All Forum Posts by: Jacob Perkins

@Brian Van Pelt @Lance Lvovsky Thanks for the help and direction on this.

This seemed like the right forum to post, but if it isn't, I apologize in advance.

My father just recently closed on a property in which he bought it from the owner for roughly $17k.  He saw that the property was in distress, the previous owner was clueless, and that he could fix it up and possibly turn it into a rental.  He is doing this partly because he knows I am interested in real estate investing and partly because he wants to leave behind something that could help me financially.  My question is in regard to actually inheriting the property.  I'm just a beginner and as I continue to do research in real estate & estate planning I am brought to trusts.  Would it be possible for me to create a trust, my dad transfer title into the trust, and for the trust to technically have control over the property rather than it being in my name?  If so, would this be considered a sale or a gift?  and if this were the case, then would I need to take taxes into account?  Does anyone have any advice for a beginner on what steps to take regarding inheriting a property and if there are certain things to watch out for or avoid?

@Thomas Barrick  Nice!  Out of curiosity, do you mind sharing how much you set aside to purchase your duplex? (down payment, closing, inspections, and emergency funds)

@Garrison Householder

Thanks for your comment.  ill have to come up with a savings plan to make more and spend less

@Paul Moore, @Jacob Rogers, @Account Closed

I appreciate all of your comments and thank you for the advice.

Hello! I am a newbie on the BiggerPockets forum. I'm currently 23 years old and I'm learning everything that I possibly can about real estate investing. I'm interested in the buy&hold strategy of investing and plan to employ something along the lines of the BRRR investing strategy mentioned by Brandon here on BP. Ideally, I'd like to have enough saved up to pay for my first rental property by the time I'm 27/28 and then continue investing into my 50's if everything goes well.

I'd like to mention some of my goals and the thought behind achieving them:

1. My first initial goal was to make 10k per month to become financially dependent.  This was the first (and easiest) goal I've set for myself.
2. My second goal I thought about was 100 rental units. I'm sure this goal is possible, but I'm not dillusional and know that it will require a lot of work on my part. My focus is on residental multi family and SFR.
3. My third goal I thought about was 400 rental units.  I was listening to Brandon on a podcast or askBP video (I can't remember which), but he was talking about how you should set large goals for yourself.  I believe he said that by setting larger goals you're mentality toward achieving the larger goal would allow you to achieve much more than setting smaller goals (hence the 400 units).  I thought about how I might try to achieve 400 units.  I figured this goal might be slightly more achievable if I pursue duplexes, triplexes, quads, and apartments and possibly utilize 1031 exchanges.

I'd like to get the opinions of the members here on BP and know what you guys think about the goals I've set for myself.  How realistic is 100-400 rental units within the range of 10-25 years?  I realize success in real estate investing is a function of how much effort you put into it, continued learning, and a little bit of luck.  Let me know what you think!

Thanks everyone for your warm welcome!  I'm 22 years old, and I've lived in Toledo my entire life.  I like Toledo, but since I don't travel very often I can't really compare it with other cities.

Hello,

I am a college student majoring in Computer Science & Engineering at the University of Toledo. My interest in real estate was sparked by my step father. It wasn't until recently that I started actually taking steps to educate myself on the subject. I like the idea of having passive income through rental properties and I'm very interested in the buy&hold aspect of REI through residential properties (single family & multifamily). I've been getting into the habit of watching podcasts & reading blog posts on a regular basis.

I'm still very green and it won't be a for a few years before I actually decide to start my real estate investing journey.  I hope that interacting with the BiggerPockets community will improve both my education as well as provide me the opportunity to talk with amazing and bright people.

*  Haha I apologize if this post is too formal/long for an introductory post.