All Forum Posts by: Jason D.

@Justin Mariniak you are making the mistake of taking payment from each separately. You should be expecting one rent payment, and let them fight about paying it. If you are taking two payments, you should have 2 separate leases.

In short, you have to evict them both, because they are violating the lease.

@Charles Willie Harris the payments dont add up. At 5% interest, the payments should be about $500 principal and interest. What are the taxes and insurance?

I dont think this is going to cash flow well when everything is added up.

@Charles Willie Harris so let me see if I understand correctly... if he ends up doing seller financing, he's putting down $11k, plus another $20k in rehab.

Then he's paying the seller $400/mo for taxes, utilities, and fees? That should not be paid to the seller, that should be paid to the appropriate place (city, utility company, etc...)

What about the payment for the $44k loan the seller is holding? Is that included in the $400?

What are the terms of the $44k loan?

@Justin Seaverns look at historical data in the market you are looking to invest in. Every area is different, so there is no standard number for a calculation

@Ian Hoover does turo do RVs? I think that would be a no brainer.

Airbnb does cabin boats, maybe they do RVs as well....

@Bobby Esposito if the drain isnt used, the smell is probably caused by the p-trap not having any water in it. It may be as simple as running water down the drain to fill the trap

@Elliott Bingham most private money is short term, so simple interest is usually how its calculated, not amortized.

@Jason Easter for a property that youre living in, it will be very difficult to do. If it were an investment property only, you have more options but there are more stringent rules for lenders on primary residences.

@Marc Winter if we're speaking logically, less that 1% of gun deaths come from mass shootings, so enacting a policy to protect from that is illogical. Most deaths are suicide, followed by domestic disputes. That being the case, protecting your tenants from mass shootings by allowing guns, will make them more likely to be victims of gun violence.

@Jason Mead unfortunately there is no way to reduce taxes owed on flip income. You'll be paying your normal income tax rate plus 15.3% self-employment tax.