All Forum Posts by: Brian Johnson

I love this tiny home concept. I have been reading the tiny home magazine for some time.  I think in certain areas this will work.  I even thought of putting a few of them on the back side of my rental property.  

I look at it like adding an apartment above the garage/ work shed. Zoning is key for sure.

haha, loved the story!  That is a very good job.

This is a bit of a old thread I found but I have a question. 

Does anyone have any recommendation on taking the online class?  

I also have been seeking a career in property management.  All the information I have read says I need a realtor license and work under a broker or get my brokers license.  I have to admit all my information I have found is by asking people in the property management field.  I have never found any firm legal documents that state the legal requirements.

I'm a bit confused.  What area of real estate are you interested in?  Make a general note on what you see yourself doing in the future and I'm sure you will get better input.

Travis did the same as me.  I borrowed from my 401k to buy all my rentals.  If you don't have that tool to use I would suggest taking baby steps. Then you walk and then run. If you want to learn the most about rental business in the fast time I suggest you buy a cheap low income property.  Low income will be a crash course in land lording.  Just make sure you have a very high cash flow ratio going into your purchase because you will get burned often. 

I owned a low income four plex. I thought I had some knowledge going into it having owned 2 middle income units.  I was humbled knowing how little I knew. Lol

It sounds like you are in a tight spot with the numbers.  Based on the quick math you would need to sell the house at $144,000 just to break even. (property loan +HLOC+ Realtor fees 6%)

I hate loosing money.  After a while it starts eating away at me and making me depressed.

The problem is your HLOC.  If you did not have it you could sell the house with a profit.  So maybe try and find a way to pay off the HLOC with a credit card or another loan.  Then take the profit you make from selling the house and pay down the loan.  While this is robbing Peter to pay Pal.  It gives you more time to pay the HLOC down.  

Just remember while the property is still considered as your primary home.  You do NOT have to pay capital gains.  Once you rent it for some time.  When you do sell it later down the road.  You will then have to pay capital gains which is not cheap.

Thanks Steve, 

That was a good read.  Sounds simple enough to become a flipper, right? 

Welcome to BP.  This is the best resource for real estate I have ever came across in my over 10 years experience.  I still learn and still make my share of mistakes. 

 I think you are going to work your *** off to find a 65%-70% discount.  You will not find those kind of deals in a hot area very often. Maybe being in the right place at right time with a pocket full of money. The only chance is if you look in distressed areas.  maybe Detroit you might be able to get them or in rural areas of Kentucky or West Virginia. 

I think a tall order would be even 25%- 35% discount in those areas.  Which the 25-35% should be more realistic. 

Just a though but maybe look around for estate sales that have multiply properties involved.  You may be able to find the person that buys the estate willing to sell a few of the properties that they don't want to keep.