All Forum Posts by: Joe Stout

Hey guys!

I've got a deal I'm going to have the seller finance 100% of at a 1% interest rate. Assuming this deal closes, what will happen when I want to sell the house? How does this work with the mortgage on the home still being under the seller? Im assuming I would go to the closing table- but then organize something with the title company that sends the proceeds to the original owner's account (The guy I bought from)?

Thanks,

Joe S.

Hey John, I've seen this discussion a million times but somehow still lack understanding. When I think about "tax write-offs" for my LLC, I'm thinking about the office sq.ft. I use for my business, the car I use to travel for my business, my networking / real estate meet up expenses, my laptop I use for business, the gas I use for business etc. Basically, I can write all of that off in my personal name for "nothing"?

Hey Greg, maybe you can explore subletting in NY a.k.a. Rental arbitrage where you rent and then list the home on airbnb. I just had some friends stay in an airbnb in NY... it was $600 per night for a studio! But in terms of your long distance investing wish, I would definitely join facebook groups in Durham and try to network with investors. They will take you around, show you their properties, explain how they did things, etc. I think what you're doing is going to be great! I just bought my first long distance investment as well. Let me know what you end up doing!

Hey Tim, I also currently have this situation. I know those people personally as well since they live in my house hack- not sure if you have that similar situation. I have given them lots of breaks in the past, however I just charge a late fee at the moment and they just pay late. A positive about this is that it provides more cash flow per month and I don't have to go through the process of eviction. I've had a couple talks with them over the phone, and in person but made sure to document what we spoke about and what I expected in a text. Per my last court hearing, a text will actually hold up in court if a tenant is texted to leave and they still stay in the property it is trespassing. For me, I was given the papers to serve the person that was staying in the house and just needed to serve them the papers/ send it to them in the mail. I wish you the best of luck and you're already taking action by posting in this forum. Let me know what you end up doing! 

Another option is cash for keys... just giving them cash to get out if you don't want to go through with hiring a lawyer and doing a formal eviction. Just like $1000 and tell them to leave in the morning.

You can most definitely find this! Im invested in Port Clinton around the way. I've seen lots of rentals around there on the market that would work as cash flowing rentals! Keep analyzing and you will most definitely find one that checks your boxes... 

No need to time the market, you should be in a good position to sell now. If you are looking to swing with a bigger hammer and get more cashflow from 1031'ing your cash flowing asset I understand. I think buyers will be less and less prominent as interest rates rise and people are less likely to afford the payment. I am interested in the cash flowing single family though! Feel free to message me via text or Biggerpockets. 

 As a customer, I actually despise Vacasa when staying at an airbnb. They do not have favorable terms and have rubbed my friends and I the wrong way in a couple situations. I like to think of my self as a level-headed dude when dealing with property mgmt companies since I self manage. I have given multiple 4 star reviews to Vacasa before- just wouldn't recommend from the customer service aspect. From a revenue projecting aspect, I think you can do the same thing as them by looking at similar airbnb properties in the area as well as using Airdna.co. Wouldn't use them personally.

 For sure I was, but thought I could add value to people on here balling on a budget like I am setting up my first airbnb. Hopefully it will work out just fine. Little worried about the privacy settings for the app you have to download to connect to the lightbulb camera but will figure a way around it.

 LOL! Dang. Well hopefully it's good for $30... maybe that's why it's a promo