All Forum Posts by: Jeffrey Albaum

Hi @Georgina Kautu! I'd definitely recommend reading some books to get started. Fan favorites are  "Rich Dad Poor Dad" and "Set For Life" by @Scott Trench. Also take a listen to some podcasts, Bigger Pockets is of course an amazing place to start.

Also set yourself a lofty but attainable goal, such as:

"I'm going to analyze 10 deals/week by April 1" then 

"I'm going to submit an offer on a property by July 1, 2022" then

"I'm going to submit 10 offers by October 1, 2022". 

Hi @Rudy Hayden which state is the property located in?

Hi @Denise Fisher! We are currently going through this exact situation! It's been helpful for us to find one or two people that we really like/trust - and then use them for recommendations for anything that we'll need. For example, let's say you find a cleaner you really like and has done great work for you - chances are they know a great handyman, contractor, etc. and can recommend them to you. Or vice versa! Hope this is helpful and would love to hear more about your travels sometime....I'm sure you have some amazing stories!

Hi @Keshaun Harden! First off, good on you for identifying where you want to go! I would definitely recommend reading both Rich Dad Poor Dad and then Set for Life by @Scott Trench. Set for Life is extremely practical and gives concrete advice on how to achieve your goals - whereas Rich Dad Poor Dad is great for the big picture ideas, but doesn't have much in the way of pragmatic, actionable steps. Best of luck to you and hope this helps!

Hi @Ola Ade - can't have a list of places to move without throwing Austin into the ring! Very low crime, a booming economy, big enough to have any city amenity you'd want but small enough to have friendly people!

Hi @Wyatt Anderson - first off, thank you for your service!

Regarding the dream home - it sounds amazing! While I don't know the inner workings of how VA loans work - is it possible to use the VA loan to purchase the home from your mother in law, and in 1.5-2 years refinance out to use your VA loan on another property?

Hi @Angelleena Arevalo! First off, thank you so much for your service!

For your two homes - is a cash out refinance an option? You can keep both properties and pull out the down payment for your next property. Additionally, you can raise rents to market to keep your net cash flow about the same as it is now however you'll be building equity in another property that hopefully cash flows as well. I hope that's helpful and please reach out if anything was unclear!

Hi @Matt J.! There are tons of great podcasts out there! Another favorite of mine is the Remote Real Estate Investor that Roofstock puts out. Give it a listen and hope that helps!

Hey @Randy Babineau! Great question, and to start - this is DEFINTELY not legal advice. You should absolutely consult with your attorney prior to making any decision. 

Ok - so a lot of people feel very differently when it comes to LLC's vs. owning in your name. An option that my attorney told me that makes sense (to me at least) is to pick a number you're comfortable with - call it $1M, and put that amount of property value into each LLC. Once you surpass that number, create a new LLC. The number is completely arbitrary so if you decide your number is $250k, do the same thing but create a new LLC every time you hit $250k in value.

If you didn't want to go the LLC route - you can purchase a large umbrella policy which acts similarly to an LLC except you own the properties in your own name. There are a lot of scenario's where even though you own the property in an LLC - something happens that "pierces the corporate veil" and the LLC doesn't provide the liability protection it was designed to do. In this case a super large umbrella policy could be a good route to go.

The other caveat to LLCs is that if you're getting traditional Fannie/Freddie financing - you need to close in your name and then quit claim ownership into the LLC - which in theory could trigger a "due on sale" clause. I personally don't know anyone who this has happened to but I've heard it's a possibility. Best way to avoid this potential speed bump is to get commercial financing, however your rate will most likely be higher.

I hope this is helpful and definitely reach out to an attorney for clarification and confirmation on any of the above points.

So stoked for this! @Ian Plocky