All Forum Posts by: Michael Owens

I have used the same agent on everything but she is more focused on single family homes. For a "value" quadplex that's worth ~575k in NC, are you better off with a traditional realtor / MLS, or using loopnet etc. with a more commercial focus? I just don't know that a traditional realtor and the mls will draw the same buyers.

Hi all - I am planning to leave my W-2 to go out on my own, and do a combination of (1) rental properties and (2) entitle and flip land deals. 

I have enough liquidity that I am comfortable doing this for a couple years, but am wondering (1) if I should secure some sort of credit line while I have the W-2, and if so (2) what's the best setup / type of credit line that is best from a debt to income ratio perspective? I would rather not secure it with properties, but I have $250k equity in my primary house, and another 500-600k in equity in other rental properties - if helpful. I am wondering if there's a way to get a credit line in case of a rainy day / if liquidity is needed to close on something. I very likely will draw very little on it unless its really needed. My understanding is most HELOCs and credit lines will look at, and affect, your debt to income. Is there an alternative approach? I am only looking for maybe $100-200k that I can draw on. Is the best bet to just do the HELOC and take a hit on your debt to income?

I know there's some nuances, so recommendations on groups to talk or specific financial products to evaluate would be helpful as well.

I am taking the plunge and leaving my W-2 job (buying land for a homebuilder to develop into neighborhoods) to do some traveling and to commit to real estate investment full-time. I have a decent start - 8 rental units and also have a side hustle entity to assemble land deals, rezone them, etc. and sell to a builder. I will probably do a mix of putting together investment property deals and land deals going forward but am curious about expanding and doing something different.

I am curious from others who have left their W2s if there's any "I wish I had known this" advice - tax strategies since my income is way higher now than it will be next year, getting a performance coach, attending any particular conferences, etc.? I am planning to spend a couple months traveling but will be doing a lot of meetings, webinars, etc. when I'm not traveling. I really want the first several months of the year to be focused on learning / growing. 

Any thoughts would be much appreciated. Thanks!

Awesome - thank you very much!

I am selling a rental house and am wondering if it is eligible for a 1031. I bought the house about 28 months ago as a primary residence (and financed it that way), but had a roommate live there and pay rent. I moved out after about 11 months and bought another house and continued renting the house out for another year and a half. I am under contract to sell it, and am wondering if this will qualify for a 1031. It was financed as owner occupied and I did live there... but I have had income from it since shortly after closing. If I want to roll this into an AirBNB via a 1031, can I do that?

Thanks all

I just bought a 3BR house that I am in the process of moving into. I want to rent out at least 1BR, maybe 2. I already have bedroom furniture for 2 bedrooms that I like (my BR and one other), so I am thinking I'd have one of my spare bedrooms unfurnished and the other furnished. Its near Duke university, so I think there will be some seasonal medical workforce movement, grad school students, etc., so it could line up well for mid-term furnished rental. 

I have never rented a furnished room before - is there a rule of thumb for rent unfurnished vs. furnished? Any notable downsides to renting furnished? Do 12-month tenants have concerns about shorter-term people? In my mind, I want to keep the furniture, and it will likely gross me a little more money, so why not? Any thoughts would be much appreciated.