All Forum Posts by: Tj Hulse

Awesome - thank you for sending. Exploring all options and everything helps. My CPA thinks that Quickbooks will be overkill and get too complicated trying to separate it all out - Especially the rentals from the storage.

I own 7 properties - 10 Doors (long term rentals) and a Storage Facility (36 units). Any advice on which software to use? Currently using Google Sheets/Excel and logging payments and receipts manually.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $153,700
Cash invested: $31,000

Single family townhome purchased as a house hack. Living with roommates to supplement the mortgage and pay down in order to build/create equity.

What made you interested in investing in this type of deal?

Family business is/was buy and hold commercial and residential real estate.

How did you find this deal and how did you negotiate it?

MLS - Real Estate Agent who I met going to an open house. Listing was 159K, offered at 147K, settled at 153.7K.

How did you finance this deal?

20% down - conventional loan product.

How did you add value to the deal?

Preapproved for loan and 5K hand money.

What was the outcome?

Offer was countered once, but accepted quickly.

Lessons learned? Challenges?

Always do an inspection, even on a newer home. Was told that inspection was done already by HOA which was a lie. Had some minor plumbing issues after closing which could have been much worse if not caught early.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Agent / Loan Officer (Personal Friend) - Yes, I would recommend my agent and Loan Officer.

Hey BP - I'm helping my buddy renovate his new Triplex and he just ran into this issue. He bought the property from his Grandfather about 6 months ago - 2/3 vacant - The 1 tenant is on a year lease until April 2018. Initially when purchased, my buddy wanted to do a month to month lease with this inherited tenant, but the tenant asked to revert to the old lease to avoid complications which my buddy agreed on. 

In speaking with his grandfather, he has been informed that this tenant had some late issues in the past (none with my buddy yet) and may potentially be a squatter. We are coming up on 2 months prior to this lease expiring, and he will be collecting February rent soon when he plans to remind the tenant he is to be out as of April. 

Any tips and what are the legalities on this inherited lease to make sure this guy is out ASAP? It is an older building in need of a considerable makeover, so he really needs this guy out. It is also hindering him being able to remodel and live in his own unit per his decency not to be banging on the walls of this tenant that preceded his purchase.

Thanks guys - Much appreciated!

~ TJ 

When should you start? Best advice and what are the advantages?

Thanks for all the feedback guys! For a bit more info: I currently work a 9-5 (more like 9-6:30) where I make between 65-75K a year (45K base+commission). So I'm trying to save up through living rent free for a couple years to build cash reserves and then actually take out a HELOC for my first true investment property. Hoping to do this within 2 years.

I'm 24 years old and recently purchased a Townhome in the Robinson area (Imperial). Mortgage is $600/month and two roommates are paying me $450 a piece for $900 monthly "income". We are splitting all utilities 3 ways though they are in my name. Conventional loan 20% down - $150K purchase price. Doesn't meet this 2% rule so just looking for advice/opinions. Worried I overpaid on first home though I am "hacking".