All Forum Posts by: Nathan Hall

We have a mixture of residential and commercial investments in the Eastern panhandle of West Virginia, and are looking for a good CPA/tax specialist/possible bookkeeper moving forward to make sure that we are fully compliant while taking full advantage of all of the deductions, reductions, and write-offs available. We would entertain specialists from MD and VA also due to proximity, so long as they understood WV and VA tax law due to other employment considerations.

Any and all suggestions provided based on your own experience are much appreciated!

@Yonah Weiss My degree...I wouldn't call it useless, but it hasn't aided my life's path.

I got my associate's degree before finishing high school and then fast-tracked into university and was on pace for a double major before completely losing interested. I wound up graduating with a bachelor's in international affairs and was really course short of a major in medieval Japanese history. I graduated in April 2001, then sort of floated among part-time jobs until 9/11. I had enlisted and trained in the national guard as an infantryman during my college summers so just opted into active duty. Following that, and follow-on training for two different career paths in the military, I entered the private sector in January 2008 and have been there since.

At no point has my college ever given me a defensible leg up, other than in one on one conversations. Sometimes I think about getting an MBA, or cert, but I listen and learn a lot to podcasts and books during my commute, and personally find that self education fills the gap. Part of my goal is to be the person at the table asking for credentials, rather than the one presenting theirs.

My brother is just shy of his PHD and is killing it, and my dad made a name for himself within his field with his PHD. I've never understood that devotion, so I opted not to go down that path. At this point in my life I'm focused on maximizing my time with my wife and kids, as passively as possible, while trying to everyone a legacy. I don't need a degree for that. I need knowledge.

@Pope Lake set aside funds, and go for it when you see an opportunity that will make you money in at least two different ways, if things go sideways. Be conservative with your gains and liberal in perceived expenses. If the math still works then, fire for effect.

Don't try to time the market. Get ahead of it and have reserves, built up by your previous deals, so that you can capitalize without overextending. Every moment you are looking at the market to crash to make a killing, is a moment where you might be missing a good deal. Or not, honestly. It helps to actually enjoy running all the maths and seeing potential gains and pitfalls. I've never analyzed a deal that I didn't appreciate, because they always help me understand what I'm truly looking at.

@Robert Collins

This may already have been answered but I'm using the app and it has its limitations...

How is "war zone" defined? Low rent, high crime, both, or more? I see this term being used frequently but I'm not sure what the accepted definition is, if there is one. Defining it might go a long way towards making sure everyone is talking about the same thing. Welcome @Jay Hinrichs thoughts as well.

@James Wise that's a weird thing to bring up but apparently you went through that. How did you handle it? What was the process? What do you wish you had done, in retrospect, and what are you glad you did? Let's dissect this crazy scenario and start an interesting conversation that might educate folks!

@Davido Davido I'm not a smart man and certainly don't have a dog in the fight, but it seems to me that at least on paper, you should be benefiting in a way that is taxable. Have you considered paying yourself a small stipend from the rents collected as a property management fee, that you would then declare on your income taxes?

@Alfonso Aramburo Zepeda what are you currently paying for living space? Do you rent?

I've read a lot of the comments and while this isn't the deal of the century, it could be a good starter home in a desirable location that you'd be able to rent for more than you pay when you decide to upgrade it branch out.

Personally I'd look for a duplex if this is your first place in order to take full advantage of the FHA loan, but I realize those aren't common or cheap in CA.

@James C Norman Jr I can't speak to any impending recession without the aid of my trusty crystal ball. If the deal makes financial sense, actual sense with multiple exit scenarios, go for it. Just like when planning to have a kid, "now" can easily become not the right time in perpetuity.

We have sold a single family in NoVA, purchased a triplex in WV, and purchased a quad with a built-in rehab loan within the first seven months of 2019, and none of those choices have seemed overly risky from our perspective. Everything is working as anticipated, but we run pretty conservative numbers as well.

@Nathan Hui I may be wrong about this and forgive me if I am, as it's been a bit since I needed to actually rekey one myself, but I'm fairly certain that there is a difference between the tenant and master keys for this solution, and I don't think master keys work across unbundled lock sets unless they are keyed to a single master first. Like I said though, it's been a while, and regardless your point stands: In this instance it does no good because we're dealing with an occupying tenant. I think I was just +1'ing someone else's buy-in on the Kwikset solution originally, and I stand by that assessment.

@Russell Brazil I like the way you vote! I love Berkeley County and it's treated me well, but if rapid appreciation is one's game then BC isn't the right fit.