All Forum Posts by: Tyler Weaver

Move to Colorado and you will incur more debt while you try to build up you RE sales income.  It may, or may not materialize as quickly as you hope.  Sounds like it would be hard to break into a completely new market without contacts and ramp up quickly.  A lot of reputation is built from your existing network in the RE sales market.

I really like the idea of flipping another house. You already have a comp that you have pretty intimate knowledge of. There is a pretty healthy margin for something to go wrong and still be profitable. I would be hesitant if you said something like "I found a house to flip that has 2x the rehab budget, in a more upscale market" where it introduces a lot more unknowns.

A lot of times private lending and hard money will be the only ways to get a deal done quick enough to purchase a distressed property in todays market.  Usually they want quick sales. 

I was thinking per year. In reality it does not scale very well, and is probably closer to a fixed cost.  

It is probably about $500 a year to file taxes if you have your stuff together and have a CPA do everything.  It probably does not get much more complicated from 1 property to 25 if you have all your numbers together for them.

On the legal side, I am not sure an LLC is the best move for an SFR or two. An eviction in my area costs about $250.

@Karl McGarvey tax accounting is maybe $50 a unit for the first few then gets dramatically less per u it from there.

For just one property it is not too complex to do on your own. Especially if you hire a cpa to answer some of your questions.

Go for it. Buy a decent pair of needle nose pliers and watch a few videos first. In california you may need a permit for that kind of work.

@Tim L. I would sell it if it is cashflow negative. You may be overestimating expenses if you are using a ratio for maintenance on top of HOA

@Tchaka Owen partner with someone for the capital?

@Cole Miller network with people who are investing in your area. See if you can get a job doing something in their company. The exposure should help a lot.

@Gareth Fisher it cost us about 20k to install a sprinkler in a 4 unit. This included bringing in a larger service for it.

Basically by adding sqft or changing use from office to residential you are no longer grandfathered in. Commercial requires it but yet a project that brings a building down to a shell and requires everything but the brick walls is grandfathered in but you change the use of 500sft of space in a building and the whole thing requires sprinklers.

@Ivan Loza the 10 mortgages limit is just for traditional mortgages. There are lenders that offer portfolio loans for more mortgages at once.

A simple but effective plan is to buy a property with a mortgage every time you save up enough for that. Keeping in mind to hold a fund for reserves as well. At 30k a year from your salary, and then reinvesting cashflows it would grow pretty quickly.

To speed this up a bit you could buy slightly distressed properties to do a BRRRR strategy.