All Forum Posts by: Scott Johnson

@Greg M. This ^^^  

Since your dad never raised the rent, she’s become complacent and used to it. Her expenses have adjusted based on the amount she was having to pay for it. You are going to be the enemy either way.

If you truly want to renovate it and get market rents, it’s best to go with that notice to vacate. Rip off the bandaid.

 Yea, QBO is what I use. Works great.

Hey, everyone!

Hey, everyone!

I am currently looking to begin my education on the development of mini storages. My first goal is to learn who does feasibility studies and figure out what’s involved in Getting one done.

getting one done.

Am I looking for a local builder? Is it even a builder who does it? What would be my first step to getting a feasibility study done if I own the land?

Thank you so much in advance!

@Jacob Hafer, three things:

- What is your goal with this investment? To generate cash flow or offset your taxable income so you keep more of the money you make?

- It’s noting 4% down. Is that a conventional loan?

- DM me the address so I can review the property/area.

@Kris Laku, @Jared Hottle is correct. Just start posting to begin with. If you want ideas on content, look me up at @pitthomebuyers on Insta. Just copy the stuff I do. 

I’m a home buyer so not everything is about retail transactions, but a lot of the challenges sellers run into are similar. It’s also important to note that I only work with sellers and investor buyers, and my content reflects that.

I found a local, garage band digital marketer who I pay $35/hour. We’ll meet somewhere, do a bunch of video and he also runs our Facebook ads. Look for someone in your area that can do that when you’ve done your first deal or two. I would be super surprised if a broker in your area does this, and those who do you can always beat out with more content.

Social is about credibility and is a long-term play. Don’t expect immediate results.

Not at this point, @Ben M., but I’m writing a blog article that I’ll link when it’s posted. The only bad part about this strategy is that you don’t get the immediate gratification of cash flow. Since the loan is being paid down, though, that replaces cash flow and you capture it every few years or so when you refinance. 

It’s technically a “reverse cash flow” or “tax averse” strategy. It’s more about keeping the money you’re making from your job (depreciation lowers your taxable income) than it is about increasing cash flow and making more taxable income. 

“It’s not how much money you make, but how much you keep.” — Robert Kiyosaki

@Ben M.cash flow is taxable income. The depreciation and refis after loan pay down are tax free. 

If cash flow is low, flip your strategy to break even on cash flow (could get a 15 year loan to increase the payment). This maximizes your interest write off, loan pay down and depreciation. This is a tax averse strategy I use to offset taxable income.

 No problem! Keep us posted on how it goes!

 I like where your mind is going. Always be looking for ways to add more value than the competition! 

One thing I'd like to note is that if I'm buying a property from a wholesaler, I'm going to use my own inspector, or none at all depending on my expertise. If I'm out of the area I may find more value in your referring multiple inspectors to me that I can interview.

If a wholesaler was to tell me they can get me an inspection for $50 - $100, I'd first wonder why it's so inexpensive and then want to know if there's a conflict of interest if you ordered the inspection. 

One idea could be crediting them $50 - $100 at closing for the inspection. Make it cheaper for them instead of being the one to order the inspection.

That's a fantastic question for a CPA. What I can say is that I would use a completely separate account for the "tracking" you mentioned. Congrats on getting it rolling on Airbnb!!! Let us know how it goes, @Rick LaFleur!