All Forum Posts by: Jeffrey Albaum

Looking to get an electrical quote for a triplex out in Cincy! Thank you in advance!

Hey @Taylor Hosick!

Love this post! I have a few suggestions that might be slightly outside the realm of what you're looking for, but I think fit in really nicely at the same time. The first one is "Can't Hurt Me" by David Goggins. Overall such a crazy mindset book. The other would be "Steve Jobs" by Walter Isaacson. Such an amazing story and very helpful to learn how one of the greatest entrepreneurs started Apple! Looking forward to hearing other folks' responses! What are you currently reading?

Hi @Flancea Snorton! Seller financing can be a great option if the seller is looking to continue receiving monthly cash flow, but may not want a large chunk of cash (usually for tax purposes). When you approach them, explain to them the benefits of the deal from their perspective: they can expect to receive truly passive income by being the "lender" in this deal, with little to no risk as if you stop paying, they are able to take back ownership of the property. Additionally, they no longer have to deal with the headache of owing the property, which could be a big reason why they're selling in the first place. Hope this helps!

Hi @Alicia Marks! I have found that I still struggle to nail down rehab costs. Although I get multiple quotes, I feel like I'm still constantly surprised by things that come up during the rehab. Biggest lesson I've learned is to always have way more cash than you think you need!

Hi @Rachel Simpson! With the caveat that this is not legal advice - that seems like the simplest structure to me! You could also ask an attorney and they would be able to provide you a much more in depth response, for a small or no fee. Hope this helps!

Hi @Garrett Whitlock!

Congrats on starting the journey into house hacking! So if I'm understanding your question correctly - if you were to set up a business account or a business credit card, the business would be the LLC. If you're not using an LLC, than there is no bank account or credit card associated. Let me know if that doesn't make sense.

Also - you can set up a new bank account (personal) to handle your property, so everything in and out will be from one bank account and as you said, will be much easier come tax time! Hope this helps and let me know if you have any quesitons or concerns!

Cheers,

Hey @Andrew Kilgore, first off, Congratulations! That's awesome you're under contract! Will you be living in this home yourself or renting it out to tenants?

Hey @Alicia Marks!

I started learning about real estate investing while still in college - with the understanding that even though I didn't CURRENTLY have the cash to buy a property, I one day would, and I didn't want the lack of knowledge to stop me once I had the cash. All in all, I probably spent a year learning and living beneath my means before making the first investment.

It's scary. Plain and simple - you can read every book out there but until you have to actually wire over the most amount of money you've ever moved at one time, you can't necessarily be prepared. I think the thing that eventually pushed me over the edge was I realized at a certain point, I was going to do this. I figured it'd be easier if I started now as opposed to waiting. So I wired that initial down payment over and the rest is history.........

Hi @Lynn Dinh! You can call local property managers to gauge typical pricing, or use a site like Rentometer to guesstimate. Hope that helps!

Hey @Dilen Worsoff would love to connect with fellow Austin real estate investors! I'll private message you!