All Forum Posts by: Alex Hogenson

@Jack V. Ospina That is a good idea! Thanks Jack

I’m in an interesting situation. We have Property A and Property B; both have the same owner. I have plans to purchase Property A. Here’s the tricky part. 2 Tenants of Property A currently are allowed to use garage stalls of Property B. Obviously this will cause a problem when ownership of Property A changes. Any thoughts on how I should handle this? Any input is appreciated! Thanks

Wow this is an amazing amount of raw data! I wasn't aware of Zillow's exporting feature! Thank you for bringing this to light! I'll be spending the next week finding creative ways to use this data(:

Hi all,

Has anybody purchased and used the landlord forms available here on BiggerPockets? I’m close to purchasing my first duplex to owner occupy and need to lock down some legal documents. The $99 price seems more than fair, I just want to be sure that the documents are adequate.

Would you recommend purchasing the package from BiggerPockets?

Were there any documents you wish were included or that you had to find elsewhere?

Have you had any conflicts with tenants using these forms?

Thank you in advance for any responses!

Hello Johnathon, I'm a pretty new investor here as well but from what I have read and come to understand is that whatever rental income you report to the IRS for taxation is the same income you must report to possible lenders. I could be incorrect (anyone correct me if I'm wrong), but I believe that is how it works.

Hello BP,

I caught the REI bug about a year ago and have been researching since. I am looking to start making deals, however my current financial situation has other plans. I currently have a salary job and am looking for a part time job on the side for two reasons: 1.) to inch my savings towards my first investment property and 2.) to gain hands on experience in some aspect of real estate investing.

So my question to you, BP, is if you have any suggestions for a part time job that would help me gain experience in the REI world. Possibly helping out a current investor? Working along side a realtor? Help with remodeling of properties? Let me know what you think!

Alex Hogenson

Thank you for the quick responses! That makes a lot of sense.

Hello BP, I am looking into purchasing my first duplex, which I will be owner occupying. I have a question about how to manage my banks accounts. I want to keep my personal income/expenses separate from my business income/expenses, however this will be tricky because the rent will not fully cover the business expenses. This means that my business checking account will go negative and be closed unless I pump personal money into it. My tentative plan is to do the following: Person Checking Account: +Salary (from W-2 job) -1/2 PITI -personal groceries, gas, spending, etc. Business Checking Account: +Rent -1/2 PITI -Business Expenses My rationale is that only half of the PITI is used for business and the other half is a living expense for me. Let me know if anything is unclear or if you have suggestions on how to handle the two checking accounts. Thank you!

@Jay Helms I will definitely check those blog posts out!

I like the idea of the cash out refinance - payback after a certain amount of years! I will dive deeper into my before/after DTI ratio and possibly bring that option up with my private lender and see if we can work something out.

Thank you for your input!

Hello BP,

I'm looking to finance my first duplex (house hack) with a conventional loan, however I won't have the necessary funds by the time I need to purchase (tentatively need to move in June 1st) for a down payment, closing costs (hopefully seller paid, but I'm not going to count on that), and reserves (1 month of PITI). For this reason, I'm considering a private loan (not a gift) from a friend, which I would be paying back over a certain amount of years, to cover the difference.

My question is how receiving a private loan will affect my ability to receive the conventional loan. I know it will affect my DTI ratio but I believe that should still be low enough to qualify for the conventional loan.

Should I receive the private loan early enough to let the cash season (60 days I believe)? Is that necessary?

Any input or advice is greatly appreciated! Thanks!