All Forum Posts by: Albert Okagbue

@Andrew Doolittle I too am interested in your suggestions of lenders in the Missouri area -- that will lend on Kansas City area properties. Thanks in advance!

@Rob Jones Sounds like you are getting a great deal!  Congrats!

@Linda Weygant  Thanks for sharing.  I would like to connect with you...

@Dane Peterson  Thanks for the thought.   That is a great idea!  

Thanks @Lynne L.  I will connect with you shortly.

Thanks @Michael S..  Will do.

Hello Everyone,

I have zero experience in real estate and frankly was scared of it till recently.  However, as a practicing CPA I noticed that in the past five years the clients/friends I have who have the most money, or have made the most money have bought, sold, or rented at least one house.  That led me on a journey to learn from them and talk to them as much as I can about how it all works.  It's one thing to understand the economics and the tax aspects, but it's the execution that makes all the difference, I think.  Besides, what makes someone start doing this in the first place?

That's what brings me here.  I've been trying to learn whatever I can about real estate deals and how investors approach their work.  A friend of mine Lyall Storandt is on here, and highly recommended it.  I have plans to buy my first property soon, so anything you can say about the "how" and the "why" for rentals would be great!

@Jonathan Bonck  If you haven't found one yet, let me know.

@Jeff G.

Everybody's tax situation is different.  For example, if that $6,000 is your only income you probably won't have any tax.  But if you have social security income, you will pay tax on it and it may make your social security income suddenly taxable (let's say it wasn't before).  The analysis usually is to determine the economic value of the property, not what you will keep as an investor.  Some people in really high tax brackets don't buy real estate.  The amount they get to keep may be too low for the work.

Regarding @Bryan O.'s comment - I'd say keep in mind that if you don't have a taxable profit, you are probably not making any money.  Over the long-term, you will need to replace or repair things (that's what Depreciation tries to approximate) so if your economics don't create taxable income you might want to turn your houses around every few years....

If you are interested in credit repair, let me know and I can refer you someone.  They work nationwide.  Credit is based on a multitude of variables and you just might fit in the bucket of people whose credit can be "repaired" or "restored".  Many of these companies are not credible, so beware; obviously you don't know me so if you asked me for the referral I'd say listen to what they tell you and use your common sense.  But it still probably helps when a real person is willing to recommend someone....at least that's what I'd think.