All Forum Posts by: Casey Young

Just finished rehab on our short term rental. 30k purchase, 100k rehab. We are expecting to make 50-60k a year on the rental. My Adjusted gross income is over 150k. Can anyone help explain what I'll be able to claim as a deduction? Nothing since I'm over 150? Only the profit minus expenses? Does it not make sense to rent since I make to much? I'm more then confused. Any help or advice is appreciated.

Thanks

Thanks gents much appreciated.

Found a ten unit apartment complex I want to purchase. 300k purchase price, gross 52k. I have 25% to put down but where to I go for financing since its over a fourplex? Local bank or trust my google search of multifamily loans??... thanks in advance.

Please Help! We were trying to buy a lake cottage to rent as a VRBO. We came to an agreement on price, went to inspect the septic only to have our people not be able to find it? Now the Seller and there agent is disclosing that its a shared septic that is connected to a abandoned house oh and its not even on there property. The whole things is starting to smell like a bad deal and I want out. (no pun intended) Sellers agent is saying I am out my earnest money if I Bail; since even though it wasn't disclosed they are trying to remedy the situation? This sounds bogus to me being that we have already caught them in one lie. Your thoughts? Thank you in advance.

I'm looking to buy some rentals in the next year does anyone have advice or a link to good threads or about analyzing potential properties. A step by step process would be nice. I'm in the middle of a flip but want to start practicing looking at the numbers I'm pretty afraid of buying a bad deal. Thanks in advance for any input. Casey

wow great stuff on here it is pretty tough to make a living no doubt. but as long as were enjoying what were doing when were doing it. After my first two children I had a vasectomy because we didn't want any more kiddo's as much as we love them.. a year later my wife  became pregnant with a third one! Up to that moment in life I thought I had a little control in my life but sometimes our number comes up and we have no control over our situations. Its shocking, it stings but it does help us grow. looking back I wouldn't  trade the guy for anything even if he does look like the ups guy! I'm kidding! (I had it tested) and she got lucky statistically speaking the wife goes bad before the vasectomy! ha! I'm going to start posting public health and real-estate advice merged together. I agree with everyone that says its still better than w-2 and 40 hours I finally feel like I am working to my benefit instead of some corporations. Bring it on 2015!

Ben I love reading your posts and listening to your podcasts thank you for the inspiration and honest truth. I am currently in my first flip. A sheriff sale I bought with out actually putting in enough due diligence :) it was before I discovered Bp I like to jump in over my head and try to swim out currently i am treading water. My property was supposed to just need some cosmetic fix ups but actually needs a new well, furnace, roof, all electrical and all new plumbing! It was an interesting first walk through you could see the sky through the bathroom ceiling and not because there was a sky light! But I don't want to complain to much I'm hopelessly optimistic and it will turn out ok I should still pull a profit on the place....hopefully Enough for a down payment on a nice multi family. This is a really long way to say thanks for the pep talk and for sharing your experiences. Calm seas never made a good sailer.

Originally posted by @Bob C.:

Originally posted by @Casey Young:

Does anyone else do all there own work and how do they factor there work into the equation of ROI. I work cheap so... can I expect more profit? because im not sharing this with a contractor? whats everyones thoughts on this?

This is something that I came to terms with after my second house.  My job is to FIND HOUSES and manage the reno.  THAT pays A LOT more than swinging a hammer. 

I LIKE doing that work, but it's $30/hr pay and the project takes a LOT longer (holding cost). I finally weaned myself off doing the work. There is always little things to take care of after the crews have left.  I typically do that stuff... an hour here or there.   That helps maintain my addiction.

I totally understand and hope to work towards that. This is my first flip so... .I have to prove to myself first that this works than I hope to go full steam ahead!  Thank you for the advice. 

thank you for all the replies. There is existing ductwork already this helps. Also I forgot to add I will be doing the installation while I am installing a new HE furnace this is a new ducane 3 ton system that I am buying from a wholesaler in Elkhart, IN there prices are really good compared to anyone else I've seen. so I am looking at this as minimal investment for hopefully a bigger payoff I just am trying not to make a newbie mistake by dumping way to much money into a house that I wont get a good return on. Comps are hard to find with this place due to it being rural and there's not a lot out there. I decided to go forward with it. Does anyone else do all there own work and how do they factor there work into the equation of ROI. I work cheap so... can I expect more profit? because im not sharing this with a contractor? whats everyones thoughts on this?

Any thoughts on whether or not it's worth the cost of installing central air for roi I can get a unit for 1100 and we are in northern indiana? purchase price 31k rehab cost 15 to 20k comp selling for 100-130 thanks!