All Forum Posts by: Troy Williams

I would agree with Tim.   Having family doesn't negate the value of house hacking, but it does require a bigger change in mindset.  Lots of examples out there of families moving into duplex to fourplex (nice ones) near good schools while living rent free. 

If you have an existing home with equity, refi and rent it out for just enough to cover expense and use that refi money, to pay your deposit on house hack with no money down!   

What better starting point than that!

If you can translate these risks into relatively quantifiable numbers they are easier to manage.  Biggest example being cost of trips and time needed to still be on the ground at critical milestones.    The other area that tends to bite us in the *ss is not doing real technical and legal due diligence on your PMs and GC.

Thanks @Carl Fischer   and well noted. 

...still looking for a CPA in Colorado.

Hello all, looking for some solid advice here! 

I have taken 50k in personal loans that has been used across multiple properties for rehab and/or purchasing and trying to figure out best way to repay the loan...

1. Directly from the property accounts to my personal account or

2. Setup a contract (with added interest to make up for the income taxand) with my relevant LLC business account that is currently acting as property management company for those properties? Meaning properties pay LLC then LLC pays me personally? If going this route, does this mean my LLC would have to pay taxes for receiving this money even though it is effectively just passing through to me?

or

3)suggestions???

Many thanks for anyone who can help.

Finally, any real estate savvy CPAs based in CO?

Good advice here!  Thanks!

@Lance do you offer CPA services for real estate investors in CO?

I have taken 50k in personal loans that has been used across multiple properties for rehab and/or purchasing and trying to figure out best way to repay the loan...

1. Directly from the property accounts to my personal account or

2. Setup as you suggested above with a contract with interest and a relevant LLC business account that is currently acting as property management company for those properties? Meaning properties pay LLC then LLC pays me personally? Does this mean my LLC would have to pay taxes for receiving this money even though it is effectively just passing through to me?

Many thanks for anyone who can help.

@Julie Coleman still living on the other side of the planet, so i did not pursue the house hack deal because I cant live it in it, but did still end of buying the place with a partner who allowed us to pay cash so no bank…that was nice!        Lesson learned (regardless of whether it is a house hack)… make sure you have a good realtor.   They make a huge difference. We struggled with ours compared to purchases in other states.   

Hi Melody, in the end I decided not to sign up and go with more self education for now. 

damn....wish I could've made it.  Next year!

Go get 'em @Colette Chase!!!

hi @John .  I managed to work out a partnership for a duplex in New Orleans on my next deal (closed last Dec) but it wasnt a house hack this time around.  So far going great.

@Colette Chase awesome!!! Wish I could come!