All Forum Posts by: Alex Olson

@Chris Zhang if you do it by the book, you are a land lord and get to write off expenses etc but have to pay income tax on it. Talk to a real tax account (not hr block or turbo tax) and ask them for their help. Good idea!

@Austin Nieves always buy an Str that can easily be converted and still cash flows as a long term rental. I suggest near hospitals, universities, and other areas that have high demand for travel but also high demand for long term rentals.

@Riley Jordan Just be careful. If you have a great tenant and rents are close to in line with market why risk a tenant leaving just to squeeze out a few bucks. Be fair to your customers and treat them with respect. And just because a property should rent for more than what it currently is doesn't mean that you should raise the rents exponentially. Vacancy is what kills the rental business. Hope this helps!

@Jack Gallow I would continue to push as you always have. Slow and steady wins the race - just make sure you are doing all of the right things. Worse case for you is that you become a property manager for a few months while the market settles down. The economy won't be wrecked forever, this will be a temporary blip that is hard for many but we will get through it together!

@Susan Tan make it part of the lease that you do not provide show removal. I would not provide shovels or salt as then it appears, legally, that you you know it is an issue and are doing nothing about it. You don't want to get sued even though you are trying to be nice. As for mowing - shop around. Your pm may kinda help but often do whatever is easiest. Hope that helps!

@Grace NA I would also suggest commiting to buying something from them and using only that agent to source deals. Agents want to feel that the work they are doing will pay off. The worst thing that could happen is for you to keep changing your requirements. So be clear on what you want and pull the trigger on what meets your requirements.

@Itia Dow I would not look into the loan side of things until late this year/early next. For now, I would watch webinars pod costs and books. And save save save so you can have the best chance at house hacking as you say. Buy a duplex or better yet four plex to maximize your fha loan. Make sure it will pay your mortgage or more with the other renters in place! Good luck and keep going!

@Chad Erickson Yes I have done it. I have acquired over 6 properties using a line of credit from my personal residence. I would recommend finding a local bank that can help. You will want to shop around to find the best rates and terms. Take as much as you can but make sure you invest ALL of it. Don't go out buying pools or improving your house - use it for investment purposes only on cash flowing properties. 

@Ethan McRae Best choice is to talk to a lender that likes to help first time investors. Tell them, though, that you will only do an FHA loan. You may have to have some kind of job or a cosigner to get started. Very smart thing to do though - house hack before you are 21! Hope this helps!.

@Landon Malanoski Do it! Make sure it makes financial sense. Talk to your bank and your agent to make sure everything looks good. Also talk to any friends and family that are generally supportive.