All Forum Posts by: Megan Hirlehey

Once you open it let us know if it had anything cool

Originally posted by @Jacob Abuata:

Rookie mistake, sorry about that.

I make 150K/yr now. (in 6 months will reduce my income to 100K/yr)

I have 100K saved right now and in 6 months I'll have saved 150K

Moving from Pittsburgh back to home in Orange County California - not possible to buy a reasonably priced multi. Seriously it's at least 1 million for a quad.

I haven't delved into loans yet. But if you're asking about my credit (ability to obtain a loan), I have zero debt and 815 fico.

Are you set on investing in OC (sorry if you answered that somewhere else in this post)? If you're in Pittsburgh now, you know the property prices here are wayyyyy more reasonable than OC and you have some familiarity with the city I'd imagine. Pittsburgh is a great investment market, $150k would go a long way here. I work with several OOS investors who have smaller budgets than you. I'd spend the next 6 months you are still here looking for investment property here and building up your team so that when you move back home, your rental income will be mostly "passive."

It seems to me to be 6 of one, half dozen of the other, except you’re penalizing yourself with a high interest payment. Yes, the CREDIT immediately becomes available as you pay off a HELOC, allowing you to reuse it, but you’re going to waste a couple hundred dollars per month on interest payments as well, reducing your income’s buying power. I may be missing something but why add the extra step and expense of a HELOC? why not skip the middle-man and just buy in cash, and then instead of using your income to make interest AND principal payments on the HELOC to free up up more credit, now that income is just free cash flow that can be applied directly to the rehab costs, interest free. Put another way, you say you have some form of income coming in, so why send that income through the creditor first, letting them take their share before you get to use it, instead of just applying the cash directly to the project?

Hi Andrew!

My company has connections with all of the team members you named, as well as a wealth of knowledge through decades of experience investing in the Pittsburgh area. I will PM you!

Hi Joe,

I'm an agent in Pittsburgh, I'd be glad to talk and answer some more of your questions about our market. I also have a contact near Columbus, OH who can help you out in that market. PM me!

I stumbled on a webinar for Privy "Real Estate Hacking" software, just wondering if anyone has used or currently uses it and what their thoughts are?

Hi Joni! I’m (almost) a licensed agent in PA, just waiting for it to finalize through the Commission. I was born and raised here as well as currently invest here, so I know the area pretty well from an investor standpoint. I also work for some of the most experienced investors/agents in this area so I have access to a wealth of knowledge in addition to my own experience. PM me if I can be of any help to you! Good luck!

Originally posted by @Account Closed:

@Megan Hirlehey how (and from who) did you get a loan as a new/unproven LLC?

 I borrowed against my primary residence, so the loan isn't tied to the company at all

@Brandon Hall Ok thanks, that’s what I thought. The fact that the income cut-offs stated in the proposed house bill were exactly the same as the current gains exclusion threw me off

Didn't see this already covered in the questions, just wondering if I'm interpreting it wrong (from the NAR website

https://www.nar.realtor/tax-reform/the-tax-cuts-and-jobs-act-what-it-means-for-homeowners-and-real-estate-professionals?tp=i-H43-Bb-1Jq-1coIY-1p-EY1H-1c-1Z75h-1aGKyN&om_rid=24026150%20&Om_ntype=NARstandard&om_mid=5074 ):

Exclusion of Gain on Sale of a Principal Residence

• The final bill retains current law. A significant victory in the final bill that NAR achieved.
• The Senate-passed bill would have changed the amount of time a homeowner must live in their home to qualify for the capital gains exclusion from 2 out of the past 5 years to 5 out of the past 8 years. The House bill would have made this same change as well as phased out the exclusion for taxpayers with incomes above $250,000 single/$500,000 married.

It's my understanding that the current law states that single filers who netted over $250k and joint filers who netted over $500k had to pay capital gains on the sale of their house (over that amount?), and this says the current law remains in effect, but it also says that the House bill WOULD have phased out this exclusion for taxpayers whose INCOMES were over the stated levels.. I realize that that did not happen, but I want to verify that my understanding of the current (and continuing) law is correct - Is the exclusion based on the netted gain from the sale of the house or is it based on the INCOME of the sellers? That difference could be substantial for people who don't earn over those limits, but lived in a house long enough that it appreciated over said limits..