All Forum Posts by: Larry Turowski

@Mike Bianchi wow!  I bet a lot if investors would like to have your problems.

While it is nice to reduce taxes, paying taxes means you’re making money.

Investing has to take our personality and risk tolerance into consideration. You could buy a property for cash and always cash out later.  

@Julien Amparan you’ve already got great responses. Mine is in line. The answer is always no. You want to find what is a good deal now.

They are out there, harder to find now, for sure, but they are out there. 

Besides, after a crash you’ll want to do the same thing, find what is a good deal at that time, not compared to the known past or the unknown future. 

Wrong Rochester Darren. I’m in NY. Best of luck! 

@Susan Tan Your question was in regards to net worth, not personal feelings about it, so I’ll leave that part out. 

With regards to net worth, It is no longer being worth doing anything when it keeps you from doing something more valuable with your time.

I can imagine house hacking being such a distraction and annoyance that it could easily keep you from earning an extra $1k or $2k per month. I never house hacked but I should have when I was younger. But once I had one or two other properties and a family and bigger goals I would have dropped it. 

For personally managing—I still personally manage—that’s when again it becomes too much of a time sink or an improbability. For me I can outsource most tasks while still self managing. It becomes an improbability when I buy bigger apartment building or out of state.  

@Jacob Thorp if you have more than one property you can combine them in a blanket loan to get over that minimum value. Your closing costs will be higher but I’ve done this a number of times. 

Software / IT person here.  I have noticed a lot of engineers too. I think

1) Engineers are problem solvers.  Ever see the jokes about the difference between theoretical physicists and engineers?  Engineers find a way to get it done  that is an important trait in real estate investing  

2) Engineers have good income but C-level executive income. Real estate investing is accessible to them and they are less likely to invest in a business startup or have a C-level career arc.

3) There are a lot of engineers in the upper middle class. 

4) Engineers are smart. You don’t need to be that smart to succeed in real estate investing but the more successful investors I’ve encountered are pretty smart. 

I always get a kick out of people asking if there are any members from Rochester or elsewhere.  I probably asked the same question when I was new. There are lots of us, Kirk!

Out of state is tougher. Rochester is a great rental market but you need to have a good team on the ground. 

I’m “retired.”  

Everybody's debt tolerance is different and I find mine changing as I get older. That said, there are closing costs associated with mortgages so it rarely makes sense to me to pay them down early as that essentially increases your APR, especially if you are going to turn around and get new mortgages on new properties.

It makes more sense to me to either scale faster or buy the “next one”with cash.  Between the two choices I’d go with plan A and it sounds like you should be able to buy the last 2 or 3 with cash. 

If it is anything like New York you can file an LLC really easily online on the state government website. For Washington State, a quick Google brought me here:

https://ccfs.sos.wa.gov/#/

You can create an account see see where that takes you. 

Hey @Noam Birnbaum, happy to connect and help however I can.  I’m local and have been investing here, doing flips and rentals for 12yrs.