All Forum Posts by: David Nacco

Hey everyone so I bought Craig Curelop book The House Hacking Strategy and I’m on page 260 so sorry if this question is answered in these last 19 pages but I wanted to ask before I forget lol. I started thinking about possible tax deductions and was wondering does anyone know if you could write off your furniture when you initially furnish a home in a rent by the room house hack since the furnished common areas are one of the amenities?

@Scott Mac interesting! Hopefully we are getting somewhere.

@Mashika Patrick You sound like you’re doing things right, I can’t wait to see your success stories posted later. The problem that gives wholesaling a negative connotation is the fact that most “wholesalers” are nothing more than someone who thinks it’s gonna be quick and easy money, doesn’t study business or real estate in depth, doesn’t study finance or sales, and they do thing the wrong way and make the good wholesalers look bad with them. The ones who do things the way you seem to be doing them usually go far you just need to establish yourself! You sound like you have it all planned out. If I wasn’t an agent I would be wholesaling myself too, but it’s a legal gray area where I live to wholesale as an agent and my brokerage doesn’t allow us to. Wholesaling is probably the hardest form of investing in real estate in my opinion but if you keep building up those systems, creating processes, checklists, SOP’s, etc. you’ll be closing deals in no time! Good luck

@Nathan Ku I don’t have this issue right now so I don’t have a concrete system for it, but I would just work with the tenant (provided this isn’t already a regular thing for them) and just ask them how much extra they could pay a month when they get back to work. Say they miss 2 months of rent because of this but starting month 3 they can pay $250 a month extra (I’m going on a $1000 rental for simplicity) then I would let them pay $1250 for the next 8 months until they are caught up with no late fee, and if they move out before they are caught back up the full amount is due. If they start missing payments once they are back at work or don’t follow the agreed upon (in writing) payment plan then late fees will be added on. I normally wouldn’t do this but because of the situation I’m not going to take more money from someone or evict them when they literally were not allowed to go to work. If they just chose not to work that’s a different story and their immediately paying late fees and we are going through the standard process with them. Plus in my opinion you shouldn’t be a landlord if you can’t afford to cover a bare minimum of 3 months of mortgage payments without getting a rent check

@Nick Rutkowski it’s also the location of the largest navy base in the world filled with people who want to live off the ship and rent

@Tyler McGill hey Tyler, if you want to private message me the address I can check the MLS and see what the rents have been in that area for the last 6 months

@Gregory Craig also what city are you from? I grew up in Rochester!

@Gregory Craig Virginia is a relatively good state for landlords. I live about 30 minutes from VB and there’s a lot of potential in the area! @Patti Robertson is a great point of contact for anything related to the rental market. Feel free to ask me any specific questions you have as well!

@Arthur P. I would make a payment plan for tenants who could not pay

@Brian Boyd

Those are the exact areas I’m looking at! I’m about to be moving to to Dalton, GA and will be looking heavily in Chattanooga, Knoxville, Huntsville, and Atlanta