All Forum Posts by: Sheena Drake
Sheena Drake has started 20 posts and replied 81 times.
although I apparently forgot how to spell pour? lol
My husband and I are both 51. We drive Fords/decent used vehicles for personal but for work he has an old Ford V10 that looks like it's in need of it's own rehab. In fact we pulled up to our most recent BRRRR on the day we closed and our work clothing and work truck must have given the impression of squatters because the next door neighbor was in our yard within 5 minutes demanding to know what we were doing there. (I like nosy neighbors because they alert you to everything). Apparently there had been squatters in the garage and our work truck fit the bill. Why poor money into flash when it hauls tools and other supplies? Save that flash for other enjoyables. And we certainly don't want to advertise to the BRRRR neighborhood that we may be financially blessed.
Post: numbers used for the 2% rule
- Posts 81
- Votes 37
thank you
Post: Should I buy something from the 1940s?
- Posts 81
- Votes 37
We have purchased 2 homes built 1880-they don't build homes as solid as they did years ago. So structurally I have found some of these homes have great bones but need TLC. Same Cap Ex as expected for newer homes, once you have confirmed electrical up to date. Don't be afraid of the year of build. If it's structurally sound and the numbers make sense, go for it. Bought one for 27K. Rehabbed 20K. Appraised for 90. Cash flow around $300 per month and I would live there if needed.
Post: numbers used for the 2% rule
- Posts 81
- Votes 37
Is the suggestion to use purchase price as the denominator for 2% rule or total cost (purchase+rehab+closing cost+appraisel)? I've been using total acquisition cost, and my numbers still are 1.5 or greater but would like to be doing this correctly. Thank you
Post: What do you think of this STR promotion?
- Posts 81
- Votes 37
If the company is Kenny, I can tell you they pay a handsome per diem. We rented a such a person for about 18 months and he never batted an eye at the $1600 rent as a single renter. Smart move on your part
Post: Good Morning I have a tax question for rentals and a W2 job
- Posts 81
- Votes 37
Buy The Book on Advanced Tax Strategies. Cracking the Code for Savvy Real Estate Investors by Amanda Han and Matthew MacFarland. Have a highlighter ready! It is much easier to have read, have in hand , and go back to reread then anyone trying to explain it. When I first hear real estate professional, I thought it entailed needing to be a licensed realtor. It does not. Please buy this book now. You will have a list of questions ready for your CPA.
Isiah,
If you are not opposed to short travel to St Joseph, MO then I highly recommend Joe Hershewe. He does real estate investing himself and he is sharp. Look up Hershewe and Company.
Post: Education On Passing Through Tax Losses to Offset W-2 Income
- Posts 81
- Votes 37
And spend the extra money for a great CPA with REI experience. The first year we lost a significant amount of money for equipment that was not included in depreciation, as our CPA was not familiar with it.
Post: Education On Passing Through Tax Losses to Offset W-2 Income
- Posts 81
- Votes 37
And spend the extra money for a great CPA with REI experience. The first year we lost a significant amount of money for equipment that was not included in depreciation, as our CPA was not familiar with it.