All Forum Posts by: Ibn Abney

@Nicholas Grieco You can only write off $2500 max of student loan debt interest vs. unlimited amount of mortgage interest.

Gain enough equity in real estate to trade your student debt for a 2nd mortgage. The interest rate will be lower, you can finance the debt over 30yrs, and you can write off all the interest. :-)

Good Luck!

@Vijay Prabhakaran about 900 sq ft. 1 bed 1 bathroom in Rodgers park. About a mile west of the lake. I charged $54-$75 per night. LOgan will definitely get more. With longer rentals it reduces the need to clean daily.

Just make sure you make strict house rules upfront. Good luck!

@Taye N. I did airbnb for 5 months (Dec-April). Made $4800K. I'm in Chicago, which surprised me for the winter time.

When I get another space, Ill be back for sure! 

Only thing is the cleaning requirements became time consuming as I have a full-time job and guest understandably want a "hotel level" clean room. Hiring a cleaning service will eat up profits. So focus on 1 week or longer rentals IMO. 

Good Luck

@Sam Denny I lived and worked in and around these areas.

Can you provide more details as to what type of investment? SFH, Duple/triplex, 5+ units, mixed-use, etc.?

Also, the WHY? are you Out of State based? Do you know the area? Boots on the ground? Why not the City of Chicago? Why Turn-Key?

(side note: Seattle is a great city!!.. :-) )

Larry Franciscus refi if the rates are lower.... if not take it out via a HELOC However, if this is "what-if" money, leave it be or definitely go the credit route. No need paying interest on money you don't need right now. Good luck!

@Josh Smalley I agree with @Henry J. Real Estate ownership is not "passive" as much as others will lead you to believe. 

I would consider: B2B lending, REITs, and/or seeking financing opportunities for syndicated deals. 

Also, why not buy property overseas? What country do you travel to mostly? My family has some land in Belize which is doing well (Coffee farm, Small residential homes, vacation rentals). 

Good Luck!

@Austin Fruechting Sounds Great! Personally I would house hack to reduce the need of paying rent, but overall very good to hear. Very similar goal!!

@Kevin McCollick

DO NOTHING!!! Set a goal. Create a Plan. Then worry about financing and money.

      1) I would define my goals. What do you want in life, in real estate, in your career, and what is your individual goal(s)?

      2) Then I will decide how I "may" use my $20K to achieve that goal. You may realize you can achieve that goal with $5K or no money down. All depends on what you want!

What would you do with $30K? or $40K? or $60K? All attainable goals when starting at $20K. I am sure you will not do the exact same thing with $40K you would do with $20K? 

My 2 cents... Good Luck!

Bigger Pockets is to real investing; what Rich Dad Poor Dad (Robert Kiyosaki) is to personal finance!! 

Newbies are newbies. In 2017, you have tech savvy newbies. The fact that they are on the MLS expecting those returns, state the obvious.

I would suggest developing a series of questions to screen clients better.

@Kent Mayes

Great! I would answer the questions below first. Having a motivated seller is great, but having a good deal is better. All investors like deals and there are several buyers out there. If the numbers work, finding an investor/exit strategy becomes easier.

1) Does the owner want a below market asking price?

2) How much is the estimated repair cost?

3) What is the ARV?

4) Estimated profit if flipped and estimated rental income?