my duplex. However, I have never gone through this process. If I were to move forward and actually screen them, how would I do so? Do I first send them an application, screen them and if everything checks out ask for the RTA packet (I think that is what it is called)? Can someone please try to explain how I should go about this process of screening them and getting all of the paperwork filed? I really have no idea where to really start with this but I do not mind renting to section 8 based on my area. I want to tell her okay, let's start the process but I'm not even sure how the process begins with a section 8 tenant as this would be my first. I do not mean to sound stupid or clueless, I just need some help with understanding the process. Thank you to whoever responds!

 Yeah I've been occupying one side since October and no one has lived in the other unit. I'm not sure if there are any other tax deductions or write offs that I would be able to do (because I spent a lot of money making fixes/repairs and have all the receipts logged).

What's up my fellow members! I have a couple quick questions. I bought my first duplex in the beginning of October this year, and I was wondering when the best time would be for me to meet with a CPA? Should I be doing that now, or closer to tax season in 2023? Unfortunately it looks like I will be the only one living in the property for the rest of 2022 so I'm not sure if that makes a difference (no rental income right now). Also, what kind of questions or things should I be looking at when doing taxes on my property?

 Thanks! Appreciate it. Short and sweet.

I am writing this post in hopes that some of you have some great ideas or advice on what I can do in 2023 to grow my portfolio without having a lot of money. I'm currently house-hacking a duplex in Columbus where I used a 0% down loan to get in a few months back. However, with it being 0% down and where interest rates were, my portion of the mortgage is a bit high. I am low on capital but would love to get a 4plex and house-hack that next year. However, I know that a 4plex is hard to come by out here so I'm not banking on it. I have also thought about trying to BRRRR some properties in Cleveland due to the low price point and the ability to maybe get some cashflow that can help to offset some of my expenses. My main goal for 2023 is to either add a 4plex to my portfolio, or a couple more affordable cashflow properties in Cleveland.

My goal is to be able to not have to work a 9-5 by age 30 and to just do home inspections on the side (I have my exam in a couple weeks to get licensed). I know this sounds extreme, but the main reason I got into real estate was so that I did not have to work jobs I hated anymore, and could travel instead or spend my time working on things I actually want to. Does anyone have some suggestions about what I should do or try to do in this upcoming year?

 Thank you for the response. Is every city like that? As in I would need to get certified to do section 8 rentals? Or can I just rent to section 8 and then when screening the person/doing the application I fill out the forms from the tenant? I’m not familiar with every step of the section 8 process from start to finish for being a new landlord.