All Forum Posts by: Adam Burns

I am currently doing a rent to own in my primary residence, and I’ve been living here for the last 3 years. I will officially own the house within the next year and plan to sell it; will the profits be taxable? I see people referring to living in a house for at least two years so the profit is not taxable, but would this not apply to me since I’m doing a rent to own?? I’m located in PA. 

Thanks for input, Bruno. I think my biggest hurdle going this route will be my debt to income ratio, since I would have just picked up a new mortage on my primary residence. There’s always a way, though!

I'm looking to purchase a new primary residence as well as get into rental properties (SFH or small multi-families). So my original plan was to put 20% on my new home, and when I sell my house I'm in now use a portion of that as a downpayment for a rental property. I'm now considering a FHA loan for my primary residence purchase and put 3.5% down; The other 16.5% I would be putting down can instead be used as a down payment for a rental property. Is this a solid option, or am I getting a little ahead of myself. It seems like a viable option to me; I'd be spending the same amount of money, but instead of putting down 20% on one home, I'd be putting 3.5% down and using the rest for a property that would pay for itself and also help pay the mortage on my new primary residence. I'm sure I'm missing something so I thought I'd ask those with more experience and knowledge than me.

Welcome! I'm a couple hours from you, although I've spent more than a few nights at the fryst haha. I'm roughly around the same stage as you (I have a rent to own under my belt, not a big deal trust me), but I'm happy to help you if I can. I'd say narrow down exactly what you want, SFH or small multi, then narrow what market you want to target. Find what price range you're comfortable with and try to make a great deal happen, don't wait for one it will never come!

Welcome! I’m not too far from you; I’m finishing with my first deal (what some a ‘flip in’), looking for a primary residence, as well as a small multi-family unit in the Bloomsburg/Danville area. If you’re interested in this market let me know and I’ll help you any way I can. the Lehigh valley is a beautiful place and a great place to invest.

Take a SLIGHTLY different way to and from work every day. You don’t have to add hours to commute, but instead of using street A.. go down street B.  I’ve been doing that for about 2 weeks now and it has landed me a couple really solid leads. Also, check your Facebook for local sale groups; it sounds odd but you’d be amazed at the leads you can find on your local Facebook marketplace! 

First off, what’s up everyone?! I’m around the same area as well. I was actually in the same exact situation as you are and I did a seller finance deal.. feel free to make message me and we can discuss it. 

Let me start off by saying, again, that I'm new to REI. With that being said, I feel as if a few areas around me are a real estate investers paradise; rising populations, high occupancy %s, low purchase prices, great ROI potential in C and B class neighborhoods. Are you still with me? Good. With all that being said, I am considering looking for some investors/partners.. so how do I go about it the right way? I don't know many people in my area who invest in real estate, and the majority of people here are hard working-class people who don't have the cash flow to invest. As I educate myself on investing, there seems to be a common theme of 'investing with other people's money; you find the deals and they finance them'. Is this flashy click bait or is it something that you are doing?

While I don’t have any experience investing in car washes, I would have to say they wouldn’t be TOO much different; instead of rent you want to know how many customers they average a month. I don’t think a self-wash unit would be much upkeep; the ones around me are all just concrete with metal siding. You’re obviously going to have to take into consideration cost of supplies and water, but since you are SC I doubt there’s a ‘down season’ like there is here in the mountains of Pa. Call some other places maybe not so close to you, ask them how many washes they average in a month, find a $ you can associate with each wash, then you can come up with an estimated gross income. Hope this helps, it seems like it could be a solid investment if the numbers add up!

 These are the markets that I hope to I get into in the future. I would love to pick your brain sometime!