All Forum Posts by: Christie Gahan

I think if I started this I would be up all night.  

Syndications seem very scary right now.  

You get to keep some of the units?!  Cool!

I realize that you are a builder, but ... will Boise allow manufactured homes?  A one bed / 600 sq ft mobile,in my area, starts at $65k plus moving and set up.  You should be able to do the set up.

rents at $18,000 yr ...... 

Why don't you just build multi family and be done with it ?  

I recently bought a large ( 2,500 sq ft) home.  I did a remodel to create a second unit in the lower level.  It cash flows as two units LTR.  Better with the upper level MTR.  This is the only way to get a house to cash flow in my area.  Unless, you want to throw in an extra $100k just for fun.  I'm not doing a 45% down payment.  It has to cash flow at 20%

I've thought a lot about this. How can we help first time buyers? I would def have a second unit. From the most recent phone calls I've had with mortgage brokers ... a house hack that brings in income does not help new buyers to qualify. If it is an official ADU, new buyers can apply 75% of the rent roll to their income to qualify. Something to consider. I would aim for house with dual master or mother in law suite plus an ADU as long as it doesn't make the sq footage too high.

For a MTR I like a 2/1 or a 1/1.  Under 500 sq ft.  

Feel free to msg me

For those who don't know ....

SDIRA : Self Directed Individual Account.  This is a real thing.  You can create with transfer of retirement funds from employer or your current mutual fund.  You may create a taxable event here.You get a SDIRA to invest in real estate or other investments  Check the IRS website, this is all real.  In order to have a SDIRA, you must have a custodian of your funds.  Basically, like a 3rd party to hold the funds. ( You can not mix your personal funds with your retirement funds.)  Hiring a company to act as your custodian is requirerd by the IRS.  All your custodian does, is hold your money.  They should not be offering you any investment advice at all.  I'm actually shocked how low life this company is to imply that you needed them to invest in a self directed fund.  What bull ****.  Once you have correctly set up your SDIRA funds, you choose the investments.  Self Directed means you choose.  Your custodian should have Zero input on what you buy. Absolute Zero.  There only job is to keep track of the funds and create the required paperwork for the IRS.  

Curious.... local carwash for sale. Includes the lot. How would you value the lot?  Separate from the business?  Part of the business?  It is an older style , where people drive up and wash their cars themselves.  So, not a lot of infrastructure.  Seems like it would be fairly cheap to convert the lot to something else in the future.  

Thank you!  I do not have carpets, rugs, furnishings in yet.  I will get those in and then have someone jump up and down on the upper level.

The code of conduct law sounds good too.

Thanks!

I hadn't thought about insurance!  You must need like every kind of liability insurance there is!

Thanks for the input.

Congrats.  I would invest in a good accountant that likes strategy.  This is not the time for HR Block / tax preparer.  Even a one hour apt would be great  They can talk to you about your goals etc.  Can you pay for your health insurance or tuck money away in the HSA?  Can you create a retirement fund from this business?  Put a few hundred dollars a month in a mutual fund ?   Good Luck