All Forum Posts by: Trevor Schuler

@Ashish Acharya thank you for the quick response guys! It is our primary but will become a rental. We've lived in the home for 9 years and we've decided to finish this one and make it a rental and then maybe house hack a multifamily property every few years.

My question is I have a property that I am repairing and renovating to become a future rental within the next year or so. I think that I should be able to write off the expense of renovating, as it will become a rental? Can anybody clarify what I might need to do or if that's possible? I would think it wouldn't be any different than a house hack, as that's what I plan to do in the future is house hacking.

@Jared W Smith thank you for the great response! Everything has been completed and signed off on except the final electric, water, hvac and structural. Basically the house is finished it just needs the flooring, hvac and power supply and structural final. House is 95 percent done and looks great.

That's insane! So I should consult the architect and engineer to see what changes have been made to the building codes and figure out what the county may require. I don't see why they just wouldn't grandfather this thing in. Seems like a total waste otherwise. Someone could be living and enjoying it and paying their taxes and everyone would be happy. If anyone else has any experience with this please chime in.

I have a house under contract that was never completed. Was started in 04 and looks like the last inspection was 08 or 09. Never got it's finals. Permitting dept said that they may have to repermit everything all over because the codes have changed. Have all plans that she says I will need. Anyone have any advice or concerns? May cost $1800 to redo she says?

@Greg Dickerson thanks for the help. In my mind I could validate either way for a 50-50 split being that having money and the expertise you still don't have a deal so by me providing a deal that could be as equally beneficial. I also think too that waiting until I have the funds would also be a great idea. I would be doing this more so to learn from someone who has success flipping to add to my tool belt.

I am a wholesaler. I would also like to start to flip properties as well. If I were to partner with someone who I have in mind (not on the forums here or advertising for a partner here) what would a deal look like if I the wholesaler found the deal and the partner funds the deal and rehabs the property. If we both split the profit and split the costs of the money, would a 50/50 split be reasonable? Would I as the deal provider need to put some sweet equity in to even things out or help manage the project? What do you all think? I would only be providing the deal and not financing it.