All Forum Posts by: Joseph Birbiglia

What don't you know how to do that the $9k gets you? That much cash in a down payment does buy $36k worth of a property...

I'd install a small electric water heater just for the coin-op laundry units.

John, I don't think the numbers work. I have a 3-unit on the east side I picked up for that price two years ago, pretty similar, with 9 total bedrooms and substantially higher rents, and it's just starting to make sense. If you message me directly I can share more about that experience.   

My understanding is VRBO doesn’t remit, so you pay $10 to set up an account with the state, you collect the taxes, and you send them in. It’s pretty easy.

I went to full day presentation on SDIRA's, my understanding is you won't be able to get any financing on a property owned by an LLC. One great thing I did learn, however, is that you can partner with your own LLC on a deal. So you can own a house 50/50 with your IRA, or any other ownership percentage, as long as you keep good records. This is a good strategy for flips, eliminates short term capital gains on the IRA side. Good luck.

Are you going to live in it? How do you borrow money on a conventional mortgage with 15% down? 

I think those numbers are too tight. I don't think you can count on that cash flow. Where's the repair budget? I'd avoid private lending if at all possible. The question is, do you have an emergency backup, like $5k in a Roth IRA, or family who could bail you out of a jam? Good luck!

I use Quickbooks, and I make every house its own Quickbooks file.

I would take a look at it. -Joe

Liz, I'd be interested in taking a look at your property in East Greenwich. Please direct message me with any details.  Thanks, -Joe