All Forum Posts by: James Vermillion

Hey Troy. From the sounds of it you are in a great spot! You have a lot of options, so it really is a matter of linking your goals with a strategy to get you there. What is it you are really looking to do? Build a portfolio of rentals for passive income? If so, are you more interested in single or multi-family properties (each has benefits and downsides)?

There are a lot of ways to get to the same spot, but you need to figure out where that is and which path you believe best suits your situation.

Welcome to BP Michael...I spent some time at the Wichita Mountains near Lawton when I was training in Wichita Falls, TX, that is a neat area. Checkout the Ultimate Beginner's Guide if you haven't already, it is a great free resource.

Good luck!

Don't worry Nicole...those same people calling you crazy will be wanting to get involved or loan you money in a few years, and believe me, that will feel good!

And thanks for the compliment about the podcast, I am glad you got something out of it!

As long as it doesn't say "you've got mail" every time I log in I am good with it.

Welcome to BP Quinn. There is an app for the iPhone, you can find it in the app store (there is not one for android at this time).

And BOOM goes the dynamite!

Welcome to BP Kristin, glad you decided to introduce yourself, I am glad my urging worked, although maybe some people aren't :)

$1,440 to $2,020, that is a heck of a jump...how much did the renovations cost?

Good luck finding investors / partners, getting involved here is a good starting point. If you cannot find what you need, just ask!

Cheers!

Justin, you will want to speak with an attorney and CPA about setting up an entity to flip, but from my experience you will want to setup an LLC and elect to have that LLC taxed as an S-Corp (I believe the form to accomplish this is an 8832).

Now, you need to consider everything that goes into doing things this way. You will need to take a "salary" which you will need to pay payroll taxes on. Once you elect to go the s-corp treatment route you are stuck doing it that way, at least for several years I believe.

Perhaps Steven Hamilton II can chime in.

Welcome to BP Renee, and good luck! Have you checked out the Ultimate Beginner's Guide yet? It provides a nice overview of real estate investing. I like the idea of flipping and holding properties, I think that is a balanced way to grow capital and build a portfolio over the long haul, that is exactly what we are doing.

See you around the site!

I agree! Why rely on someone else when you can have control and do it yourself? And yes, you absolutely have to have an agent (or be one).

Welcome to BP Robert! Deployments sure are a great time to get educated on real estate, I know because I was deployed when I first really dove into learning more about REI. Thanks for your service. Let us know if you cannot find something you are looking for, someone will point you in the right direction.