All Forum Posts by: John Alosio

@Tiffany Locus

would this be a short term rental? Do you ever use it for personal use?

@Tiffany Locus
I'm not so sure it would be a good investment at the end of the day. If you have the money to burn then sure, smarten up the walls. You might want to have a clear statement in the lease of what you need to be aware of immediately. I've even heard of someone putting together a cheat sheet for the tenant to keep on their fridge. Important info, landlord, local police and fire Department #s. I'm sure you could include some important notes like:
-in case of fire, GTF out of the house. Call the fire dept, notify landlord immediately!
-water is running anywhere but down the drain, drop everything and call your landlord!
food for thought. An ounce of effort working with your current could save you thousands of dollars. If all else fails, give them the boot for neglect of the property.

cheers

@Cory Lucas

I see that 2020 was your first year in the buy and hold business. Do you have a good REI friendly CPA? If not I would recommend finding one.
you may be pleasantly surprised how much write offs make a huge difference come tax time. It makes it easier when faced with repairs, knowing that it will offset your taxable income. When I purchased both of My properties, the first year was always in the negative cash flow(on paper). That is a good problem to have. Not only did your renters pay down the mortgage, but they also improve the property. This is a slow game. Make good decisions and you set yourself up for years to come.

Cheers

@Cory Lucas

I would have to reccomend buying new if you can. There are relatively inexpensive options out there. They certainly don't need top of the line, just something to keep the milk cold. Also look if any retailers near you offer 'scratch and dent' appliances. Perfectly good appliances with minor imperfections...
but if you really don't want to spring for the initial cost of buying new, you could wright in the lease that the fridge is not the owners property... If it craps out, it's on them to fix/replace. Yes you run the risk of them taking it with them. And if they do, keep replacing with used ones? Just an idea.

@Philip Koller

thanks for taking interest. I chose to double down. the more time spent working on the house, the more comfotable I became with its nuances. I think its has a lot to do with actually living here and becoming attached. If I were not house hacking, I dont think I would have been able to really feel out the situation fully.

But yes I'm still here. Making improvements slowly by surely with the goal of moving out and renting 1-2 years from now.

Cheers!

@Scott Gordon

Best of luck!

@Scott Gordon

Oh I'm sorry, I'm not familiar with IRAs. I personally have a 401k through my employer that I utilize for investment properties. Beyond that I am not familiar with other strategies.

@Eamonn McElroy

Thank you for your clarifying

I'm very happy to have you all in my corner.