All Forum Posts by: Karac Davis

38 years old. Changing careers. Free now to start a new adventure. Have 100k in liquid capital. 
I ultimately want to buy and hold properties for rent. I would like a 20-50 unit empire. I of course want the dream of passive income and simply taking care of my properties etc. 

Should I get into contracting with a flipper or custoM home builder for 50k a year 1099 and start my own llc and be a “real estate professional” and learn the ins and outs while making less money at first,  or take a sales job 9-5 that makes 150k a year w2 and build up capital first. 

I think my interest is in being my own boss immediately but I’m concerned about not generating enough capital soon enough to really get this going. 

I do have one rental now that costs me about $1260 a month, yet generates $1615 a month. Totally updated right now. Plan on keeping it. 

If every rental I have is it’s own llc what it the best way to structure things for taxes with losses? I know I can write off improvements and mortgage interest and landlord insurance. Does it many any sense to create a property management or construction llc or anything else with this for myself to save on taxes etc? 

So Allstate quoted us on a landlord policy that costs maybe $100 more a year then our normally homeowners and it had some additional coverage similar to what you’re mentioning. So you feel that’s is enough? My wife and I have a 2 million dollar overall umbrella policy on us as well. 

Townhouse in my name. Mortgage with the bank is 2.75 percent in my personal name. 28 years left. Deed is in my name. 

Bank won’t let me change the mortgage to an llc, said I have to pay it off and refinance with a commercial loan. 

County won’t let me change the deed to llc unless is pay $5300 in transfer tax. 

Do I just leave this first property in my name and get some sort of quality homeowners insurance with an umbrella policy on it for myself and my wife? 

I have a townhouse I’m living in I got for 180k. The rate is 2.75. I have like 25k of it paid off. My wife and I want to move out and keep it as a rental. How can I get it changed to an llc for liability purposes? Citizens bank (where my mortgage is) said I’d have to refinance to put the mortgage in an llc. I don’t want to lose the 2.75%.   Can I keep the mortgage responsibilities in my name, but get eh actually title/deed changed so that the llc would own the house eventually and a tenant couldn’t ever  come after me personally. My wife and I plan to make every rental its own llc in the future. 

I am interested in full out Brrrring. 
Need to raise more capital and I need to learn what things cost and how to do them and how to find deals, etc etc etc. 

Is there a career I can get started in that will pay me to learn the ropes? 

Like carpenter apprentice, or project manager, etc? 

I am very handy and also intellectually bright with numbers and I have an accounting degree. I am doing an unrelated career at the moment that makes me like 75k a year, but I’m bored with it. I’m ready to be big time and make more money for my family. 

 Would it be worth it for me to go work for someone for a couple years at let’s say 40-50k and learn while getting paid…. Then get started…

Either way, we should be able to save the money I’m making toward investing

37 years old. Wife has a good job we can live solely on her salary. My job pays 80k. We can utilize my income for investing avenues. 
If I really want to Brrrr and build retirement wealth in 10 years for us is it worth it keep my job for 80k (can’t really make more it in, not much growth potential)?   Or would it be more worth it to get out and focus full-time on being a “real estate professional” and brrrr full time. I’m handy but I’m not a contractor. I feel like I don’t know enough. I also don’t want to keep my job 50 hours a week and also spend another 20-40 hours a week on investing too. 
Should I work for a mentor for a couple years and save money from that and then brrrr when I learn the ins and outs?