All Forum Posts by: James Triano

@Greg Behan

Hey Greg!  Feel free to send me a private message and we can exchange emails.  I have some solid experience in personal finance and work in corporate finance for a large publicly-traded company.  Let me know if I can help in any way. 

@Melissa M.

Welcome to Bigger Pockets!  I'm a Pennsylvania investor too so if you ever need any help, feel free to reach out! 

@Billy Raz

@Natalie Kolodij is correct.  You lose any of those write-offs when the property is sold.  You will re-capture the depreciation when you sell the house and lose those write-offs.  What kind of work is being completed as part of the $10k?  In some instances, it can be expensed rather than capitalized if it is repair related. 

@Jason Huggins

I think you're doing the right thing by sitting on the side lines.  I understand how "soul crushing" that can be but if you get in too deep on over leverage yourself trying to invest, the outcome could really be "soul crushing."  I'd spend as much time as possible learning about personal finance, reading the BP blog and listening to podcasts and also check out these resources as they've been instrumental to me "righting the ship" (no affiliation):

Mr. Money Mustache

Get Rich Slowly

Man vs. Debt

Get a plan in place and start executing.  You're on the right track!

@Dakoda Spencer

I'm in the Morgantown area and know the town quite well.  I'm an agent but NOT in WV as I live in PA.  Happy to help try to run some comps for you if you'd like to PM me the address.  

@Raymond McGill

I agree!  I do think that "0% credit cards" can actually deployed effectively (I do it with my Home Depot card where any purchase over $300-$500 is 0% for 12 months depending on the special they're running).  The difference between using 0% interest cards effectively or some other means of high interest financing, is having the capital foundation laid if you run into issues where you can't get your asset sold or re-financed to cover the impending interest payments. 

On another note I find @Ben Leybovich point interesting.  If Bob has $50k in consumer debt (i.e. credit cards), he might be in position #1 Ben is describing.  The interest on consumer debt is likely (due to Bob's financial position and short credit history) nearing the 18-24% range.  By repaying that debt, he is guaranteeing himself a 18-24% return by paying down the debt. I know 24%+ deals can certainly be had in REI but that's not without serious work and some risk - neither of which are involved in repaying the debt. Just my $0.02.

Oh Bob, you crazy debt-driven-American-made-maniac. We love your ambitions.

Unfortunately, it sounds like Bob needs to get his 'own house' in order before he needs to venture into buying apartment complexes.  

As @Steve Vaughan mentions, if he can kill that debt with the sale of some of the underlying "assets" (liabilities) and can stuff some cash under his mattress for a rainy day, then that's a start.  Only with a solid emergency fund (even ~$10k), would I suggest he take on this deal.  The consumer debt needs to go and he needs to get serious about getting a solid plan in order to make sure he has a safety net.  He's running very close to the ragged edge.  

A smoking hot deal only comes around once in a while, sure, but going all in and getting close to insolvency is not the position to be in.  Why not sit on the sidelines for a few more months, Bob, and let that $4k a month pile up while learning more about taxes, accounting, listening to all of the BP podcasts and reading a few more books?  A little patience will go a long way.

@Valente Sosa

It really depends on the volume of transactions you're going to be doing and the type of business you're operating.  

Are you going to be flipping, building, or developing property?  Or is this simply to track expenses related to rental properties or wholesale deals? 

The reason for these questions is that I don't think you can beat QuickBooks if you're flipping houses or anything related to my first question.  Because your flips/development properties are actually considered inventory (we're getting into tax/accounting issues now) you need to track them as such and QuickBooks makes that much easier.  

If you're going to be just recording expenses/revenues some great options are Xero and Freshbooks.  These offer cloud accounting systems that are simple to use yet offer great analytics and data backup.  I'm a nerd when it comes to this stuff so feel free to reach out if you have any specific questions.

@Zachary Foust

I would say this depends on how new you are to investing and what type of investing you're doing.  If you're absolutely brand new to investing and looking to just do 1-2 buy-and-hold deals per year, I would develop a relationship with an agent and not get your license yourself.  Even though you may lose out on some commissions and the agent may not be as responsive, there is a ton of education, regulatory requirements, and some expenses associated with having your license.  

On the other hand, if you're looking to do a few flips per year (now we're talking two commissions and closings per home you purchase) it may be smart to get your license.  Not to mention you're going to be more reliant on an agent to pull comps, write offers, and perform research.  

Personally, I have my license but it's really due to the amount of volume I'm aiming for and my long-term goals in real estate.  This question is asked a lot and I believe it's very subjective.  I think you need to ask yourself what your long-term goals are and if being an agent (even if just for yourself) is something that's part of your plan. 

@James Fisher

Welcome to BP!  Glad to have you here.  I'm a WVU grad myself and understand first hand how much the Morgantown market is exploding.  I still spend quite a bit of time in Morgantown so if you ever want to meet up, let me know!  Sounds like your niche market is a good idea.  I'm assuming you're targeting grad students/young professionals?  I have a feeling that crowd is going to be growing significantly with the additions being made across I-79 near University Town Center.  

Good luck!