All Forum Posts by: Aaron Millis

@Steve Emling

Hey Steve,

I don’t know how common this is, because I don’t think I have ever seen another investor say they are doing it... but I just use VENMO to collect rent.

If you’re not familiar with it, it’s just another app to send money you can get on your phone just like pay pal and cash app. Really take your choice. The most obvious reason I like it is that it’s convenient and I don’t have to move a muscle to get paid. But I’m also renting to college students in a college town. Us Millennials love being on our phones so i figured why not just use Venmo and it’s worked great so far. You can request and send money and they have a spot where you can write the “reason” for payment. They don’t charge you anything and the money hits like a day or 2 later! I’m loving it.

Hi BP!

Maybe an odd question, I'm not sure but... I'm in the process now of buying a property with leverage using a bank. This will be my second investment home and I know that according to how banks view my DTI that I will pretty much be at my max for lending from banks. I am fine with this, however... lets say I have a flip opportunity I've come across right now in the middle of buying this house that will max out my DTI. If I have an investor that's willing to finance the purchase for me(with cash) would that affect my current purchase or my DTI or anything like that? Would that in any way be a red flag to my lender or the seller/selling agent? Or would it not really be a factor since I'm purchasing it with cash? Thanks

@Eddie Knoell

Hi Eddie,

I sadly don’t have the best news for you... I’d been looking for a decent contractor that is simply reliable around Montgomery and I could not find a single local licensed contractor that I would trust. Started working with 2 different guys that were crap. They stopped messaging/emailing me. They were very slow and not cooperative about getting me bids. And majority of the contractors listed on Google don’t do residential work just commercial.

I actually had to go all the way to Auburn to find someone decent. I havent actually used him yet because my remodel isn’t scheduled yet but so far he’s been great. Very quick to respond and trustworthy.

His man is David White, he’s a home builder in Auburn Al. If you google that I’m sure you’ll find him.

As far as the crap contractors I mentioned before.. they don’t have businesses online so there is nowhere to leave a bad review... but if you come across Mike Henry a contractor in Montgomery- walk away. He left me hanging completely and almost ruined my deal.. not to mention he took me to a property he’s working on for an out of state investor- a flip property- and one of his workers was smoking a cigarette inside the newly remodeled kitchen that would be listed for sale soon. I repeat smoking inside!

If you find any decent contractors around Montgomery please let me know!

@Mary Mitchell Sarcasm

@Dassi Lazar I give them a place to stay

@Aaron K. I'm asking if all of the taxes you were deferring will still be due at the end of that scenario. Or would they just be eaten up by the 2 year residence rule?

Hi BP,

So I know that the jist of the 1041 exchange is that you can keep deferring your capital gains tax when selling properties and buying new ones. I also know I've heard that if you live in a property for 2 of the last 5 years that you don't have to pay any capital gains tax up to 250K if you're single 500K married.

My question: Is it possible to combine the two? So you buy a few properties doing the 1031 exchange each time until you trade up to 4 plex that you fix up on the beach. You live in that 4 plex for 2 years and then sell for a 250K gain. Do you get to keep all of that? Thanks.

@Dustin Woodley Sorry I somehow skipped over your reply. I am doing a reno loan for a property in Montgomery right now and I need a GC that can handle HVAC-water heater- drywall for the ceiling- and install 2 French doors. Those are the main things. I’ve called 100 people in Montgomery. Most don’t do residential, and the couple I’ve found aren’t good so far.

Hi BP, I am thinking of getting my real estate license sometime next year and was wondering if any veterans out there know if you can use any sort of GI Bill/other benefits to pay for the costs associated with getting your license? Thanks

@Dustin Woodley Sorry for the late reply. But I am in the process of buying a foreclosure using a Reno loan. So I need a licensed contractor to do some rehab stuff and work with my lender for everything he needs. I was working with someone but they aren’t very reliable so now I’m looking again. If you know of any good licensed contractors in Montgomery please let me know