All Forum Posts by: Helen Lowery

Hello Cole!  First, congrats on the house hack!  What a great way to drastically decrease your living expenses. It all depends on your goals.  If your goal is to fund the next deal, then option 1. Setting aside the cash for capital to apply towards your next acquisition will be motivating (as you watch it grow) and will also make it easier to plan.  You will know exactly how much cash you have to work with.  However, if your goal is to live debt-free, then you would opt for option 2.  

Investors tend to look at debt as leverage, while financial freedom gurus like Dave Ramsey focus more on living debt free.  It all depends on what your goals and plans for the future are.  Hope that helps!

Hi Ben.  I recommend using a CPA over doing it yourself.  The professional service and record keeping alone are worth it.  I've been working with Watson and Mowry in Williamsburg for the last 5 years.  As my portfolio and real estate business grows and various questions arise, I can contact them and get quality advice.  No second guessing and no worry.  The report I get back from them after filing each year makes it easy to understand all aspects of my taxes, which in turn informs decisions moving forward.  

Hello BP,

I bought my first investment property 5 years ago and am a newly licensed real estate agent. During these 5 years my father, who has always invested in the stock market, has listened to my growing pains and watched with interest. The other day, he called to say that he wants to invest some money in real estate and would like to partner with me. He will be the financial partner and I will be the boots on the ground (acquisition, project manager, and property management). We plan to flip and buy and hold using a self directed IRA. His concern is that we structure the partnership in such a way that ensures equal interest between my sister and I when he passes.

We are a close family that has successfully navigated money matters and real estate in the past, so I am not concerned at all about going into business with family. We are all of the same mind about building a legacy for the next generation. However, I do need advice on how to best structure this, which is why I'm writing this post. Any recommendations on lawyers? Preferably someone who is familiar with VA law (this is where we intend to buy)?

Hello Grace,

I use Watson and Mowry in Williamsburg.  You can expect to spend $500 to file, but they are thorough, you get a sit down question and answer session, and they are easy to work with.  Every year, they send an organizer in December that specifies the documentation required and a worksheet showing your numbers for the previous year.  I always turn everything in at the end of February, and they are usually ready to review and file for me by the end of March.  Before filing, we schedule a sit down meeting and I come prepared with questions and we go over everything.  They are also a resource for me throughout the year when I have questions about how such and such will affect my tax bill.  It is a bit of an expense, but I feel like it pays for itself in returns, peace of mind, and education.  Hope this helps.

Chancellor, I sent you a PM.  Would love to chat with you more about Hampton.

Honestly, Hampton is a great place to invest.  Buckroe Beach and Pheobus are both hot right now, and there are plenty of other neighborhoods that are good for investing.  I like smaller homes... 3 bed 1 bath on a small lot.  Hampton has tons of solid brick ranchers.  I recommend staying away from anything that requires flood insurance as that could kill your cashflow.  

Hi Chancellor,

The VA loan is a fantastic product to kick start your investing career. The VA Peninsula has a very strong rental market, so this is a great place to get started. Ditto what Wesley said about getting a room mate and house hacking. The trick will be finding the right home to buy. Have you picked a neighborhood?

Hi Chris! What a great first step!

I do most of my investing in Williamsburg and would be happy to answer any questions you have about this area.  

Hello Adam!  There is a group called the Peninsula Real Estate Investors Association (PREIA) that is meeting on the 12th in Hampton.  It is a well established group and a great place to meet investors with various niches/interests. You can find them on the meetup app

I went to a meeting in January.  I'm in Williamsburg, so its a bit of a hike for me so I don't attend regularly.  They had a great presenter, and after the presenter, everyone takes turns introducing themselves and saying what they are looking for.   After that, you kind of know who is in the room, and can make connections.  It is great!

Let me know if I can be of help.

Hi Samantha! I think you're off to a great start due to your willingness to learn, network, and due to the fact that you are pooling resources with your partners. Have you considered a live in flip? This is what Mindy Jensen from the Bigger Pockets money podcast does. You (and possibly your partners) buy a home for one (or all) of you. Because it will be an owner-occupied property, you can take advantage of FHA financing (or if one or any of you are military... a VA loan). These products offer low down payments- it is an inexpensive way to home-ownership. If you buy at a discount (shoot for 70% of market value), then you can renovate while you live in it. Look for something with good bones, that just needs cosmetic upgrades (flooring, fixtures, paint, cabinets, etc). You are required to live at the property for at least one year with an FHA loan before it can be put back on the market. You will be living inexpensively (mortgage payments are often less than rent), while "forcing" the appreciation of the home by fixing it up. When it is ready, you sell at market value, and roll the profit into the next investment. I believe that, (and bigger pockets community will correct me if I'm wrong), from a tax stand point, since it was owner occupied and NOT an investment property you will not have to pay capital gains tax when you sell.