Updated almost 9 years ago on . Most recent reply
New Investor
Hello everyone,
I am new to Bigger Pockets and investing in property. I am 27 with a full time job and currently "house hacking" my home. I purchased a home in Whittier CA about 4 years ago for 300k and its currently worth 420k. After getting suggestions from some friends to look into Marshall Reddick's services I was immediately hooked on the idea of real estate investing. I am currently going through a re-finance on my house to pull some equity for investing. The financial advisors at Marshall Reddick are suggesting that I look into duplexes in Fort Myers FL and starting some long hold investments (anyone have experience in this area?). After going on a podcast and research binge I have to say I'm still very overwhelmed. It seems like there are so many ways that I could invest my money and I don't want to mess up the very first attempt =/ Is or has anyone (I'm sure a lot of people) ever been in this situation? The more I research the more questions I have. I don't want to be the new guy that is going to ask everyone else to do his work for him but I have some key questions that I would love to get feedback on if anyone has experience in the below subjects.
1) LLC or not to LLC? If LLC, should I set that up now before purchase an investment property or after?
2) Should I first be looking into long hold properties with my investment money? or should I be looking into a "Brrrr" type deal ?
3) Is there any tax advantages I can get for house hacking two of my three rooms? Can I write off a 66% home depreciation or anything like that? I've heard yes from some and no from others.
Additionally, if there are any experienced investors in the Los Angeles area I would love to buy you a cup of coffee if you are willing to meet up to discus possible strategies. =)
Most Popular Reply
Hi Phillip,
I lived in LA for 15 years and still own a 5-unit there that's professionally managed for me. I review the monthly reports and make larger capital improvement and tenant decisions, but otherwise don't get too involved. The right management company makes investing from a distance relatively easy.
To your original post: there are currently 24 duplexes listed right now in Fort Myers ranging from $55K to $440K. Some areas aren't great while others are nice. Another option might be SFR in Fort Myers or Cape Coral. This is a strategy quite a few investors are employing right now. There's a strong demand for rentals, both annual and seasonal. I'm more in flip mode now but will start to long term hold homes in the near future.
Let me know if I can help!
Peter