All Forum Posts by: James Lindsey
James Lindsey has started 9 posts and replied 33 times.
Post: Journeyman Plumber here, any questions ask away!
- Round Rock, TX
- Posts 35
- Votes 4
Post: If not house hacking, then what?
- Round Rock, TX
- Posts 35
- Votes 4
So far there have been no phone calls (not one) from yellow card marketing to multiplex owners and I still work full time. So most of the REI groups are out of the picture because they only meet Monday through Friday during business hours. I have found 1 group that I can barely make it on time assuming I get off on time, so I'm trying it out next month when they meet.
I'm in my 30's and married with hopes of children soon. So I can no longer jump from place to place. Although I am considering buying a foreclosed sfr and living in it and renovating it for a year and then renting it out when I find my next sfr. It's a much slower strategy though.
Due to a very hard year and not good news. The medical bills have taken their toll and I no longer have a down payment and instead have trade it for a bit of debt which I am heavily working on. I have been told that isn't an issue so long as you know the right people though. Which I am still hunting for a good CPA for real estate and a good lawyer if anyone "knows a guy" locally :-)
Post: If not house hacking, then what?
- Round Rock, TX
- Posts 35
- Votes 4
Hello BP community,
I'm looking for ideas other than house hacking for a first purchase to break into the rental community. I live in Austin, TX and am having a hard time finding a "great" deal on a duplex or triplex that would actually cash flow to house hack. It would be my first home purchase, I currently pay way to much renting. I am most interested getting us out and into something of our own that will cash flow both now and later.
So any ideas would be appreciated. Thanks all!
Originally posted by @Linda Weygant:
House hacking can be pretty complicated from a tax perspective if you've never owned a property before and a competent CPA can pay for themselves by making sure it's all done right the first time.
For example, in a triplex (where all units are of equal size), you've got 2/3 of pretty much all of your property expenses that you'll write off on a Schedule E. This includes depreciation calculations.
Of the 1/3 of expenses that are left, only some are then deductible, but are then reported on your Schedule A. Throw in a home office and you've got some pretty fun math to do spread out over 3 or possibly 4 different schedules that has to be done exactly correctly and, (trust me on this - I used to work for TurboTax), most self-service tax software programs are simply not equipped to handle this easily and you must answer the interview questions exactly perfectly in order to get this right.
So I am assuming that you would recommend I talk to a CPA before I buy my first house hack? I've always done my taxes via turbo tax and I had a feeling that it wouldn't be enough once I got started.
also if I were investing in multiple states do I need a CPA from each state? How does that work exactly?
So I am trying to think ahead here. I will be making my first purchase as hopefully a house hack next summer. I was looking for opinions on whether or not I should find and talk to a rei CPA and lawyer as the new year starts or if I even need to talk to one at all? I have been given advice to go both ways. I'm looking to be as prepared as I can be and do not want the learning curve of running things like a business when it comes time to purchase and rent out.
Post: Need mobile home investor in San Antonio Texas
- Round Rock, TX
- Posts 35
- Votes 4
are MH a good investment in San Antonio
Post: Slow and Steady Wins the Race?
- Round Rock, TX
- Posts 35
- Votes 4
I'd love to find a regular REI meet up here or around Austin that meets outside normal working hours or on the weekends. So far I've had to take off work to attend most of the meet ups I have been to and I was definitely the odd one out. Many weren't interested in working with someone who was limited in the time they put into real estate because of a job. Here I was thinking they wouldn't want to work with me because I was new to real estate, lol.
welcome to BP! You'll find so much useful information here and great people to work with. Best of luck on your adventures!
Post: Best way for pre-approval
- Round Rock, TX
- Posts 35
- Votes 4
I am looking to start my real estate aadventure and of course I need financing to start with. What is the best way to get pre-approved through your bank/lender? It was my understanding you needed collateral or have already found a property you wanted to buy. My problems are I have rented my whole life and have no collateral and every time I find property I want to buy it is gone before I can even get it to them to show how good of an investment it is. Am I going about this the wrong way? What are the things most lenders look for and any suggestions would be appreciated.