All Forum Posts by: Tucker Cummings

I am continuing to buy, knowing that I will likely leave more in the deal. It may never come down due to government interference, so People that are sitting on the side and waiting for it to come down... might never buy in.

I think right now is the chance to build up some assets, gather your team, build a business complementary to RE. That way if and when things go on sale, you’ll be poised to capitalize on the opportunities.

It sounds like your goal is buy and holds for cash flow, and this property would move you in the exact opposite direction. Any time I've gone outside my criteria to explore a property, I lost money. I would advice to just completely focus on one thing - your thing - and don't deviate. 

Necessary? No. Advisable? Definitely.

When I first started out, I didn't have anything in an LLC. It's fairly straight forward to transfer it over.

Is there anything specific tieing you down to the OC? If you have a successful flipping business in Dallas, could you move there, expand your flipping into BRRRR investments (flip and hold)?

Best advice I can give is don't overthink it. You can always do a name change of your LLC later on down the line. Usually $50 filing fee if you need to.

Originally I was Tucker Cummings LLC. Now it's TC Cummings Property LLC. Just get it done and no biggie if it's not perfect off the start

@Tyler Villaroman exactly, you're still living for free. Then when you move out, you'll make awesome cash flow. I've never househacked, but from what I hear from most people, the goal is to get within 10% of your mortgage.

@Tyler Villaroman first off, great job on the savings rate. That's awesome and impressive. Second, I think its awesome that you're gaining knowledge with deal analysis in the meantime. You're taking all the right steps. Lastly, since you're doing a househack, maybe you could just base your analysis on "will the rent cover my mortgage?" Here's how you can do that:

1) You can either just run mortgage calculators, or there are excel functions that will calculate your mortgage payment. Plug in your purchase price, interest rates and other information and you'll get your mortgage.

2) Go on Zillow, Rentometer, Apartments.com and other sites to get a couple different rent projections. How does rent compare to your mortgage calculated in step 1?

3) Decide on if you should go for it or not. Maybe you want to profit, maybe you just want to break even, maybe you don't mind paying for a certain % of the mortgage. Either way, if it works while you're living in it, it will be a cash flow monster when you move out and get the other side rented.

It might not be the best analysis for a traditional rental, but you're not traditional renting, you're househacking. Good luck!

It's hard to comment one way or the other on this without seeing justification. I could just as easily create a graphic with 10 different cities and 10 percentage increases and say its the 10 places rents will increase the most. Just need more context.

Wow, that's truly amazing. I haven't really jumped on the AirBnB train... but you got me seriously rethinking this. Well done Michael!

You could use that 401k that you rolled over into a self directed IRA and then the property would be owned by your SDIRA. However, all proceeds would go to the IRA and not your disposable income right now.

I would recommend saving for a year and being patient. That's what I did last year and I'm reaping serious rewards from it.