All Forum Posts by: Matthew Pinkston

Hi Shaun, I definitely want to go by the books!

And I (technically my CPA) have filed all foreign income on my tax returns.

Thanks @Russell Brazil and @Upen Patel! I wasn't aware that Fannie would go to 10 mortgages. I know I can't qualify by myself as an expat, but I also haven't considered trying to co-sign with my brother. I assumed that might not be allowed. @Shaun Weekes, is there anything special I need to prepare, or a special type of lender I need to approach, or should we just walk in to a bank, explain the situation, and see what happens?

That would definitely be best for both of us I think, but even if the loan is only in his name, we could at least get started. I'm trying to get this done for his sake as well and I know we can make a mutually beneficial plan. (Though don't get me wrong, I'd still like to explore options to build on my own.)

My final back-up strategy is just to go the Dave Ramsey route by paying off one of my mortgages completely while in Japan, return in 2020, and hit things hard then. 

Thanks for the info!

Hello all! I'm looking for some feedback regarding my thoughts on how to acquire my next buy and hold property. 

I currently own 4 duplexes in Ames, IA, and after many years of expensive lessons, have finally turned them into solid income producing properties with growing equity. 

I've also moved to Japan.. So, this creates a number of hurdles to acquiring my next state-side property.

I'm willing to keep searching for a lender that will work with me. However, after talking to my brother, he expressed interest in getting involved. He has a decent income and zero debt. So, we were considering getting the loan in his name, and I'd take care of everything else (down payment, setting up management, etc.) We're going to start shopping for lenders tomorrow. 

Before we jump into this, has anyone else overcome the 4 mortgage/non w-2 income loan problem this way? And what's a good way to calculate our fair shares of the deal? 

Any input would be appreciated. 

Thanks!

I'm off at 7, so I'll be a little late, but will be there!

Hi @David Kass, Welcome to BP!

As a native Cedar Rapidian, I'm very happy to see the CR group grow. I've always felt it's a good town for all types of Real Estate investing. I wish you the best, and as @Alex Cotton said, keep us in the loop! And never be afraid to ask if you get stuck on anything. The people around here are great.

@Trevor Moss Only a couple days away! It seems nothing has been decided yet, but I'd be happy to reserve a spot at the usual place in Yokohama, or even try to find something closer to the Tokyo area if that works better. 

I'd like to get psyched up before going back to the US for the holidays, so even a small gathering works for me.

@Jason Paine, coincidentally Ames is where I own all my properties (all duplexes)! It's the first place I'm hoping to continue growing since I've got great relationships and infrastructure there. It can be a difficult market since prices are relatively high and there's a lot of competition for rent. The "2% rule" is practically unheard of (cashflow is moderate), but appreciation has remained fairly strong/stable in many parts of town even throughout the housing crash.

I'm actually going back to Cedar Rapids and Ames over the holidays to visit family and try to sniff out any more deals. Perhaps there's a chance for some collaboration here if you're interested! 

Hi, @Jason Paine and welcome! 

You came to the right place.

I'm actually an expat Iowan living/working in Tokyo looking to build my portfolio back home as well. I've held on to the portfolio when I moved, but have found growing it from afar definitely requires a brand new set of skills (that I'm still training myself on).

What kind of deals are you hoping to do?

Thanks for the info @Michael Pease! I didn't know they were in the process of adjusting that loophole. I had heard about the condo/co-op tax abatement from my realtor and was actually planning on buying a 4-plex and implementing it. (Fortunately just before I did, I discovered some complicated fire code issues that would've required me to update the sprinkler system to the tune of ~$20k for some reason..) That plus the legal fees to condo pushed the payback period close to 10 years, so back to duplexes I went. 

Ah, found it! Senate File 295: https://coolice.legis.iowa.gov/linc/85/external/SF...

The legalese is pretty tough to read, but sure enough, it's there! Well, that changes my outlook a bit on where I'll be looking next. Great to know!

Good to have you here, @Brett Ladehoff! If I may ask, what brought you to BP, and what kind of deals are you searching for?