All Forum Posts by: Mehran K.

Big welcome to the site @Dustin Grant , thanks for introducing yourself to everyone! A construction background definitely helps with knowing your "product" as a real estate investor. I hope you find what you're looking for here! I know I came without any knowlege of anything to do with real estate, and BP has helped me become a happy investor!

See you around the forums!

Big welcome to the site @Jimmy Thomas , thanks for introducing yourself to everyone! I think that's a great way to gain more knowledge about the industry and get your foot in the door.

Be sure to check out Brand Turner's article: How to Start Investing In Real Estate at a Young Age (or a “Young at Heart” Age)

See you around the forums!

Big welcome to the site @Bart Johnson , thanks for introducing yourself to everyone! I'm looking forward to hearing about the deal you pull the trigger on this year. I know you came from J's website, so you probably have heard of his book: The Book On Flipping Houses.

If you haven't already, be sure to check out the BiggerPockets Podcasts

See you around the forums!

Big welcome to the site @Kenneth Neylon , thanks for introducing yourself to everyone! Glad you didn't fork over your money at a seminar and you found your way here :) 

You can control property without owning it officially many ways, including land-contracts and lease options.

See you around the forums!

People do this all the time, it's a great strategy. I bought my primary residence (SFH) with the intention of renting out the rooms to help me pay the mortgage. Prices have gone up significantly and If I sell soon, it would make one hell of an accidental flip :)

We have no idea how the market will be a year from now though. There is no 100% "guarantee" that you'll make money on it. I like that you have a backup plan to rent it out though. Check the market rent and make sure it would make a good deal as a pure buy & hold investment.

How many years have you earned this amount from the same exact jobs and can show on paper? If you have 2-3 years, that should be stable enough. You should contact a few other brokers and see what they think.

Wow, thanks for that correction and sharing the example @Steve Babiak. I hadn't heard of that happening before and assumed the banks do their job and clear title before attempting to sell the REO. This just goes to show how important it is not to assume anything and be extremely detailed in the due-diligence & closing process.

If it's an REO, all liens should've been taken care of prior to listing it. There will be a title company involved that will check on that for you as they commit to their title insurance policy as part of the transaction.

My advice is to make sure your numbers for the rehab are accurate and that the ARV (After Repair Value) is much higher than your All-In cost. Otherwise, why go through all that hassle and risk if you aren't going to get a proper discount? Look up the 70% rule of thumb here on the site.

Big welcome to the site @Joe Doman , thanks for introducing yourself to everyone! Grats on the duplex and all that you've been doing with it so far. 

It's important to learn how your taxes work for all the moves you make on your rentals. You can learn all that by doing your research AND having a CPA do your taxes to make sure it's done right.

Maybe @Steven Hamilton II can chime in, he usually answers everyone's tax questions. He's also my accountant as well!

Big welcome to the site @Larry Wood , thanks for introducing yourself to everyone! It's great to see that you're taking another stab at the business after an unfortunate fall. I like that you have solid, measurable goals. Hope you achieve them as well!

See you around the forums!