@Brian Harris Who gave you that advice? If it was not from an accountant then I would ignore the advice and ask the CPA. I am not sure the context of why they said that but I can tell you I know a ton of successful real estate investors that have bought more than one or 2 in a year. In fact I would argue it is a good thing as we have a lender that says its cleaner and easier to get loans on properties that have not had a tax return filing because they use a simple formula instead of the schedule E. I think you should use these as one of the questions you ask when looking for a CPA. Based on your situation if you want more passive income, selling one property to get another does not make a lot of sense. Why not refinance and get cash back out to buy another?
@Casity Kao hey thanks for the advice I’ll definitely talk with a cpa about that and I was trying to flip a house to pay for the investment property I already have
@Brian Harris It may be hard, but we have found lenders that will provide line of credits on flips, even if they are on the market. It involves calling hundreds of lenders but it's worth the time. You should be able to BRRR on a flip with some financial institution.
@Casity Kao yeah I was thinking about going back to my bank and get another loan and pay the 20% or I was thinking I could split the risk with another investor for the flip
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.