All Forum Posts by: Jason Scott
Jason Scott has started 6 posts and replied 21 times.
Post: Big Deal! Maybe too big for me.
- Posts 23
- Votes 8
Came across a deal today that has my head spinning. A guy selling his entire portfolio of sfh’s. I’m talking over 3 dozen! Over $300,000/yr in rental income. Properties look C- class from what I saw. Properties need some rehab but are currently rented. Located in a market I know nothing about. Thought I would share because I don’t know if it’s something I could handle alone. I called and found out they are reviewing offers on Friday.
Any thoughts???
Post: Help with wealth and tax strategy in Phoenix area
- Posts 23
- Votes 8
Thank you for the reply!
Post: Help with wealth and tax strategy in Phoenix area
- Posts 23
- Votes 8
Thank you for the reply!
Post: Help with wealth and tax strategy in Phoenix area
- Posts 23
- Votes 8
Originally posted by @Account Closed:
Originally posted by @Jason Scott:
Happy Friday BP!!!
I guess to put it quite simple you could say I need a mentor. Don't we all. Specifically I'm looking to have a conversation(s) with someone who can help me develop an actual plan instead of having an idea or should I say ideas. My ultimate goal is to learn how to grow wealth through "mostly" passive buy and hold real estate so that I can teach my children. I'm not looking for a ( give me 20k and I'll teach you to flip in 2 days ) education. I am looking for someone who understands tax strategies and opportunity zones. Strategies that interest me are buy and hold anything from single family to syndication. More than anything I would like to develop lasting relationships with people who's goals align with mine. I realize this post comes off as me asking for something without offering anything in return. That is not at all my intensions. I'm in the process of getting pre-approved which should not be an issue as my wife and I both have perfect credit. I own a very small but A rated business with no debt. I'm in the process of hiring and training so that I will have more time to dedicate to real estate.
This has been a very long winded way of saying I can bring time and money. What I lack is knowledge. I have been a real estate podcast junky for the past year as well as read a book or 2. I'm ready to get out of analysis paralysis!
Thank you for reading! Jason Scott
Sounds like you need to have a cup of coffee with someone who has done this type of thing for a while. My suggestion is first an overview of your goals and then putting a plan in place to reach those goals. Here are some things to consider:
Decide which kind of investor you want to be (SFR, Commercial, Land, Tax Liens, Passive, HML, Multi-Family, Notes, Fix & Flip, Buy & Hold, "Subject To", apartments, duplexes, assisted living, REOs, Foreclosures, Short Sales), etc. Decide how much money you have access to, & the zip codes, city or state you want to focus on. That will determine the next step. Outline where you want to be in five years. Put it all in writing. Start working your plan. It might be worthwhile to have someone help you sort this part out.
As an example of what can be done in Phoenix, you can see a sample here
That is a very interesting strategy! Thank you for sharing. What I do know is that I'm more interested in buy and hold for cash flow first. I would like to be financially independent first. Once I can master that I would be open to other ventures. I don't necessarily have to limit myself to only sf or only mf. I'm open to looking at each individual property and deciding if it aligns with my long term goals. Thats not to say I would walk away from a property just because it won't cash flow. A good flip will still provide me with education and profit.
What I have is excellent credit and capital to get started.
What I need is a team including a mentor.
For now as a first step I'm looking for a good CPA that is also a real estate investor. I need someone to help me build a strategy for moving capital from the market to real estate. This person needs to understand opportunity zones.
Once I have the understanding of how I can move capital to REI then I will be in a position to take action.
Post: Help with wealth and tax strategy in Phoenix area
- Posts 23
- Votes 8
Happy Friday BP!!!
I guess to put it quite simple you could say I need a mentor. Don't we all. Specifically I'm looking to have a conversation(s) with someone who can help me develop an actual plan instead of having an idea or should I say ideas. My ultimate goal is to learn how to grow wealth through "mostly" passive buy and hold real estate so that I can teach my children. I'm not looking for a ( give me 20k and I'll teach you to flip in 2 days ) education. I am looking for someone who understands tax strategies and opportunity zones. Strategies that interest me are buy and hold anything from single family to syndication. More than anything I would like to develop lasting relationships with people who's goals align with mine. I realize this post comes off as me asking for something without offering anything in return. That is not at all my intensions. I'm in the process of getting pre-approved which should not be an issue as my wife and I both have perfect credit. I own a very small but A rated business with no debt. I'm in the process of hiring and training so that I will have more time to dedicate to real estate.
This has been a very long winded way of saying I can bring time and money. What I lack is knowledge. I have been a real estate podcast junky for the past year as well as read a book or 2. I'm ready to get out of analysis paralysis!
Thank you for reading!
Jason Scott
Post: Smartest way to start BRRRR investing for me?
- Posts 23
- Votes 8
Thank you Jeff! I will do some digging and meet with a couple of lenders.
Post: Smartest way to start BRRRR investing for me?
- Posts 23
- Votes 8
Thank you for the responses!
I’m planning on sitting down with a lender to discuss options but I’ll throw this question here.
Would borrowing against the stocks work the same way as the heloc? Similar interest rates? Would one make more sense than the other as far as taxes goes?
Post: Smartest way to start BRRRR investing for me?
- Posts 23
- Votes 8
Hello BP nation!
I would like to start by saying how grateful I am to have a platform such as this to be able to share ideas and learn from! There is so much information available to us these days it can be overwhelming. I have so much respect for my parents and grandparents generations as they did not have the world at their fingertips like we do today. I have listened to hundreds of podcasts, watched youtube, surfed forums, and just finished reading the BRRRR book. I'm ready to start taking action instead of just studying. Here's some details about me...
I own a small business that pays the bills but is not getting me closer to retirement.
My wife is a school teacher and we have 2 kids 12 and 10.
I want to start investing in real estate so that after our kids move out my wife and I can enjoy traveling while also leaving a portfolio that my kids could build upon.
We have some money in stocks so one strategy to get started would be to cash out. That would come with capitol gains taxes however so it seems like a bad idea.
We could borrow against our stock investments. I'm not sure if this would be smarter???
We also have equity in our primary residence. A HELOC might be the way to go.
In order to do the BRRRR strategy we would need to be able to pay cash for the property, the rehab, and holding expenses before could refinance and repeat. That holding part is what scares me. Even though we have money in stock and equity we live check to check. The equity in our house might not be enough to cover the buy, rehab, and holding costs. I can't ask my financial advisor because he will just tell me to buy more stock.
So I'm turning to you BP nation.
Thank you for reading this novel!!!
Jason Scott
Post: Stocks to real estate investments tax implications???
- Posts 23
- Votes 8
Thanks
Post: Stocks to real estate investments tax implications???
- Posts 23
- Votes 8
Thank you guys for your response! I will look into opportunity fund/zone.