All Forum Posts by: Elliott Back

In agreement with Nathan. You will need to make sure it is spelled out clearly so they could not argue. In property management, in the leases we have, we say that by 5pm on the third day in order to be late. This is just an example so they could never come back at 5:01 and say "it's still the 3rd so its not late." My recommendation is next tenant change the lease to have an exact time like 11:59 on the first. Just my thoughts

Make sure you know your numbers work. I like the idea of starting out house hacking, I am in Dallas so I am not sure of your location, but this allows a little breathing room for you just in case your numbers are off. Find out what duplexes rent for in that area. I also heard a great tip while house hacking, never tell them you are the owner. Say you are a close friend, a brother, something else. The reason is because they will use that to their advantage. They tend to be a lot pickier when they know the owner is right there. If you are "not the owner" you have a way to say "i need to speak with the owner before we can do that." This allows you some time to make a decision or put the blame on someone else and still be friends with them. Your job is build rapport so they want to stay, the owners job is to make the tough decisions

@Matt Leber Love hearing stories like that. thank you for the advise @Scott Beal

In my opinion, and I am very new, is to focus on that bathroom. I listened to a podcast about two weeks ago from MarketPlace and they said that Americans love their bathrooms. If you can improve that, you have stolen the heart of America

I am currently reading Brandon Turners book on rental properties and he says that one of the best methods to gaining forced equity right off the bat is finding that home that has two beds and turning it into three. I wonder what the best method is for finding that extra room. Is it as simple and there being a large enough storage room? Or is more complex?

I have a situation that I am curious about. If i have a duplex and it has a mortgage of 1000/month and I am able to rent out one side for 1000/month and I live in the other side, would i pay taxes on that 1000? If i rent it for 600/month and i pay 400, would i pay taxes on that 600. if i rent it for 1200, would i pay taxes on the full 1200? the 200 after the mortgage? Any advice would be greatly appreciated 

Hello,

I am in the Dallas area and would love to connect and discuss the rental potential in this area. i am very new to the the game, just graduating a year ago, but i recently bought my first condo that i am house hacking with a close friend from school. wanting to see what everyone else is into in this area.

Hey guys, I am a new investor in the Grand Prairie area looking to get connected with other investors. I am currently involved in flips and rentals, and would love to connect to others in the area that are currently doing the same thing.