All Forum Posts by: Colin Thompson

@Michael Plaks Your post came at the perfect time for me as I am just starting to incur travel costs for my property search. How about my BP Pro membership? Is this a legitimate business expense??!!

@Dave Foster Very interesting. I was unaware of that trend. Savvy parents gotta make up for that tuition somehow! I'll dig into the local ordinances some more. Thanks for your input!

Since it's tax season, I'll ask the BP community instead of trying to find a CPA right away.

I'm beginning to see some expenses on my credit card related to RE: travel expenses to Salt Lake to network and look at houses, my BP Pro membership, and some architect consultation. I'm assuming these are all potentially tax deductible? 

I plan to open a business checking account ASAP and pay the RE related balance of my CC from there. Is this enough? Should I be using book keeping software so early in the game to track these preliminary expenses as I look for my first Brrrr deal in SLC? I know I'll need a business savings account down the road for renter's security deposits. Anything else I need to know before I find a CPA? Thanks!

Hi All! Seeking input from anyone familiar with this strategy, as this will be my first larger rehab.

The Dream: Buy a distressed SFR with a detached garage. Rehab the single into a rental duplex and make the garage an owner occupied ADU.

The Financials: Buy around $375k, rehab for $120k(???), ARV around $600k = Free tiny home and cash flowing duplex

So far, I have Identified some areas with friendly (Duplex Overlay) zoning and plenty of detached garages. I can afford to buy cash  and do a cash-out refi to fund the rehab and I have construction and project management experience to add value to the project myself. I've begun correspondence with the city planners and an architect to try and develop a general set of parameters in what to look for in a property that will be conducive to this strategy. Currently trying to network with contractors.

In the early stages still, so I'd love to hear your advice! What am I missing? How do you experienced rehabbers get more complicated construction costs dialed? Who might be a great resource through this process? I'm new to the area, so if any of you local experienced investors need help, I'll humbly be your grunt in exchange for a bit of your wisdom along the way :)

Looking to provide assistance to an experienced Brrrr investor operating in Salt Lake County. I'm new to the SLC area and new to the RE game. I'm an early (at 33yo) retiree looking for a new challenge! My professional career was Project Management for a specialty commercial contractor. As far as residential homes, I have performed a couple light rehabs and managed a couple long term tenants. 

Humbly willing to drive for dollars, check on your rehab contractors, analyze deals, perform manual labor etc. in exchange for a little patience, education and help building my contacts as I hustle to chase the dream! Serious, experienced investors only please. 

@Derek Bailey Thanks man! This life isn't for everyone, but it's been great for us so far. It took a lot of planning. I've had quite a few people tell us we should get into the camper van building business, but that sounds like a ton of work and kind of defeats the purpose. We want freeeeeeeeeeedoooooooommm!

Hi All! My name is Colin and I'm stoked to be here.

About me: I'm 34 and I live/travel in a van. It's basically a tiny home on wheels. I worked for the same construction company as a project manager for 11 years. Great career, but I burnt myself out. So, I adopted a minimalist lifestyle, saved as much money as I possibly could and quit my job to build a camper and see the country. My girlfriend travels with me, and we are having a blast seeing all the National Parks. We like to rock climb, hike and mountain bike. When I'm feeling arrogant, I tell people that I'm retired. In reality this lifestyle is an experiment in sustainable minimalism. 

My GOAL: Buy a multi family rental to secure "passive" income that will allow me to continue to live a minimalist lifestyle and live my dream. 

The Plan: I have about $300k for a down payment. I am currently trying to identify a market to begin looking at properties and building a team. Some potential locations include Provo UT, Indianapolis, Kansas City, Phoenix, Texas, and Boise. 

The Strategy: Buy, Improve, Rent and Hold. I am going to self manage everything I can while still living a mobile lifestyle. I can be present for anything planned, and will have to outsource any emergencies. 

Looking forward to learning more from the BP experts and contributing what I can. Cheers!

Here is some eye candy for ya (my house).