All Forum Posts by: Bill Goodland

@Brian Bonetta because it's unlikely to cash flow well unless it hits the 1% rule. If you are renting out a former primary residence or built a lot of equity with a BRRRR there can be some exceptions though

Thats a very general statement and is true for most. But for people live in flipping, househacking, or just building equity through property improvements it is still a much better use of your money than renting. There are exceptions of course for people that are in very mobile jobs but for the most part I'd much rather grow my net worth each month with a mortgage payment than lose it to a rent payment unless I'm forced to be flexible.

You're going to be much more likely to get a good deal if you offer a quick close and cash in my opinion. You can always leverage later after some rehab is done and the place is stabilized.

It depends, how much time are you putting into analyzing deals? When I got my househack I had my agent set up auto listing emails sent to me with anything that fit my criteria and I had redfin emails going to my phone that I'd check multiple times per day. Once you get into the process of actually being ready to make offers, you should probably know of every single property in your zip codes that fit your criteria in my opinion

Congrats! How much did you spend on the rehab? And can you share some pics?

It is going to be nearly impossible to find a deal that will cash flow in Northern Liberties or Fishtown unless you're doing ground-up commercial development most likely.

Congrats man, looks like an awesome rehab. So that 40k is mostly materials and you did all the work by yourself?

Unless you've lived in the property for 2 of the last 5 years or are willing to 1031 exchange, I think you are going to be stuck paying capital gains taxes.

Can I ask why you're so against a 1031 exchange? If you're not looking for another rental yet there are DSTs and other specific types of funds that you can roll over gains into but if the reason you're looking to sell without capital gains taxes is to use the funds for your next primary residence, I don't think you're going to be able to.

@Jason Graves I would say it’s a good idea for sure, especially with your experience. Would be tough to justify a relative noobie though buying a property out of state for their daughter though

@Lawrence Cersosimo check out Set For Life by @Scott Trench

I would also recommend getting started in the business in some way shape or form. Contractors are always looking for extra hands and it's nice to learn a skill that may help you once you're out of college and can work on your own property to save some money. Obviously I'd recommend househacking to get started. Once you're out of college and have a good job that should be pretty easy but if you can get enough income or a co-signer househacking in college might be even better because renting by the room is that much easier and decreases your living expenses will put you in that much of a stronger position. Also, what are you majoring in in college? I would just recommend to make sure it's something marketable that can expect a high income. Specific degrees that may help directly with REI would be accounting or construction management. Anything you can do to provide value and be around more investors and people in the business, the better