All Forum Posts by: Masaki Furukawa

EID is one, but you want to incorporate as a non-profit organization and apply for 501(c)3 status of IRS.  In this way, all donations to your non-profit is tax-deductible.  You can also apply for grants as 501(c)3 non-profit.  You may want to check California law for non-profit as well  (both corporate and tax law)  Running a non-profit is as same as running a company.  If it is not managed financially well, it can bankrupt as well.  You may want to plan carefully as if you are starting your own company.  Even for a building, there is a process of public interest design.  You can secure a grant or grants to pay for the design fee for a building.  It is hard to find a grant to actually construct a building, but yo may be able to find different strategies to fundraise, like crowdfunding.  In this same, it is same as creative financing of real estate investing.

I would love to know that as well.

Jeff, are you a wholesaler?

I am looking for properties to flip in Raleigh and surrounding area (not Durham for now), so if you have any prospective properties in Raleigh, please let me know.

This is Mansard roof.  It is hard to tell without drawings or visiting the inside of the house,  but it looks like the Mansard roof pitches back only to the extended line of the first floor exterior wall.  So I guess there is the second floor wall studs aligned to the first floor exterior wall.  If this is the case, you just demolish Mansard roof, place plywood sheathing to the remaining wall studs, and clad with siding or other finish materials.  There may be plywood sheathing over the studs already (structurally make sense in this way)

It is hard to tell what the remaining of the roof is (flat or pitched).  If flat and in a good condition you may keep it flat and it may look more like contemporary style.  If you want more like traditional style, you can overbuild roof framing.

In anyway, you may want to consult a licensed architect (like me :-) and/or structural engineer in your area.  Structural integrity and how to avoid leak are the very important aspects for this.

I have a rental property that used to be my primary residence and I had HELOC with that house even after I bought a new house, which is my current primary residence. I had no problem with HELOC with my rental property. Only the issue I had is that I could not refinance HELOC with a better rate or to increase the max draw amount. But I could cash-out refinance and use more equity than the original HELOC could take out. So I think it is a good idea to buy a property with your HELOC, and fix it up, then you do cash-out refi or get HELOC with your new property. And you can keep doing this and make $$$ leveraging your equity.

Hi, this is Masaki Furukawa.  I just signed up to BiggerPockets.  You can see my profile for what I am interested in and my experience.  But my ultimate goal is to do design/build/development of rental properties using my experience as an architect, general contractor, and real estate investor (still relatively a beginner as an investor)  I would love to get to know people in my area who are actively involved in real estate investing.

I look forward to getting most out of BiggerPockets.