All Forum Posts by: Ty Coutts

Hello @Raf Pinero!

I have not personally BRRRRd in Atlanta, but have helped several clients with the financing side of the equation for their personal rehab projects. Let me know if you would like to reach out and chat anytime!

Hello @Ankit Takallapaly!

My wife and I used to live in Cle Elum, WA and we actually helped run a vacation rental management business there for a lot of properties around the Suncadia Resort area. 

I know for that county specifically you did not need a specific business license as an LLC to have a rental property. You should however make sure that you are following the specific guidelines set out by the listing platform that you plan on using, whether that is VRBO or AirBnB or whatever.

Where are you thinking of having your rental property at?

Hello @Frank Ezekiel Moats!

Glad to see you joined bigger pockets and are tapping into the wide wealth of shared information that is here on this platform! I certainly know bigger pockets has not only helped me personally grow my education and wealth, but also get me connected to so many other genuine and like minded investors!

I personally do not invest in land only SFHs at this point, but I am a lender and can certainly help answer any questions as far as what would be needed to get financing on land. Let me know if you ever want to chat further about anything!

Hello @Joe Garretson!

I live in Arvada, so just 15 minutes out of Denver as well and my wife also is in love with North Carolina and wants our 3rd property to be there and go out to live there a year so I can completely understand your situation! 

Would love to jump on a quick call to chat about everything as there is a ton to dig into as far as 2nd home lending rules, advantages ways you can get better rates, what I have seen both here for long term investment opportunities as well as what I help my clients in NC and SC do and the different properties that I have analyzed for them over there.

Feel free to reach out to me anytime!

Hello @Louis Louisius

As you may have guessed, there are multiple paths to get this done both with an LLC or not an LLC. Would love to jump into details with you to help talk it through more as I have a client doing the exact same thing in Tennessee right now.

Food for thought - Consider your long term plan here too. Any LLC that you plan to put down on your schedule C in taxes will be seen in the future as self employed income and need 2 years of reported income to use for your next property if you want to count that income, whereas if you keep it on a personal schedule E you can use that income after one just one year in most cases.

Wow that is incredible! Looks like an amazing property and obviously a very successful transaction for you, congrats! I would love to hear the stories behind those left behind artifacts you found along the way.

What's your next project in mind?

This sounds great! Could me and a potential friend swing by?

Hello @Travis Gainey! 

I think this is an incredibly effective strategy when done correctly and I myself am currently doing this exact thing. I only have lived in this primary for 10 months, but am currently working on closing my heloc so that I have funds to put down on my next property and house hack all over again.

I would love to dig into the specifics of your situation and possibly provide insight on what monthly payments and total costs you should expect/budget for.

Let me know if you ever want to jump on a quick call to get into the nitty gritty on this strategy! 

Hello @Connor Bath!

I love the house hacking technique and am in the middle of doing it with our second house purchase right now. I help a ton of clients in SC with getting their financing to where the numbers make sense for their strategy as well. For a Rockstar realtor in the area, I highly recommend Austin:

Austin Grant McDowell|McDowell Real Estate Group

 Let me know if you want to take a deeper dive into the numbers side of things as well!

Hello @Brian Willard,

Great question, and to @Brett Deas's point.. they won't. 

Technically the signed documents will be on record if you ever get audited for any reason and they can therefore prove that you acknowledged and agreed to those terms when taking on that financing. But the chances of this happening are very unlikely. 

Obviously if you start buying 3, 4 or 5 "second homes" then underwriter's are going to start looking into this with a fine tooth comb and most likely find out if you have a history of getting rental income from these properties.

That being said, I am helping a client get his 3rd "second home" right now in Arkansas. One is a lakehouse near his primary where he likes to hunt, one is in a different state by his daughter who is off in college, and one is an underground home built into a burm so that they do not have the constant fear of tornados seeing as they are right in the middle of tornado alley.

With enough written letters of explanation, you can help the underwriters approve the loan if it all makes sense.

And again, @Brett Deas is correct. It is usually only 2 weeks out of the year you have to occupy the residence. Not 50%. 

Let me know if this helps and if you have any more questions!