All Forum Posts by: Joe Pitrolo

Sounds like you don't have a lot of equity to work with. I would consider saving up for a down payment and then looking for a property with 30 percent more or equity, such as a foreclosure or small fixer upper and that would cash flow after expenses and mortgage. 

   You may consider a basement apartment in your home or even renting out to Airbnb as a host for additional funds to save and also help you learn the business. Wholesaling or owner finance, mobile homes are also ways get into investing without a huge investment.

I'm doing research on this now.  I found a podcast with Joe Fairless,  Ty Crandale helpful.

   He says you can use your personal info to obtain cc for your Business and it won't affect your personal credit.   He also recommends getting vendor accounts like quill that will report to D and B.

Check auction.com or hubzu.com

I've just gotten several 3 beds in Charleston for 30 k and renting easy with Hud for 800 mo. These homes also have equity of over 50 percent 

Doug wise in Fairmont is a commercial appraiser. As far as home inspections of mobile homes ? I would suggest a typical home inspector. I would think the bank would have some lists also. Good luck. May consider a $10 to $20 month raise per lot to start, if rents aren't in line with market. Also may want to bring in a few of your own homes and sell on notes or rent.

You could check out zillow.com or Trulia.com for for quick values after typing in an address. Also, check out realestate.com and type in your zip code and narrow down your search for beds/bath, etc and this will give you an good idea. Also, area is important. Are there school districts, low crime, good employment. This adds value and you probably know that Bridgeport has higher values in general than Clarksburg and Morgantown has some of the highest values in the state because of the hospitals and University.

I would look at it from a value perspective. If you have a car that you can sell for 10k easily, should you only charge 9000 to your loyal customers? I had one of my all time bear renters move out and I only raised his rent once $25 when he moved to another unit, but when he finally left I easily rented his place for $50 more a month. Ask yourself, if my renter moved, how hard would it be to re rent and at what cost?

I've gotten 4 from thermospace.com and had good success with efficiency and 1 bed apartment in converting warehouse space to apartments. One mistake was trying to choose by sq footage only because you really need a handler for each room even though one handler may cover the sq footage. Each handler is at least $500 more. Also you really need to instruct renters to clean the filters monthly. They get dirty quick. Finally, if you have a situation where you pay utilities, a 16 to 22 seer unit can really cut costs and renters like the units so it adds value. My concern is maintenance going forward.

Kyle,  depreciation is a huge deduction and mortgage interest, repairs and capital improvements.  There are tons of good deductions for real estate and a great reason why it is a great investment.

I've been reading Legal Loopholes in Real Estate, Edward Sutton, forwarded by Robert Kyosaki and it recommends self directed IRAs only in a roth because while you gain tax shelter, you lose depreciation which is almost as much when you consider that when you withdraw from an IRA, you pay at income tax rates which may be much higher than long term capital gains.

If you have 10 or more rental units and a commercial building that is mixed use, could there be a tax advantage of setting up a property mgt company and paying the property mgt company while renting space to to it to offset gains?  The rent would be deductible and the expense paid to the property mgt company is deductible to your rental business? This might also add a layer of anonymity to your rental business? I'm also thinking of possibly taking on a few accounts for additional income and utilizing our maintenance worker?

Fb adds working good for residential rentals, not as much commercial so far. I may need to target some business groups l.

  If you know the guys contact , let me know. I may hire an upwork person. Thanks for the advice