All Forum Posts by: Brian Schmidt

Looking good! It really is coming together nicely. So exciting to see the progress, keep it up! 

@Ned Carey I figured as much haha it makes sense though. Thank you for confirming Ned! 

Such great insight everyone, the house in this scenario doesn't have enough equity yet to warrant a HELOC and it is not an investment property so I think waiting on equity would be the best option aside from getting funds another way. Thank you for all your speedy responses!

To the CPA's and tax professionals out there,

A scenario popped in my head. Say I sold a currently owned house with 100k in profit and then used that profit to invest in 2 other properties (50k each). Would the 100k I made from the sale by taxed or no since I invested it into other things? I would imagine a HELOC would be a smarter method but I was just curious about this scenario.

Thanks in advance! 

Hey BP,

I have a feeling I know the answer to this question but always good to ask. Is it possible to be an appraiser and appraise your own rehab or is there a law in place or something against that? I've seen a lot of stories of appraisals coming back lower than anticipated and was wondering if there is a strategy to keep the appraisals as high as possible.

Thanks BP nation!

@Kevin Moules This is great Kevin! I'm very excited for you, and thank you for sharing your experiences. I am also a newbie getting finances together awaiting the opportune moment to jump on my first deal. Educating and learning to a certain degree is a must before starting IMO and this is such great insight. I can't wait to see how you make out. Keep up the good work!

P.S. country side living sounds pretty awesome!

@Bob Woelfel Thanks for your insight Bob! I was thinking the same thing that if the product is nice enough and in the right price range it should attract the tenants I'm looking for. I didn't think about how signs would advertise vacancy; a great thought that I agree with and won't be doing. Thanks again! 

Hey BP,

When looking to BRRRR an SFR, at what point should you start looking for tenants for the property (assuming you didn't inherent any)? Also, what are peoples strategies for finding tenants? Lastly, has anyone has a situation where they couldn't find a tenant right off the bat? What could you do in that situation?

Thanks in advance!

@Mike D'Arrigo I gotcha, thank you Mike!

@Christian Becker Makes sense to me, thanks for the insight! I'm looking more for Cash Flow but obviously if there is some appreciation incentives as well that's always a plus. My main goal is to find properties that I can gain enough equity after a refi  to survive any upcoming market turns that will also cash flow well.

 @Mike D'Arrigo They sound like logic metric to me, thank you for the advice! Are the landlord/tenant laws something that can be found through the BLS website or is that more of a local government website thing?

Thanks again to you both!