All Forum Posts by: Alecia Loveless

@Anthony Vander Meer If you don’t mind me asking, what software platform do you use? I’m pretty small, just starting out snd only have 8 doors. Thanks!

@Ronda Reid-Mohammed If you haven’t already look in the BiggerPockets book store for the book on OOS investing. I can’t remember who wrote it off the top of my head. It’s a useful resource.

@Jonathan Dunn I’ve recently added a property that’s about 30 minutes away from my home to my portfolio. It’s a well maintained property and the current tenants are great, so I can check on it 2-3 times a month. However I think the most important thing is my time. I might look for a better cash flowing deal if I went further away from home for another property as this one cash flows about $100 per door after expenses.

I’m currently house hacking which I’ve always done as for 24 years I owned two bed and breakfasts. However I’ve downsized to a duplex. It has appreciated by about $120,000 in the past 2 years which no one would have predicted but you can find that some places in California too. I rent the other side to a tenant a little under market value for the peace of mind that he does not disturb me and takes care of my property. I’ve known him for years and he will likely live there forever.

There's many ways to get into real estate, house hacking is one of my favorites. If I didn't have a lot of money I'd put aside absolutely as much as possible into a high interest savings account each month and save up a down payment for a 3.5% FHA down payment on a house I could refresh a bit, but not too much in about two or three years then turn into a rental while I saved up another down payment for my next two to three year live in then turn into a rental home and keep doing it.

Or else buy 3-4 unit multis and do the same thing where the income from the leases on the units can be counted toward your income necessary to qualify for the mortgage as long as you have the down payment.

@Brittney WIlliams If you have a specific location you’re looking to buy STRs in and want to use a wholesaler the best way I’ve found to find them would be to join the Florida Real Estate Investors Association and post there.

Or if there’s a more specific Real Estate Page if it’s s big town. Just post something like Looking for Tallahassee Wholesalers. Or whatever you see other people doing.

If you sell now your golden goose is gone. No more cash flow. I’d withdraw some cash and buy a few more.

However, one thing I learned is that if you do sell and do a 1031 Exchange which is a tax deferred transfer where you do not pay capital gains tax, normally you upsize into a larger property. And instead choose to buy into a cash flowing investment in an opportunity zone as opposed to another investment, after 10 years you no longer owe any capital gains.

So I think you said you own a property worth $222,000 something. Say you bought it for $140,000. So you’d owe $82,000 in capital gains. If you sold it and had $122,000 left after the mortgage and bought into low income housing after the 1031 exchange that returned an 11% return on your investment you’d receive cash every year and after 10 years you could withdraw your $122,000 with no penalty for capital gains when before you’d have owed like $12,000.

@Amanda Webb Hartford is fairly close to the Hanover/Lebanon area with Dartmouth College and Dartmouth Regional Medical Center. It’s by far The area’s best hospital and one of if not the top employer. And of course the school is top too.

I’m about an hour north and our rental market is on fire. However Hartford is quite large and the house you are looking at could potentially be a 20 minute drive to the action of jobs, restaurants, shopping, etc.

While this would likely be a deterrent for students it might not necessarily be for all. I’d maybe try to reach out to some local property managers and see if you can get some to give you some real honest advice on if that area makes sense to invest in or if you’d do better investing in more locally.

Or perhaps I just don’t know the area well enough, which is entirely possible too, and there is a draw in Hartford that I do not know about.

@Muritala Olanrewaju My bank did not request mine as they could see from my credit report I’d been paying them off every month for about two years.

They did look at my bank accounts as I authorized it, they were the lender so same bank, accounts and mortgage.

This was also helpful for verifying income from a rental property that was being deposited into one of the accounts.

@Douglas Curtiss I’ve paid low end $199 and under for some first level mentor ship programs. I have gotten some information out of all of them. Most of what I have gotten I have also gotten through free introduction courses or on blogs or Facebook or YouTube or BiggerPockets.

Yes they will introduce you to options for financing and buying for $0-$5,000 to buy houses or multis for low or no money down but for me personally, these methods were all outside of my comfort zone and would require me to spend hours chasing deals that I was not interested in doing.

I’m not saying I don’t ask about owner financing on every deal I get because I do. It’s always worth trying. My initial two purchases 20 years ago were owner financing.

I’ve paid for a 7 day course mid-July. It was $47. I think the wait is designed to get more people to sign up and forget about having signed up for it, but I thought why not. I’m sure the real class is at least $2,000.

I think you get out of something what you put into it. If you want to pay thousands for a guru course throw yourself into it. Learn all they have to offer.

This year I’ve bought 7 units in 5 months. My goal was 8 this year. I bought 1 last year.

Now I’m on to a new real estate project. I’ll get finished with what I’m doing and focus on the new project fully.

If you want a better list of guru real estate courses talk about it into your phone with Facebook open. They should start flooding your feed. Start clicking on them. More will appear. You can make your own list and post it. People will reply!

@Jason Dirks Do you have an individual contact that isn’t responding? Is there an 800# you can try? I’m assuming you have tried all this.

Is it too late to reach out to a local lender for help and see if they can pull it off for you.

A private lender might be able to help or a hard money lender if there’s no prepayment penalty then you could go to another bank and get it sorted out.

I’ve used my personal bank for my last two deals and they’ve been great. If you have a local bank this might be an option.

If you don’t have a local bank maybe after you figure this out, and I know you will, talk to the lenders at a credit union and explain what happened and see if they can help you refinance. And then if you have some money open an account there to show you’re serious.

@Wade G. I’m sure others will answer with better responses but I would have to take into consideration all of the write-offs I had gotten on my taxes during this time too. Obviously you will have to recapture your interest and things that you depreciated I believe and that you wrote off during the time you owned it ( if I’m saying that correctly) on your taxes the year following the sale, but I’m talking about other things you were able to write-off if you did so.

For instance I write off a portion of my cell phone and the cell phone service now that I’ve got 10 units. I would say over 9 years if I looked back it was $2700 for 1/2 my service and $1100 for slightly less than 1/2 of 3 new phones. That’s just one example. And I don’t know how phones are handled, if they’re depreciated or not.

Just my little thought! Hopefully some others will have some more for you.

@Zack Francis I agree with the previous post. With the cost of materials right now I think you’d be better off with an existing multi than a conversion.

I was looking at a building with an existing apartment and essentially a large room with two bathrooms to convert into a 2 bedroom unit and a 1 bedroom unit and my contractor told me $120,000 for the renovations due to the cost of materials.

He believed I’d be all-in for $240,000 and rents would be $3000 per month with a cash flow of about $800. So close to a triple.

I decided not to do it because I’ve gotten focused on something else for now.