All Forum Posts by: Justine Scheuher

I used a CPA for the first time and just got my bill $1200. I am a W2 and have LLC with 2 properties that I've kept good records for. My return was only for $1,200...

@Murphy Frankhouser Hey! I just bought a 4-plex in Louisville. Check with L&N Credit Union. They are awesome. You should be able to put less down. 

@Dan Kevin Welcome!!! I bought my first house in 2017 in St. Matthews. Then, in 2018, bought my first rental in Beechmont. In order to expedite my REI I sold my primary residence a few months ago and bought a 4 plex in Beechmont (by the airport/iroquios park). It's been great, but a lot of work. My 4plex was built in 1910 and needs some major updating but I am taking it one unit at a time. (Im renovating mine now and the other 3 are currently rented). I say go for it!! It's a great way to cash flow and will get you tons of experience. Feel free to reach out if you have any questions/need to bounce ideas off someone.

@Brock Maggard Dude! This is amazing! Great work :) I would say this is a home run! Can we get more details. Purchase price 14K, Rehab 18K. Appraised for 40K. What was the LTV? How much is your mortage payment? How much is it renting for? Where is this at? Great, great job! And just curious..what are your other 2 businesses?

@Brian Engstrom Congrats on the growing family! I am single and house hacking a 4-plex. Each unit is 800sq ft. It works for me and my cat but its def close quarters with the neighboors. Idn if I would do it if I had a family (I COULD do it, but if I had the choice, I might consider something else). 
Instead of doing a live-in BRRRR, why don't you do a live-in flip? You would be able to take out a FHA loan (or my sugessestion would be find a credit union/bank that has a loan product that allows you to put 3-5% down with NO PMI. For example on my first house, I did a 15/15 ARM, 3.5% down...becuase sold it before 15years, I never had to deal with the adjustable rate part. (Or I could have refied before 15 years).
With a live-in flip, you could just find an ugly/out-dated house (which would work with a conventional loan). After it's fixed up, you can Refi or sell in 2 years for a profit (and not have to pay capital gains).  
Even better if you could find a place with a livable basement/in-law suite/attic and rent it out or Airbnb. (If your city allows Airbnb could be very profitable. My SFH Airbnb cash flows 2.5x more than if I were to rent it out).

Correct, rent it out and make that money ASAP!  Most banks want to see the property "season" for at least 6 months--meaning that you've own the property for at least that length of time. Renting it out benefits you so that property isn't just sitting there doing nothing. And it also looks good when the bank can see that its rented and the mortgage can be paid.

@Henry Vargas Welcome!! I was a lurker for a year too, lol. I finally pulled the trigger in 2018 (despite having plenty of fears and not knowing everything). I bought a SFH short term rental and then last years I sold my house to buy a 4 plex (I live in one of the units). Its been great, lots of practice dealing with tenants, maintenance calls, etc. Best of luck!

Hey! I started investing 2 years ago (total of 5 doors--1 SFH and one 4 plex). I am in the same boat--wanting to expedite my cashflow and FI journey. David Green talks a lot about moneys "velocity"--basically, how can you make $1 work for you and bring in more money. I think of it as recycling your dollars. Que the BRRRR strategy. 100K is a good amount to get started (and theoretically keep using that same 100K to buy properties over and over at a steady pace).

@Christina H. This is awesome, I like your goals. It sounds like you will be able to do it with low risk which will help you sleep at night and cashflow great! 

@Christina I. Yes! This is how I started. It's a great way to save for your next investment. I remember being soo impatient BUT waiting and saving for your next property is worth it.