All Forum Posts by: Jacob D Adamczak

Last year I had a W2 job, making the median income in my area and owned a house hack I had just bought. I hired a CPA but there was no tax strategy or planning and I probably could've saved the money and used turbo tax. I'm not sure if this was because he wasn't a great CPA or if it was because I wasn't yet at the level to need one. Fast forward to this year, my airbnb house hack has had a full year of operation, I've doubled my W2 income, and I bought a rental house. Im also doing some 1099 side work for a local realtor. Is there an income threshold or complexity of income where your CPA will then need a strategy to help you save money on taxes? Or tell me if I should run my 1099 thru an LLC or not?

@Patrick Orefice  So, in the areas where pop tops are popular, you would need a combination of low construction costs and a high arv or high $/sq ft. Or just a killer deal on a property.  I'm interested as I know it works for some people in some areas but trying to piece together the right inputs to make it work. Thanks for your perspective.

@Patrick Orefice Agree that an engineer would have to look at it and that it would only make sense on older homes. However, in areas like West Asley and Mount Pleasant, where the $/sq ft is well over 200, it had me thinking if this was viable. You may even be able to do a top/bottom duplex if you were looking to buy and hold instead of flip (perhaps an outdoor staircase to avoid the hassle of locating one inside?) I would think that new construction costs would be cheap enough to justify the ARV, otherwise you wouldn't see 2 story infill on empty lots or teardown. However, you do have the demo/bringing unit up to code issues. Just thinking of my last project where I already replaced roof, hvac, electrical, and plumbing. Perhaps that is the type of rehab where it may make sense?

Brett, @Troy Gandee and @Danny Randazzo both host meetups here in Charleston and they are excellent!  

@Patrick Orefice I know in other markets, 'pop tops' are common where they take off the roof of a ranch and make it a 2 story house. In Charleston, I haven't seen much of that. However, when homes are knocked down and rebuilt, or infilled in existing lots, and most all new construction- they often build 2 stories even if the surrounding neighborhood is primarily one story houses. Is this less common here because of cost, or is this a great way to add a significant amount of sq ft? I can imagine this would make the most sense if you have a nearby 2 story house to get a good comp at the higher sq ft. Just trying to think of another creative way to make more space in a property. Although this is pricy, I was wondering if it would be worth it in the ARV.

@Troy Gandee

@Adam Ziegler Did you ever figure this out? I am having the same issue.

New to wholesaling and I finally have a deal to send to the buyers list! While I've been busy/focused on finding the deal, I now need to learn the marketing aspects. I get all sorts of emails from other wholesalers, but I'm not sure how they make their email flyers.  They all have the company logo, pictures, and links to the website or the google drive with the videos and more pics of the property.  How are these e-flyers made?  Where can I find a template to create my own? I have been searching the internet all morning to no avail.

@eric pascoe

Are you looking for a 2-4 unit to house hack or something larger?

@Misty Syts  I own and operate a vacation rental in the Charleston SC market and its been fully occupied since late May!  Definitely a solid place to look but there are some rules to work with to get a permit and do it correctly.  I would recommend working with Dan Rivers at Maven Realty. Very knowledgeable and has rentals himself. DM  me if you'd like me to send you his number! Good luck in your search!