All Forum Posts by: Brandon Johnson

Yeah sorry, for some reason my @ mention only works when I log into a PC and use a Chrome browser and only works half the time there for that matter.  Doesn't work from my phone ever.  I never miss a RING meeting so I'll be there June 14.

@O'Neil Parker 

See you at the top!

@Tristyn Brown

Your tax rate is determined by your adjusted gross income that you made throughout the year.  There are other things that can affect how much tax you owe at the end of the year and can influence how you file, but if you only have one investment property you are probably best to file on Schedule E rather than Schedule C.

@Tristyn Brown 

I filed my business taxes with a Schedule E on my personal income tax, so all rental income is just treated as passive income and is taxed the same as my personal income from my J-O-B.

@Clay Smith How do you identify probate listings on MLS? Do the listings include that term in the text of one of the fields in the listing?

Sounds like a good strategy for negotiating after its under contract.

Make sure you have a backup plan or an exit strategy if you decide to move forward with it and you do end up getting your loan called due.  Will you be able to refinance with a local portfolio lender?  If you could still qualify for the home purchase today then you could probably refinance it if you had to.

I have to agree with William Morgan that it may be best to seek other ways to protect your assets if you only have a handful of rentals.  I have 26 units, 25 in LLCs and the very first one is my previous residence and is still in my personal name for this very reason.

Take massive action and I'll see you at the top!

@Allen Alix

Check out New Orleans REIA at https://www.neworleansreia.com/

Also if you get a chance to make it over to Baton Rouge for the RING / Baton Rouge REIA Meeting, look me up and introduce yourself. http://www.meetup.com/the-ring/        

If you get a chance to meet Ana Theiss at the RING meeting be sure and talk to her.  She is wholesaling and actively investing in the Houma/Thibodeaux area and appears to be having plenty of success.

I am also currently in the market to identify a large multi-family apartment complex to purchase.  I am looking for something between 20-50 units preferably, but nothing larger than 100 unit. 

Take massive action and I'll see you at the top!

@Monique Moliere Piper

I feel like I have gotten really good at figuring out ways to hack this system and creatively fund my acquisitions using OPM. I have used various strategies such as house hacking, 100% seller financing, partial seller financing in the form of a seller financed 2nd mortgage, private lenders, borrowing on credit lines, and using equity partners. My intent is almost always to BRRR, buy, rehab, rent and refinance.

Since we are both in Baton Rouge I would be happy to get together with you and share some specifics and help you figure out how you might be able to put some of these strategies to work for you and figure out how they can work in your deals.  It sounds like you are on the right track though.

Take massive action and I'll see you at the top!

Good plan, setup those relationships with the banks ahead of time.  Let them know what you are trying to do and what your deal should look like when you land it and you will be ahead of the game.  I have developed relationships with numerous local lenders and banking executives in the Baton Rouge area by doing exactly what you are doing.  I also did a lot of drop ins.  Walk in and ask to speak to the lending officer and tell them what you are looking to do.  If they offer the type of loans you are seeking be ready to give them an organized package of your financial information including a personal financial statement, tax returns, pay stubs, etc.  Good luck!

Take massive action and I'll see you at the top!

@Fred Stevenson

What is your hesitancy to use commercial loan products that offer 20 year amortization with rates from 4.5-5.5%?  Although they typically have 5 year terms, it shouldn't be a big issue to renew the loan at the end of the original term for another 5 years.  It sounds like you are building a significant portfolio and are about to have to start looking at these kind of loans.  My suggestion is it is best to start developing relationships with the lending officers at smaller banks now so when you really do need them you are ready to rock and roll.

Take massive action and I'll see you at the top!

@Joel Florek

Thanks for sharing the detailed deal structure.  I love seller financing and it is probably my favorite acquisition strategy.

See you at the top!