Newbie Introduction

[Ryan Black]

Hey guys, I've been a subscriber for a while now. I'm making this post to introduce myself and hopefully make some connections.

I have a family of four, my wife and I are self-employed. We currently owner occupy a triplex in Anchorage AK. I was military when I bought the property because it just made sense and I'm so glad that I did. Being that we are both self-employed and with our income status, I know that banks would brush us off. We've grown to appreciate our lifestyle, as it feels extremely liberating. However, that's not to say that we aren't were we should be goal wise and I'm having a hard time seeing through the fog to attain my next goal, which is to own more real estate. If we were to own at least one more property as gracious as the one we currently occupy, we would be blessed even more so! My triplex doesn't cashflow as we are currently living in it, but it ALMOST DOES. I feel that my rates for the tenants are acceptable, and they have been in the building longer than I've owned it.

A few problems that I'm up against ... I've come to the understanding that while living in my property it shows as a liability rather an investment. My family really doesn't want to move out of our unit... We want to stay here until we can build or buy our HOME which I'd like to do before my kids outgrow playing in a backyard.

I've thought about the idea of putting the triplex into an S-Corp or something like that and "rent to myself." I don't know if that's entire possible.

Honestly, if there was a way to avoid banks and deal with people who were interested in investing their money I'd much rather that. I just don't know where to start . . .

We are practically debt free, minus the mortgage and the windows that we put into it. My real estate has given me a lot of freedom, the freedom to pursue my dreams of leaving the military to become a self-employed photographer (www.ryanblax.com), but I feel that I'm so close to being able to live without any worry of monthly income. My goal is financial freedom/independence (who's goal isn't...).

I'm taking a seminar in the coming weeks to hopefully enlighten myself on opportunities other than banks, but figured I'd stop by here because I know this group is full of valuable people with valuable information.

If you read this entire post, God Bless you! 

Have a wonderful day,

Ryan

[Marc Dupuis]

hi Ryan, I see a lot of people have posted welcomes but didn't provide any hard fast todos for you! I'll see if I can start you off.

There are ways to raise money without going to banks or using hard money loans, check out Alan Cowgill, he's a wealth of knowledge on the subject, obviously there are securities laws to follow so be careful, in short you can't just walk up to somebody off the street and ask for them to take part in your deal, not right away anyway. YOu can register with the SEC and then your allowed to solicit accredited investors only, so I think it's a multiple pronged approach to achieve what you want.

As far as your house being a liability well while your living in it, it is, but when you second you sell it if your making money on it, it will be an asset! and according to some smart CPAs moving every couple of years is a great way to grow your wealth and save the capital gains tax, which brings me to my next point, this is all about strategy, so you need to figure out what you want to do and build the legal structure(s) you need then start placing assets in them well if that's your strategy! ours is to invest in value add real estate and do that tax free using private money! hope that helps.