All Forum Posts by: Account Closed

Is there an article anyone can point me to that offers more detail/better illustration of what recapture is?

If you’re going to confront your tenant, create an AirBnb account with a fake name. Book yourself at your own property. Ask him to be there during check in because this is your first time doing AirBnB and you’re nervous. Get there early and let yourself in. Have a new lease agreement on the table ready for him to sign.

Might as well have some fun scaring the living day lights out of him. Video would be fun to share on BP. 

@Jorge Quintero A comment on your finances (obviously the info you gave is limited but) if you can save 1.5k to 2k a month, why not save 2k every month? Assuming the $500 difference is going towards discretionary spending, it is my opinion that the money is better off in your REI account. Thats another $6k a year!

At the end of the day though, a 22 year old saving anything in a given month is incredible. Great job! If you haven’t already you should check out affordanything.com and coachcarson.com. Keep crushing it!

I would start with the common area camera approach. I serve on my HOA's board and believe it would be an easy sell to my group if you have reasonable suspicion that they're selling drugs out of the house. I'd even be willing to put up for a special assessment if it were that costly and you didn't have the neccessary funds.

Good luck with the father/owner. He's either in denial or going to do whatever it takes to keep his baby girl off the streets. Even if it means allowing this to happen at his property. 

Hey @NA Ben 

Will your job allow you to relocate?

If not, house hack like your current landlord right in Falls Church. It'll give you great experience as a landlord. I'm house hacking my primary residence now and enjoying every aspect of it. Just thoroughly vet any potential renters before allowing them to sign the lease. (I required two in person meet ups prior to making a decision. Usually over coffee or a beer. I also made it a requirement to meet any partners/significant others that, unless you don't allow it, will be coming around the house too). 

Food for thought. Good luck!

Hey @Cole Hagen,

I have yet to see anyone mention the Roth Conversion Ladder. It'll allow you to access your 401k funds well before 59 and 1/2. Just because all of the CPA's posting on this thread are telling you that there is no way around the 10% early withdrawal penalty doesn't make it true. 

If they're giving you 18k "for free", take it!

Check out the ladder, there is plenty of info out there on it. The only thing to keep in mind is the government could decide to remove it at anytime. 

Good luck! 

@Ian McKeown thank you for the info!

Hey BP,

Can anyone tell me about the Springfield/Urban Core area of Jacksonville? Interested in small multi families around there. Or is there a better location I should be looking?

@Raymond Northcutt Congrats on your success so far! I'm a step behind with only a house hack at the moment. Looking for my first buy and hold rental (I have a lot of interest in Florida). I'm very curious to hear how managing the property from a distance goes for your fiancé!

@Joey Hamaoui Would you be willing to connect to chat about Jacksonville?