All Forum Posts by: Paul Cox

Whitney,

Also check out the Capital BP meetup group on Facebook at the following Link:

https://www.facebook.com/groups/CapitalBP/

I am moving to the DC area in August and am also a new investor. Love this site!

Looking forward to meeting you in the future.

Take care and Happy Hunting

Paul

@James Z.

I'll be in touch when I get down there to do some househunting...Thanks

Paul

Hey Mike,

I actually replied to you over on your post to Jennie, but in case you don't see it, Welcome to BP...Check out the Facebook page with the DC Capital group REI group. It can be found at the following link:

https://www.facebook.com/groups/CapitalBP/

...I will be moving to the DC area in August and will be looking to start investing down in that area as well, so hopefully we'll meet sometime. Love your passion for doing it right while your still young.

Paul

James,

check out the following link for a Capital BP REI group that meets monthly in the area:

https://www.facebook.com/groups/CapitalBP/

I will be moving to the DC area in July/Aug time frame and have been asking myself a lot of the questions you have on your earlier post. Look forward to meeting you in the future.

Paul

Erin,

Welcome to BP...I retired from the military about 18 months ago and just picked up a federal job down in the DC area. All of our family live over on the Eastern Shore of Maryland and we have been up in Upstate NY for a number of years now. We'll be moving to the DC area in July and I'm really looking forward to investing and learning from the seasoned veterans down there. Before we retired I began reading a lot about getting out of debt and the book that did it for us was "The total money makeover" by Dave Ramsey. So, when I retired, we were out of debt except the mortgage and have been able to live on the military retirement as such for the last 18 months. But, it did not afford much for investing, so now with the new job, I will be more comfortable with pulling the trigger. We plan on renting our home up here in NY as our 1st investment property. You are so right, this is the best site I've ever come across for education in this area. Thanks all for all you share. Any advice from those in the DC area about the better areas to live?

Paul

Matt,

Welcome to the BP community...I too am relatively new to REI but have learned a lot on this site. One of the contributors on this site is Mike Simmons and he also has a podcast that is great for the new REI investor called Just Start Real Estate. In fact I just listened to one of his episodes today that would be perfect for you to listen to. You can find it at the following link:

http://juststartrealestate.com/dennisfassett

Also, if you haven't started listening to the Podcasts here on BP, do yourself a favor and start...You will not be sorry you did

Again, welcome and happy hunting

Paul

Hello Matt and welcome to the BP community. I'm currently from NY but should be heading to the DC area this summer. There is a great BP group that meets down in the DC area regularly and I would recommend getting on their Facebook group. Search Capital REI Group on Facebook and request to become a member of the group. I have yet had the opportunity to meet with them in person, but looking forward to it big time when we move down there. I think you'll find some great contacts here. Anyway hope to meet you in the near future and happy hunting.

Paul

What about doing a land contract with the tenant? Would this trigger the capital gains and recapture of depreciation expenses?

Paul

@Michael W.

I'm a new investor in the Mohawk Valley of Central New York and the property taxes are atrocious. I've been looking at Multi-family homes from anywhere around the 35K all the way up to a 9 unit for 240K. The 35K property has annual property taxes around the 3500 mark and the 9 unit was running about 12K. It makes it hard to get the great cash flow I've seen and heard about on the forums, but it's just the price of doing business up here in New York.

Paul

Welcome Arianna to the biggest real estate education center on the net that doesn't cost you anything but time and a willingness to learn. I've been on here since last May and listened to all the podcast, read a lot of forum posts, commented on a few and even put some questions out there myself. Today I just put in an offer on my first multi-family property. It's a 9 unit building that is fully occupied that was brought to me by one of my realtors. So the building was never put on the market and I have gone back and forth on weather I should pursue or not. I've gone over the numbers a lot and though I don't get $100/door on this one mostly due to the extremely high property tax here in NY, it does positive cash flow even figuring in a 10% vacancy rate and Property Management of about 8%. Anyway it was a scary/exciting thing to do and I'm praying we're able to make this work. Based on what I have listened to and read here on BP, I asked the sellers if they would be willing to finance the down payment amount for the loan which will be $60K at 6% amortized over 15 years with a balloon payment after 10. Now I need to see if I can get the commercial loan from the bank for the additional 180K. It's all very exciting as well as a little bit scary. Hey but that's the beauty of this community...They help you through the nervous anxiety that can happen. Anyway, welcome again and we'll see you on the forums

Paul