All Forum Posts by: Reed Starkey

Did you get the property?

Good for you Joshua! I wish you the best of luck! 

@Seth Sherman 

I think I will go with the 50/50.  I will keep this thread open with some updates. 

Thank you

 the loan only covers 80% of purchase and 80% of rehab.  I asked to just pay for the rehab to eliminate the Hassel of the draw. I can still take the draw if I need the funds.  The rehab estimates were from 2 different contractors and is about right for the scope of work. I know from my little experience.   If she padded the numbers, it's not by much. 

Thanks for looking out

First I would recommend if flipping houses is what you want to do, hire a good CPA.  They can answer all of those questions.  I promise they are worth the money.

Second I believe if you pay Cap Gains you only pay 15%.  This is a good thing.  As your earned income is taxed much higher.  There is also a 1031 exchange that you should become aware of.  If you already closed, you won't be able to use this on this property.

Sorry, I meant She already had the GC lined up.

Today, I sat outside watching the sunset with my wife, and I realized how wonderful life can be.  I recently quit my job to focus on family, and Real Estate is the vehicle I chose to allow me to do that.

I give you this sappy story to make a point.  Investing in Real Estate requires much commitment and dedication.  If you want to be successful in this game, you  need to have a reason to make it work.

I use my son as my inspiration every single day.  I have to make this work if I want to be there for every moment as he grows up.  I would have missed that in my 9-5. (actually more like 6-6).  I never want to go back to that level of stress.

My challenge to you is:

Find your reason for what you do.  If it is greed, it will be an uphill battle.  Figure what it is you want in life.  Put it in writing.  Share it here so the world can see.  Use that to keep you going when you want to quit.

Thank you for sharing, and good luck.

Congrats Fay! 

Thank you for sharing.  I would call that a success.  You learned a lot of valuable lessons, that can only be learned by doing.  Good luck!

I would recommend searching for a RE Investment club nearby.  Look at www.meetup.com, that is where I found some good ones in my area.  Usually the first meeting is free.  If it looks like a good group, pay for the membership, and go to every meeting.  The network of friends you will develop will get you started.  Possibly you can find a mentor who will hold your hand through a deal.  Maybe you can partner up with someone. (get everything in writing and reviewed by your attorney if partnering).  

Good luck with your journey!

 You give your account number to everybody you give a check to.  Your account number is anything but private information anyway.