All Forum Posts by: Brent M.

If you have 2 LLC in Oregon with 150-200k of assets and making 20-40k, say you had a holding company in Wyoming. Where would you file taxes? Would you file in Oregon where the 2 llc are or in Wyoming where the SCorp is at?

@Josh Reed Are you looking to invest in state?

I'm down in Southern Oregon, it's pretty expensive down here (Medford) for what you get.  Deff want to buy below market value, you need to aim to make money going in.  If it's listed ~110, offer 80/85 and just keep offering on places that fit your needs expecting you might put 5-20k of work.

Just following this thread to see what all is said :-)

@michael guzik Yeah originally I had looked into "Morris Invest" had been watching the channel for awhile and I was excited to move my investments from the stock market over into real estate. I was shown a few places, compared them to the neighborhood and saw I was getting good cash flow, but there was no equity build up I was actually paying more then it was worth and would maybe sell in the future.

I decided to flip it back and just learn the basics by practacing the BRRRR in my home state instead, here I can still find 25-35k houses with new kitchen/bathroom cosmetic work for 15-20k, total price in 50-55 that would rent for 695/750. Those are still cash flow assets, but I don't think the bank will let me refinance on anything appraised less then 60k.

Anyways it's all a work in progress, I called local Property Managers to ask them what rent is for a 2/1 | 3/1, vacancies rates, if they charge a flat fee or rent based %, few other questions.

I'm getting an idea of what is in my area and what I should be focused on first.

Yeah the real estate agent bought a fixer for 120k, put some work in sold 235k after he posted it on Facebook had someone call with offers that night.

I have plenty of cash for buying/repairing, Cash is King he said and asked if I wanted to be a money lender that the return was "ok", but there would be no equity and build up.

Yeah, my goal is to collect as many doors as I can and have $100-200 of ROI I'm shooting for appreciation and being able to pull my original money back out.

Hello Everyone,

I've been reading and collecting information to get involved in Real Estate I'd like to buy my first rental in the next 90 days.  So I've been working with my Real Estate Agent (Also an Investor 10+ Years / 12+ Doors) and we chatted on the phone.

He asked, what is my Plan/Goals going into Real Estate do I have them written down, what do I want to accomplish this year?

-- I let him know what I was going for and he critiqued and provided positive feedback of why not consider doing X,Y,Z.

We are meeting up again on Tuesday for lunch and I'm compiling a list of Questions, both to get feedback and I want to put together a list of questions anyone would want to ask if they were a new investor getting into real estate.

Now I have a basic list of questions to ask, but because I've never really thought/considered/known much about RE I don't know what to really ask, any seasoned investors remember their beginning and some questions you wish you had asked or learned of before jumping on your first deal?

Some questions include.

1. How do you target a specific area to invest in ( Population, Job Growth, Unemployment, Vacancies, Etc )

2. How much does a property have to appraise at to get financing. (I want to Buy/Rehab/Appraise/Rent - ~6 months out refinance my original money in out of it and leave 20% (Equity) in collecting "Some cash flow" and repeat the process.

3. If your researching a new market what is a good way to get information on the area (Call PM - Ask them what 2/1 3/1 Rent For, Vacancies, Are fees based on Rent or Flat Fee, Etc).

4.

Reply below and I'll add it to my List, I meet with him next week so I'll give a run down on what we discuss and notes.

Thanks,

I had always wanted to get into real estate at a young age going into the military, my plan was to get out get a duplex live in one side and rent the other out, move out and rent etc and continue from there.

Well I got married, kiddo, plans changed.

Anyways - What sparked my interest recently was a turnkey provider on YouTube talking about his real estate portfolio, providing useful information and how you can buy a turnkey house for 40-60k (already rehabed, tenant in place, property manager, etc) you would get 6-12% ROI. I thought this was great and ready to funnel money in the stock market into real estate as a more sound investment.


After viewing a few of the properties, checking them out on Zillow, checking surrounding houses and their prices many times they offered it to me 5-10k above market value in the area and while after 1-2 years of cash flow would mitigate the initial loss looked like there wasn't be much equity building in the area it was pretty flat.

I already have a plan in my head, I want to make equity going into the deal and have cash flow after.  The areas shown were 47-56k, I don't want to pay 61k going in knowing I won't get the equity going in or out and just cash flow. 

Cash flow is nice, but I'm young and not looking for cash flow right now I want a portfolio of low cost houses with built equity I can refinance and build up.

Anyways I decided I wanted to buy in my home state first and work my way out of state using what I learned from buying instate and practicing BRRRR.

@Janis A. - Paying full cash is the only way your going to be landing anything (Anywhere).  

Did you offer in cash at their asking price?

This is my Plan:

Step 1:  Offer on 35-50k Cash Offer and Lock In.

Step 2: Home Inspection to see Cost of Rehab.

Step 3: 15-30k Rehab 

Step 4: Appraise to local area value

Step 5: Rent It Out 

Step 6: Make some cash flow and by 6-12 Months refinance my initial money out.

*Note - Keep ~$100-200 Cash Flow After (Taxes, Bills, Etc) *

Step 7: Repeating the process.  

I'm pretty young so I'd rather not get taxed on my cash flow right now and instead build my real estate portfolio up making 100-200 cash flow on each property and when I have 12+, focus on paying those off, my cash flow will increase quickly after that where now my cash flow can be my money going in or I "could" live off it if I choose to, but still young.

@Kami Carlson, Yeah I've setup to talk with my real estate agent who had sold me my original current house.  We were discussing entry into areas outside of the valley, it's very expensive even a house near Columbus will be 80-100k and those are "rough" neighborhoods no one really wants to buy in.  If I find a house I'll look a few blocks in either direction at the house prices, compare like houses together 2/1 to another 2/1 house or 3/1 to another 3/1 house and where the price is at to see if I rehab and refinanced where it would sit.

I of course also look using google earth to see the neighborhood as I will end up buying out of area, i'll contact PM companies first see local rents and see if they know if any good contractors for x/x/x and see if it's worth going into the area.

I have to learn about "what can be written off if a house is purchased rehabbed inside an LLC"

@Kami Carlson Ah interesting, If it's local I wouldn't mind doing the rehab myself as well and subbing out specialties. 

I'd like to start using the BRRRR strategy, but don't think i'll start with Medford unless I can get a good buy in point. I feel the initial buy in cost is a bit high for what's out there v.s where I feel the market should be.

Just keeping a look out for some good buys even if it's not local :-)

Thanks for saying hello!

One thing I had done is take a look at houses in areas using Zillow/RealEstate website and call PM in area to see local rates and do the math.

I'm still new, but have looked into diff areas and done the same.

Well I want to get started the right way so I started up my LLC and getting all my stuff tagged along for Oregon.

I searched for Oregon LLC / LLC Oregon to see if anyone had posted their "start up procedures for getting into real estate in Oregon.

I think I might share my start up experience and where I went so I think i'll be making notes and putting together another post so anyone in the future, looking to get into real estate can see my process and what I did and any issues that took place or steps I swapped around.

Thanks everyone!