All Forum Posts by: Brant Richardson

You should already be able to write off expenses like a landscaper on a rental property. I don't know about being given special incentives to start a new company though.

You can pay an independent assessor, probably the most important. Talk to property management companies to see what they think rent should be. Zillow (or similar) gives some numbers on estimated price, last price, surrounding houses for sale. Craigslist can give you some ideas on rents in the area. Its kind of scary no matter what, even if you go there, if you don't know the area or have somebody there who you really trust.

Your tax write offs are much improved when you live in the property. Buying a duplex-4 plex and living one unit is an absolutely great way to get into real estate investing.

4 units at age 29... sounds like an early retirement will probably happen. Keep plugging away at that day job, and save for the down payment on #5.

I wish I thought like you when I was 25. I was busy building school debt. I like the numbers on house #2. I would shoot for another one of those or slightly nicer 20-25k buy that brings in $500/mo

I'm also a PA, in California. You have a full plate with a 3 month old. BP is a great resource. There is a massive amount of information available here to read or listen to podcasts but the invaluable part is that you can ask complex questions and experts will not only answer but get you thinking about whole new ideas. Your lucky to be in the one of the best states for real estate right now too.

Thanks Elizabeth, you definitely have a solid and safe plan their. Except buying foreclosures from out of town, that does not sound so safe. Based on the rest of your plan you must have a way of giving yourself some security. Do you fly out to inspect the property? It seems renovations and self management would be really tough from out of town too. How do you get new tenants when necessary?

My original question was more about the financing. My understanding is that it gets difficult to get standard loans once you get past the 4th rental property. I figure the rates are better on standard loans than other options also, so I thought I should make my early buy and holds relatively large purchases to take advantage. I don't have much personal preference as far as multi vs SFH as long as the ROI is right. Does that make sense?

I've been reading, reading, reading, but have yet to buy. A podcast I just listened to said that getting the first four loans is easy, just go to the bank with your 20% down. After that you have to get creative. My plan was to get my feet wet with a cheap rental, maybe 50k. My question is, should I instead be trying to make those first four easy loans really count. Should I start off with a 4 plex and then make the next 3 multi's as well...then move on to the SFH's. Either way, I will be having a management company running them and they will be out of town. Buy and hold for cash flow is the plan. With the current interest rates it seems locking in 30 year fixed loans on larger loans now would be beneficial as well.

Thanks for the help. I love BP, I've been spending 1.5-2 hours a night here since I finding it.

I also like stocks with good dividend, mostly eneryg sector. I have been doing that while saving for a down payment. My plan going forward will be to accumulate money in my brokerage account (passive income as well as my career income) and keep it in stocks until I have enough for the next down payment and so on.

Yes, I figured it must be very mixed when I noticed neighborhoods with houses in the 20-40k range and a few blocks over they were 100-200k.