All Forum Posts by: Zach Shrader

@Chris Seveney,,,    What is QM?   

To get a business account setup with a bank, would that require an LLC or sole proprietor or anything. What if I’m just starting out and don’t do that right away where would I put the money if I can’t get a business account. Because I’ve read banks will likely require 20% more or less if you’re buying through an LLC and won’t do FHA for live in or anything. Or am I understanding this all wrong? My goal is to house hack a du-tri-or four plex so if I can’t setup a business account would I just setup a new regular account obviously separate from my own? And then pay the mortgage with that separate account? I’m sorry if this post is scattered... lol

So if I can wanted to do a house hack on let’s say a duplex but it is fully occupied and the tenants both have long term leases, then I can’t break those leases and I will not be able to House hack this property? Correct?

Also I have to come here and ask like minded people because I can’t trust family or people with employee mindsets for advice financially.

I’m 21 years old and just started building my credit with my first credit card 2 months ago. So my credit has only one line of credit and also it’s only 2 months of age. I need a vehicle right now, should I get a small car loan of around 5-$7,000 to have a second line of credit or should I just buy a vehicle with cash. My trans union and equifax scores are 678. Thanks in advance everyone I love this forum!!

What are the first steps I need to be implementing for a first flip? I'm in Shelbyville Indiana if anyone knows anything about flipping or investing near me, maybe we can get in touch? Should I find financing first, before I find a deal? Or should I find the deal first to have a better chance of qualifying? When I find a deal, how do I price the rehab cost? I should write down all of the problems on an SOW found during the inspections, and have contractors price each problem I have written down? Thanks for giving me the time of your day to read and reply,,, I'm looking forward to seeing some great advice.

Very good answers thank you everyone!!

Hi all, I'm in a bit of a pickle I've been living in my moms basement trying to save some money and it isn't working out quite the way I wanted it to as I'm not saving much money, and we fight all the time. Anyways I need to get out of there and my only option is to either buy a house or rent an apartment. If I bought a house I could buy cheap and flip and live in it over time until I can sell it for more. I really wanted to buy a duplex or triplex but I haven't found anything promising I do however know of a 4 bed 2 bath single family in decent shape for sale. So anyways what do you all think, buy a house or live in an apartment cause I need a place to live. Lol. I don't have time to search for the best deals I need a place quick and I have a girlfriend and a son. Some advice would be really appreciated because I want to get into REI so I figured a fix and flip wouldn't be bad for a first to get my foot in the door.

Darrin Carey Thank you, I'll have to give some a call. So you have experience dealing with Dayton? Is there any way we could talk or text or email or even message on here or something. Is there any useful info you may help me with??

Okay awesome, thank you! So his tax filings will show his expenses and profits and such?