All Forum Posts by: Aaron Zimmerman

That's great that you've been saving so much. However, you might not want to rush in and have some more reserves unless you get multi-family houses there for cheap. I'd recommend having at least three months of expenses. Depending your area, it might be enough but just wanted to bring to your attention. 

Yes. I mean if you'd like to do off market deals, then great. You'll probably get a discount. If you buy off MLS, you might get a 3-7% discount off market value. Just depends on the market.

You could also partner up with people as well while in college. 

Feel free to keep in touch and let me know if I can be of any value in the future. 

@Brock Heppner It's certainly a bonus to purchase under market value but for your house hack, you're looking for:

1. Reduction in current expenses

2. Cash flow after you move

If you have those two things, then the deal is probably okay. You don't need to hit a home run on your first deal. 

As for things you can do, just keep listening to podcasts, reading books, and then once you get a little closer, develop systems to make the business run smoother. 

@Geoff Husa I'm a real estate CPA and am very familiar with what you're talking about above. I can help you off-line if you'd like. You don't really give enough facts (i.e. how much in gain you have on mutual funds, length of time, current income). If you make below a certain income and have long term capital gains, you could potentially pay zero in taxes. Feel free to PM and I'm happy to answer any questions. I hope I can be of value. Thanks!

Yes- if you're saving even $500 in expenses, you're saving $6k in after tax expenses. I would definitely recommend that you analyze it without you in the property and make sure it cash flows. It's pretty expensive to exchange property especially in Chicago (transfer taxes, title fees, lender fees, selling costs). One thing to look for is a place with two units plus basement/bonus room. That way you get some additional income from that as well. 

I just purchased a place in December 2019 in Irving Park. Please let me know if you'd like to talk and feel free to connect!

@Arsalan Augend - I'm a CPA that does real estate taxes. I just bought my first house hack in Irving Park. Feel free to contact. Let me know if I can be of any value to you. 

It might be wise to put in the sale agreement that you want tenants out before purchase. 

I can assist but I am not willing to make recommendations for aggressive tax positions. However, I can assist with leveling up your portfolio and maximizing deductions. Please let me know if I can be of any value. 

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@Alex Ferraro thanks for the shoutout. 

Andrew- I just PMed you!