All Forum Posts by: Adam Widder

BP, I'll be switching careers in about 20 months.  If you work in any the following areas please reply and maybe we can chat! 

Background information, we're transitioning out of the military and moving back to the Minneapolis area.  If you could post about pros and cons, life style, ability to work extra, commission, hours... Jobs interested in: Tradesmen job, ie plumber, carpenter, gc... sales, property management for larger firm or mid level managers. 

Thanks!

@Fred Winer thank you for that narrative, extremely informative.

@Jim Horne that was my understanding as well in regards to using it multiple time.  I read an article a few month ago about how an investor on BP was doing it, just over a longer period of time, basically every pcs.

@Tim Swierczek I will definitely reach out.

All thanks for the comments and advice.  Maybe in addition to the rentals I could flip and use that income to pay down the loan value.

I'm looking for advice on my current thought / strategy. I'm currently in the military and will be getting out in approximately 21 months. We will be moving back to the Minneapolis / St. Paul area. Right before getting out I'd like to purchase a MFR with the VA loan, live there a year, refinance, find another MFR, live there a year, refinance, and continue to do so until the portfolio has a 5k\month in passive income.

We do not want to purchase now to avoid being absentee owners.  What holes are in this plan? Any and all advice or critique is welcome!!

Thanks!

@Matt Horwitz yeah it does, thanks for the explanation! The bit about commercial lenders makes sense as well.  

On BP, the podcast and many "starting out" discussion I've read or been told that when you start owning rentals for your first few properties it's okay to have a large umbrella policy for asset protection. However, once you accumulate a certain amount, at what time should you restructure to an LLC or S-Corp?

I realize this answer could be different for everyone.  Please provide what you did based on your experience or legalities? My goal is to have 10k passive, so eventually I'll need to structure, but at what point? I feel as if everyone says that but doesn't give a concrete example.

Thanks fellow BP members!

I tend to agree with @Tim Swierczek, most of the deals I've seen the MFRs in the area are producing more cash flow.

@Faraz Tariq However to the other many posts it's a seller market there and prices are very high. I'm in the same boat to save for down payments waiting on the market to cool off. Once my portfolio is built on conventional loans, FHA and VA I'll use a portfolio lender. Analyzing is key, the more you do the better familiar you'll be in the area and it's mentioned so many times on the BP Podcast

Great thanks Rashad!

Yes 2-4 units. Not quite sure on price range because I need to speak with some portfolio lenders. My guess after looking at quite a few deals would be anything below 600,000.

My issue I'm facing is financing.  I want to start in 2-4 MFs but lack the down payment to get started.  My first thought is how to find the small banks or credit unions and how to go about the conversation? 

My other concern is how to set up the business. Should I make an LLC or just keep the taxes in my name with an umbrella policy?