All Forum Posts by: Cam Jimmy

@Michael Plaks Thank you for explaining that! much appreciated.

@Ashish Acharya Thank you for the explanation. My loss carry over will be maxed out, this is why I want to add all of it to the basis of the house. I havent done my taxes yet, But I'm pretty sure I cant carryover most of these expenses due to my high repair and maintenance carryover from my other rentals.

When you complete a BRRRR, can you elect to have all of your expenses of the renovations be added to the basis of the house?

For example - you buy a house for $100,000, and put $50,000 into it (Including repairs, maintenance, remodel, holding costs, utilities, etc.), Can you elect to make the house basis $150,000 now? I only ask this because I'm going to be phased out on write-offs this year, due to my other rental properties repairs, and my income going up. I don't want to miss out on the $50,000 worth of write-offs, so I'd rather just increase my basis for future depreciation. I hope this makes sense.

Congrats Jordan! Those VA loan programs are awesome for military members. Keep it up man!

I wouldn't tell them about you doing a 1031 exchange... that's like showing your hand in poker. If they know you are doing a 1031, they know you have a certain amount of days to do it. They can ultimately back out at the last minute and change their offer knowing you will be desperate. Just an FYI for you.

@Tyrell Rutledge Just an FYI, the title company also legitimately pays off the old lender for you, and guarantees it! I'd never NOT use a title Co. 

@Nick Quarandillo You asked the question and nobody answered you.. "How do I get started?"

First off, READ READ READ real estate investment books, and some business book. Read everybook that Bigger pockets offers, they are great. Watch/listen to a ton of BP podcasts, and even their money show podcast too. 

Second, figure out which route you want to take.. Buy and hold RE, Flipping RE, Wholesaling RE, a combo of some of these, etc.. 

Third Take ACTION!

@Mbaye Diaw Don't be discouraged, keep reading books, listening to podcasts, reading forum posts, and asking questions... You will get your first deal soon enough. Good luck brother!

I would buy a multifamily right in the vicinity of the hospital you are going to work at. That way you can live in one unit, and you will be super close to work. You will be living for cheap or sometimes for free doing this strategy, since your tenants usually pay for most of the motgage and utilities. Also Housing around large hospitals are usually easy to find tenants for, since they would rather live close to their job. In my case we have a University and a large Hospital in the same area called the "UMED" area. I get great tenants in that rental. 

@Cameron Dye Get your real estate license and learn the game right away. After a year of working, you can now qualify for a mortgage, assuming you make pretty good financial decisions and are able to save up some money. Then buy a 4-plex using an FHA loan, and house hack that thing! Not only rent out the other units... but rent out your rooms in your unit too. And last but not least READ READ READ real estate and business books! You will be on your way to becoming a millionaire in no time!

What habits do you both do everyday that help you be successful? Workout everyday at 6am to help your brain function better? take cold showers ( I heard cold showers, give you tons of energy)? Look at new MLS listings every evening?? etc...