All Forum Posts by: Shaun Hatton

Morning Sam,

Here's a list to get started:

-Talk to a lender and verify how much you can afford. You'll probably need to go with a low down payment program like FHA. They offer 3.5% down payment for owner-occupied properties.

-Once you know what you can afford, look on zillow and find how much multi-families are in your area.  

-After you've narrowed down your criteria find a realtor that also owns investment properties.  Bigger Pockets is a great place to do that.  The more prepared you are when you talk to the realtor, the more willing they will be to help you.  Realtors are leery of "investors" that may waste a lot of their time and never buy anything.  Have a short summary of what you're looking for prepared before you talk to them.  This will help you to define your goal and allow them to help you achieve it.

Best of luck

Appreciate both your recommendations.

Anyone recommend a lender in Gatlinburg TN?

Thanks

Brian,

I live in Homer and may know the parcel you're looking at.  If it's the one I'm thinking of I would recommend taking a look at wetlands maps availabile through the Kenai Borough GIS.  Depending on the percentage of wetlands the Corps of Engineers might need to be involved.  They do what's called a jurisdictional review to determine if there are enough wet lands on the parcel that they will limit development.  A well prepared seller may already have a jurisdictional review.

Infrastructure would be the second thing I would investigate.  Road building is definitely pricey here.  Often people will install potable water storage tanks and have water delivered as good well water can be hard to find.

Feel free to PM me if you have other questions.

Shaun

Appreciate the response @ Ashish Acharya.

Matches the info. I got from a local accountant.

I bought a duplex in 2017 and turned a 12' x 12' shed into a 12' x 24' rental cabin.  I'm looking for any insight on how others with a similar situation handled it for tax purposes.  I want to be sure to get my starting basis right, recoup as much of my original investment as possible and depreciate appropriately.  

I'm assuming that the land will hold no value since it's already captured in the main house on the property.

It is.

Folks can only afford rent on par with local salaries.  Are there any higher paying employers in the area currently?  I'll echo what others have said, most people shop by price first and foremost.  Even if they notice the upgrades and want them, if they have to spend an extra $50 a month they will pass on the property.

I purchased a duplex in 2017 which had an old (12' x 12') tool shed on the property.  I expanded it to 12' x 24', remodeled the existing portion and turned it into a monthly rental.  I'm trying to determine the best way to handle this tax wise.  I want to make sure I establish the correct basis for the property and recoup as much of my capital outlay as I can.  Wondering if anyone has gone through something similar and might have some input.  Thanks!

Angela,

I sent you a note on this.  Let me know if you didn't get.