All Forum Posts by: Justin R.

@Kyle Steiner more than likely they will have you do an interspousal transfer. This will transfer the deed into your sole name, with your wife's signature.

I also live in CA, and had previously invested in Texas. I have recently sold all of my Texas rentals because of their high property taxes.

Texas doesn't have state income tax, they get the majority of revenue from property tax. People from CA get hit triple hard when investing in TX. High property tax, you still get hit with CA state income tax on net income, we are out of state "non-homesteaders" so an exemption we don't get.

Im not saying don't buy in Texas, it does offer appreciation potential, but taxes kill Texas rental revenue!!

I have invested in rentals in Texas (DFW), California (Thousand oaks and Simi Valley), Indiana (Hamilton County/Indianapolis), Michigan (Grand Rapids), Georgia (College town outside of Savannah), Maine (Portland). To answer your question, you don't want fear, you want a healthy respect for investing. Create a solid team you can trust, and factor in variables just in case. If you learn how to analyze appropriately, and buy in the right areas, and do you due diligence, it's hard to go wrong.

 Investing out of state tips...

1. Read Keven Greens book on "Out of state real estate investing"

2. Find a area that targets what you want (cashflow/appreciation), if you have some familiarity to the area it goes a long way.

3. Establish a team, with your property manager as the focal point. If you can find a Rockstar PM, they network with Rockstar agents, contractors, lenders, insurance brokers, etc

4. Actually travel to the area, see and know the neighborhoods, shake your teams hands (in person.)

Hello Shani! I think you have already chosen a few a the best books to get started. "Rich Dad Poor Dad" is a mindset, and Branden Turners book is a plethora of usable information.

I too live in Thousand Oaks, but most of my investing is done out of state. Although I have a few local rentals, out of state rentals provide a much higher cash flow.

The one piece of advice I would give is don't give up. So many people read a book, get motivated, and quite. Don't treat it like a phase, but a transformation of mindset and lifestyle.

If you have any questions feel free to PM me

Ive used USAA for the last 10 years and they were great. I outgrew them eventually and now I use a broker that is licensed in all 50 states.

Like USAA, Amica also has a great reputation. Easy is better, and scalable. Try to find a carrier that also offers you an umbrella policy. Do so will allow you to stay with your carrier as you grow, and will save you on a multi policy discount. 

Builderdirect.com for all hardware.

Costco (costco.com) for larger things

Besides Lowes, and Homedepot it would be whomever your local wholesalers are. I would ask a few local GCs

My water company (and a few others in So. Cal) offer a one time opportunity on a mulligan. You should contact the water company, let them know there is an obvious issue and you are looking into it. Ask them if they offer such programs.

Now that Stessa has gotten a bit more established I am looking into its capabilities and qualities.

Has anyone left QuickBooks and gone with Stessa?

I personally feel QuickBooks is just too much for an investor like myself. Although I have quite a few properties, I have property managers for each, and basically only need to track my expenses and income by property.

I would love to hear feedback from a Stessa user.

This is 100% dependent about your personal situation, and goals.

Loan pay-down - safety thru equity

Reinvest - maximize opportunity through leverage

Only you know the answer, but best of luck!

For starters, I would work on your presentation, and deal analyses. No lender will take you seriously when you present a rehab amount of $14,122.87. Your rehab budget is 15k.

If I was in your shoes my borrowing list would look like this.

1. Personal Capital

2. HELOC

3. Cash Out refinance

4. Bridge Loan (small local bank)

5.Conventional Loan (tough lending standards, higher closing costs)

6.Private money (friends, family, partners)

7.Hard money (Yes they WILL lend to you, but they are more interested in the "deal" than @Raden Mantuano

Best of luck!