All Forum Posts by: Matt Brown

Thanks for the welcome!

I'm in the Army and currently deployed.

My goals with property investment is pretty much liquid-long-term. What I mean by that... I want to start out small with what I can afford. Probably start out with some section 8. From there with any equity I bring in I'll expand. All 'dividends' as I'll call it (you full time REIs might call it profit lol) will be dumped back into the business. By the time I retire (that's the long-term part) I'll have a happening business. Aside from my military retirement, I'll have a retirement waiting for me in assets as opposed to a fund or an account. From there I can play. :) And yes, I do plan on buying and holding, but I'm not necessarily opposed to flipping if I get a steal. ;)

Me being military I'd like to buy around my father's area in Mississippi so he can help manage as well as I'll be able to have my business centrally (not necessarily locally) located to one area. Makes it easier for retirement reasons and management reasons.

Originally posted by "MikeOH":

Mbreezy,

Good plan! I get my properties through meeting people and telling them that I buy properties. I talk about rentals to friends, family, and strangers in the checkout line at Lowes (and everywhere else). Just letting people know that you're in business will get you deals. I would also strongly suggest making friends with the SUCCESSFUL investors at your local REIA. You would be amazed at the number of deals that are passed among these successful investors.

Good Luck,

Mike

Outstanding! Im in the military now and I'm actually planning my venture from out here in Iraq.
Actually, I beat all of you... I own a tent. The seller is actually still paying me for it! ha! lol
Well my dad is a contractor in the southeast and does a lot of work for property managers. He sees a lot of shady stuff they do and knows their business pretty good, well, because he does their business. So he will manage my properties down there while I'm serving. It allows me to have a central location for my investments while I travel the world.

I like all your thoughts though... Very nice. This site is great!

Depending on what airline you work for, you might have other things to worry about... like a job? lol j/k

Utah's market is way up, in fact I think it's the most increased state if I remember right. So probably not there. I'm in your boat too, so I'll probably hang around and see what replies you get.

Oh, okay. Well I don't plan on investing in Colorado. Well not much I should say. I own there now because I'm stationed there. When I move I do plan on renting it out.

I'm seeing all you old schooler vets showing off with these low ballers and I must say... I'm amazed.

It's kinda what I'm trying to start out with something like this. I'm 24 and a full time salary job, so I'm playing with mere savings here.

How do you come across stuff like this? Are you just throwing an offer to the owner? Are you coming across these in ads from desperate sellers?

What I'd like to do is score one like one of the ones you mentioned... Rent it, bank a little into savings, once I get enough maybe roll the 'profit' into another one... Then eventually grow into bigger and better properties. Bad plan? Good plan? I know it will take a lot of planning and executing, but that's what I do for a living.

So is this a federal tax rule, or is it state-to-state variation?

I'm more interested in holding out and renting out a property than I am flipping one, but if I did find one for a good enough deal and managed to get rid of it fairly quickly, what are the taxes like?

I suppose there's 2 situations here. If I'm living in the house and live there a year and a half and then sell it, am I going to get hit hard with taxes? Or is that only on any profit I make from it?

Same goes for an investment property... Do yall tend to get hit hard with taxes?

Depending on how much the lawyer saves you... Would paying him/her be worth it? Take that into consideration before you throw down those benjamins!

I've talked with a few friends regarding Section 8 and HUD housing. I think I have the grasp, but could someone possibly lay it out in crayola?

Also, do the laws regarding Section 8 vary much from state to state? Or they generally the same set of laws with minor adjustments here or there?

Hey all,

Just wanted to introduce myself. I'm stationed in Colorado, but right now currently deployed.

I own my current residence, but when I move I plan on renting it out. Also, as of right now, I'm looking to buy some investment properties down south where my father lives. He's a contractor and works with property managers, so I was going to have him manage my properties.

I'm just starting out in this biz, but I look to make a second light-income and eventually build a secondary retirement plan.

Great website by the way, highly interested in what yall have to say. Loads of info here!