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Updated almost 5 years ago on . Most recent reply

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Brandon P.
  • Lakeland, FL
147
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242
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Moving back to America...Location?

Brandon P.
  • Lakeland, FL
Posted

Hello BP Forum, 

This is my first post on here and I truly appreciate this amazing network of highly effective go-givers of time and energy. It's something that just blows me away. 

Cut to the chase. 

I will be moving back to America halfway through this year and will be starting fresh. Currently, I am teaching abroad, but know that teaching is not my highest calling. I have been kicking the idea of "real estate" around without much seriousness until recently. I know it is a good vehicle for long-term wealth generating and need to get the ball rolling.

My question is simply put. Where would you move if you were to start fresh in real estate investing again? I know that there is no golden location, and that actual hard work cannot substitute a "good" location for investing. Originally, I am from Minnesota, and not completely opposed to going back, but it wouldn't be my first pick. I am willing and flexible to try a new part of the country out. 

My start out niche will be multifamily with a strategy of rental. Ideally, I would like to house hack my first place by living in one of the units. 

Any ideas however vague or detailed are welcome. I do thank you in advance for your comments. 


Brandon in Korea 

Most Popular Reply

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812
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George Skidis
Pro Member
  • Rental Property Investor
  • Belleville, IL
497
Votes |
812
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George Skidis
Pro Member
  • Rental Property Investor
  • Belleville, IL
Replied

There might not be a higher calling than teaching facts and not opinions. That being said it is frequently not the most lucrative profession. As you transition into Real Estate you will need some sort of income.

I am not an attorney and do not play one on television. These are my observations after over 3 decades in the business.

1. Join a Real Estate Investor Association (REIA) near you. Check out the National REIA website and they have a map of the country and where groups are located. If a member of National REIA that have a great assortment of benefits for you.

2. Part time Gig - VIP Kids. You can teach children in other countries English as a second language. Our daughter teaches children in China from 5 AM to 7 AM her time and then goes to her day job. She is Bilingual/fluent in English and Spanish. She also knows some Portuguese as well.

3. Find a real job now. Don't starve yourself thinking it is only a few minutes until you make your millions. My wife and I have been active investors since 1993. It is not always a bed of roses.

4. You will need health insurance. Since the passage of the "Affordable Care Act" the cost of health insurance in the private sector is up about seven fold what I paid in 2008. We were paying $250 a month with a $5,000 deductible. It went up to $1,250 a month in only 6 years. My wife and I switched to Medishare a few years ago, it is a qualified plan. Our cost for two or us with a $5,000 deductible is under $500.00. Although it is a qualified plan it is NOT insurance. It is an expense sharing association.

5. Eliminate everything that is not essential and bank that cash. Dump cable and keep internet. Do you need Hulu, Netflicks, Amazon, HBO, Showtime and everything else at the same time. We have Amazon prime because of the free shipping. Our shipping each month would cost us over $100 easily without Prime.

6. Go to you tube and watch everything you can by Lee Phillips and Mark J. Kohler. Try to find a copy of Mark's book "Lawyers are Liars" It is out of print but may still be found on Amazon or E-Bay. 

7. DO NOT SPEND $25,000 or more on seminars. That is your money and would be a phenomenal downpayment on a duplex or other multifamily unit. Join your local REIA and work the network. You will get and learn more in the long run for pennies on the dollar.

8. DO NOT SPEND $6,000 on an LLC. I don't care what the pitch is. Nevada, Delaware, Wyoming whatever. The cost of an LLC is under $1,000 in most states. Need help with this PM me.

9. If you choose to form an out of state LLC for liability reasons there are two things to remember. You must declare it as a foreign entity in the state you are actually doing business in. You must file a tax return in each state that requires one.

10. A multi member LLC must file the annual tax return by March 15th following the year in which it was formed.The late filing penalty is $195.00 per month per member until the return is filled. You must file a return EVEN if the LLC had $0.00 in income.

Good Luck and Good Investing.

  • George Skidis
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