All Forum Posts by: Ty Coutts

Hello @Louis Louisius

As you may have guessed, there are multiple paths to get this done both with an LLC or not an LLC. Would love to jump into details with you to help talk it through more as I have a client doing the exact same thing in Tennessee right now.

Food for thought - Consider your long term plan here too. Any LLC that you plan to put down on your schedule C in taxes will be seen in the future as self employed income and need 2 years of reported income to use for your next property if you want to count that income, whereas if you keep it on a personal schedule E you can use that income after one just one year in most cases.

Wow that is incredible! Looks like an amazing property and obviously a very successful transaction for you, congrats! I would love to hear the stories behind those left behind artifacts you found along the way.

What's your next project in mind?

This sounds great! Could me and a potential friend swing by?

Hello @Travis Gainey! 

I think this is an incredibly effective strategy when done correctly and I myself am currently doing this exact thing. I only have lived in this primary for 10 months, but am currently working on closing my heloc so that I have funds to put down on my next property and house hack all over again.

I would love to dig into the specifics of your situation and possibly provide insight on what monthly payments and total costs you should expect/budget for.

Let me know if you ever want to jump on a quick call to get into the nitty gritty on this strategy! 

Hello @Connor Bath!

I love the house hacking technique and am in the middle of doing it with our second house purchase right now. I help a ton of clients in SC with getting their financing to where the numbers make sense for their strategy as well. For a Rockstar realtor in the area, I highly recommend Austin:

Austin Grant McDowell|McDowell Real Estate Group

 Let me know if you want to take a deeper dive into the numbers side of things as well!

Hello @Brian Willard,

Great question, and to @Brett Deas's point.. they won't. 

Technically the signed documents will be on record if you ever get audited for any reason and they can therefore prove that you acknowledged and agreed to those terms when taking on that financing. But the chances of this happening are very unlikely. 

Obviously if you start buying 3, 4 or 5 "second homes" then underwriter's are going to start looking into this with a fine tooth comb and most likely find out if you have a history of getting rental income from these properties.

That being said, I am helping a client get his 3rd "second home" right now in Arkansas. One is a lakehouse near his primary where he likes to hunt, one is in a different state by his daughter who is off in college, and one is an underground home built into a burm so that they do not have the constant fear of tornados seeing as they are right in the middle of tornado alley.

With enough written letters of explanation, you can help the underwriters approve the loan if it all makes sense.

And again, @Brett Deas is correct. It is usually only 2 weeks out of the year you have to occupy the residence. Not 50%. 

Let me know if this helps and if you have any more questions!

Hello @Oliver Lee,

Congrats on the upcoming move out to Georgia! What part of LA are you in currently? I spent a year in Hermosa Beach and then a year down in La Jolla area near San Diego and miss it there!

I have helped a ton of clients make sense of the financing side of house hacks and investment property deals and can most likely introduce you to some Rockstar agents in the area as well.

Feel free to connect and message me directly so we can jump into some more specifics of what you are looking for! 

Hello Bigger Pockets Community!

Let me know if you or anyone you know has a good experience with a lender that is able to do non-recourse loans. 

I am a mortgage broker myself, but do not have any contacts in this realm yet and would love to learn more about it!

 This would be completely by the book and legal. She would be moving in as our primary occupant and you would simply be a non-occupying co-borrower. Let's dig into the details on this deeper and find out exactly what paths we could take. I will message you directly on here

Hello @Ken Nieves!

I am thrilled to hear that you are in the beginning phases for your first RE investing moves. Obviously there is A TON that goes into decisions like these. 

I basically live my entire life through excel spreadsheets and calculators, and personally believe that fully understanding the numbers behind decisions like these (at least as best as possible) is key. 

First step in my mind would be knowing how much you could actually be approved for and what the monthly payments and total costs on certain priced properties may be. That way you have some base information to compare rents and cash flow opportunities against. Have you already gotten this far, or would you like some help with figuring this out?

I have multiple clients that are under contract in both of those areas and happy to help share any insights and thoughts of what I have personally seen work for them! Feel free to reach out to me directly any time!