All Forum Posts by: Elle Scott

Great to meet you and thank you for the suggestions! In answer to your question, yes I have time for a another rehab project and the 1031, though it costs, is most likely an option Ill leverage seeing as I'm in one of the highest tax brackets right now and definitely don't need that hit on profit ;-)

 Getting into something more expensive is no problem. I would self manage if I rented it out, but I do have a feeling that selling might be the best for this one right now, especially with your tip on how the CDW rental landscape is. I'll also be doing all my own work as I have the help of experienced contractors and was raised by Buy, fix and hold parents

Agreed that checking with my accountant is vital. I would like to start off as smart as possible and utilize any advantages out there. 

Thank you so much for the advice and area knowledge, its extremely helpful! Looking forward to reporting back with great news. 

Cheers to your continued success!

Hi Everyone,

Would love some advice from those of you who have been in my shoes before. I'm new to this and cramming education quickly. Im a young corporate sales professional with a large income (which we all know means "taxed to death" lol ) only a small mortgage and a car payment for debt. In July of last year I purchased a home out of state where my parents live so they could remodel it (which is their specialty and darn good at it) I needed the tax write off desperately and every mentor said it was a must. Why I didn't buy a primary home is because San Diego is mad expensive and I'd rather use my debt to income ratio on rentals or flips rather than a 500k mortgage.

After learning more about REI, I now want to work my way to changing my income source. So what's the next move?

I bought the home in Coeur D Alene ID  for 15k under asking price, 20% down, put about 10k in materials and 20k of labor -rough numbers as I'm still tallying up everything- Come July the status of the home is eligible to change from being second home to whatever I want and I'm researching whether or not to sell it, rent it or hold it longer. I'd rather utilize the investment for cash flow as I'm currently paying the mortgage on top of the rent I pay here in SD. It's tough to completely say without knowing my specifics and lifestyle, so I completely understand not getting straight forward advice. I expect to make a similar income this year and need a write off while I'm still a wage earner.

Should I sell the place, do a 1031 and purchase a MF for cashflow or another flip? Just hold on to it, continue paying the mortgage until I have a larger amount of capital to do a proper investment? I'm ready to start taking some risks and create cashflow :)  Thanks all! 

Congrats on your success! Well done and well deserved!

Hi Ryan,

Welcome to BP! I purchased my second home in CDA and very familiar with Spokane. My family moved to CDA from SoCal 13 years ago and I'm considering investing in Spokane as well. My parents have a successful background in construction and flipping, retired from it years ago, but getting back into it because of my goal to have more properties. Looking forward to hearing about your successes and perhaps we can continue networking as I'm fairly new at this as well. :)

All the best,

Elle 

@Aaron Mazzrillo:) keep up the great work!

@Kristin Whitaker my sister just did her first wholesale deal in Spokane and looking to take on two more properties soon. She's loving it!

Thank you Ellis :)

I've been allowin Uncle Sam to take far too much of my income and I'd rather put it to good use! Cheers to success!

Hi all, I'm a young professional looking to get into this amazing world of cash flow investments particularly real estate. I've been reading books and listening to seminars, now just need to apply it to real life. Looking for any advice, mentors and frankly people to network/do deals with and get my feet wet. Looking forward to it! Thanks!