All Forum Posts by: Anthony Parsons

All great advice-thank you. You make a good point because I've had some weird messages that I chose not to respond to. I think there are definite scammers in just about any forum you join.

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Quote from @Brian Walters:

@Anthony Parsons I'm sorry you have had the experiences you have here as I have had pretty much the exact opposite. I've found multiple people through BP forums that have taken time to help me, answer specific questions, give advice, even look over analysis I have done and none have asked for anything in return.

I think the keys are going on acknowledging you need help, but have specific questions at the same time. Going in saying I'm thinking this, what do you think vs someone tell me what to do makes a big difference.

I've spent a lot of time learning as much as I can, setting key word forum alerts to learn more about my area and interests and making local connections. To second what someone said earlier in the post, you get out what you put in. I suggest setting forum alerts that match what you're looking to do. This allows you to see what others in a similar situation are doing and see how that can apply to you, or even ask them some detailed questions.

I hope whatever you decide in the end works out for you.

Bryan, I'm sorry I gave the wrong impression. This forum is great and the people have been equally great. I was referring to a more broad perspective in my experiences prior to joining. I am very fortunate to have come across BP and folks like you willing to offer advice.

I've set up the alerts as well...and have done my best to be specific in my other posts. So far I've received great feedback. Thank you for the advice.

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Quote from @Ryan Trebilcock:

@Anthony Parsons you're welcome to PM me. I'm not super experienced, but I turned my townhome in Augusta into a vacation rental when I moved to Huntsville. Seems like a somewhat similar situation.

Thanks, Ryan. I'll reach out and appreciate the welcome.

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Quote from @Daniel Smyth:

@Anthony Parsons

Read. Listen. Decide where you want to focus on, and move to that.

No one is going to beg to help you just because you chime I and say "tell me what to do"!

That your decision.

So you might need to get involved in some webibars and ask direct questions related to your decisions.

I checked the Bigger Pockets members that were realtors in my area. I attend open houses and find where these BP friendly realtors go for their business.

Where do the get funding?

Who helps with accounting?

Who dies work for them?

Who is good for insurance?

Lots of questions, but not all at once like my 2 year old used to. Don't scare off those who share time with you, respect it.

I let realtors in my area know when I am looking for something that perhaps they can't market so easily, like fix-ups and tear-downs too!

Go Pro on BP if you have yet to do so, run the numbers, make some mistakes, and do better next time.

Don't just stomp and say there is no help.

You can also pay for a mentor.

You can also pay 80k to buy programs that come with mentors and good follow-ups.

Listen.

Read.

Listen.

When you find a deal that works for you, Bigger Pockets is the place to share your figures and perhaps give you that extra confidence to do it, or run from it.

All in all? It is your call.

Good luck!

You're exactly right. Real estate investment is a learning process and no one is going to do it for me. I've recently signed up for a meetup and hope to learn from others. Honestly, there are a lot of learning opportunities that I didn't know existed. The BP boot camps, the meet-ups, as you suggested-paying for a mentor (that has my attention), and so on.

My predicament is needing to make a move in the next few months-probably by July, which has pushed me to learn as much as possible as soon as possible. I'm a very thorough person and I hate making uneducated decisions hah. I've been knee-deep in this for the last two months and have learned a lot but have also had poor experiences. And to be fair, they are probably due to the market putting stress on realtors, as well as the fact that I am so inexperienced and that scares people away...I mean who wants to answer a thousand questions right? But all in all, I'm dedicated to learning and have been appreciative of everyone's input-even those that felt offended by my post.

Thanks again. Any suggestions on how to actually hire a mentor (preferably not 80k :)? Just curious, I haven't heard of that.

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Quote from @Aaron Dearth:

Read David Greene's Book "Buy, Rehab, Rent, Refinance, Repeat: The BRRRR Rental Property Investment Strategy Made Simple." This book may have you rethinking what you end up doing with the capital you would have if you decide to sell your home. It changed the trajectory of my Real estate investing business to focus on cash deals.

Thanks, Aaron. I've been recently learning a lot about this method. Someone I spoke to today suggested selling and taking the profits of a 50-70k quick market increase on my TH and buying in FL with my VA loan, and BRRRR'ing it. I think that's an excellent strategy. My only concern is in today's market, not only is there cash over asking and inflating prices, but the BRRRR success would depend on the market increase in order to complete the method. As high as the market is right now, and while I do think it will continue to go up, I have my doubts.

A lot of the reason I'm hesitant to sell my current TH is the fact I bought it on the low side and have it at a 2.25%. I feel I could get much more out of it. That said, I am leaning towards a sale and doing just what you recommended only because if there is a drop in the market it'll take a long time to recoup whereas if I sell and hold for a few years then BRRR, I could potentially make more investment progress with the cash on hand. But again, my timing on the market could be wrong.

Thank you for the feedback!!

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Quote from @Cody Cross:

@Anthony Parsons what are you specifically trying to accomplish in this first step?

I suppose it could all be boiled down to whether I use my current home as a rental when I move as a starting off point with the goal of my investment return allowing me to retire in 15 years without a mortgage. Of course, I'll need to be the one to make this decision. My initial post was rather broad and should have been better targeted. I'm doing my research, doing my diligence, and have been fortunate enough for folks to reach out. Thanks for asking.

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Quote from @Logan Williams:

Quote from @Anthony Parsons:

Good morning; I've been posing questions in multiple forums, reaching out to YouTubers, calling local agents, and continue having difficulty having someone in the business that's "done it" to take the time to talk to me, listen to my situation and give me an honest assessment of what may be best moving forward. Most onliners are into answering questions or getting referrals. Most agents are only interested in making money. I've offered to compensate some for their time and well, crickets...it's frustrating.

I'm in a position to sell or rent my current home prior to moving out of state for work where I may rent for a couple of years or buy depending on what the market is like at the time. Have a great salary, DTI, and good credit. Either course will most likely succeed if I am smart, but I have particular questions specific to my financial and retirement goals.

What is the best way to get someone to take the time to discuss real-life options without an agenda in order to make sure you are moving forward in as smart a way as possible? Answering forum questions are fantastic and help a lot, but only gets you so far. Modeling someone who has succeeded in what they do is always the better approach. Thoughts?

Thank you for your feedback.

Something I did was search for the owner of your favorite business or businesses on LinkedIn. If you are able to find the owner, shoot them a message offering to buy them coffee or a drink. In the message, start with the offer for coffee/drink and then state your reason. They may not own investment properties but if they agree to meet with you. You can learn different aspects of owning a business/starting a business. From my experience successful business owners typically own rental properties as well. Whether its the building in which their business is in or actual units.

This is an excellent suggestion, thank you. There are many local businesses where I am at. Another thing I just thought of is that I used to go to cigar shop nearby and haven't been in several months. I may start visiting again to network. Lots of business-minded folks were there quite often as I remember it.

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Quote from @Jay Hinrichs:

Quote from @Natalie Schanne:

@Anthony Parsons - A couple of thoughts from my experiences.

1. I bet you can more likely rent your place for $3000+ right now. That changes the calculus a little. I split houses into bedrooms and get 3-4 roommates paying more on year long leases. Your HOA May or may not be a problem. Areas like you're describing tend to continue to appreciate and your home may be worth $600k in 3 years.

2. Would you consider subject to financing like you sell for $500k subject to your 2.25% 30 year fixed loan and you get something like a $50- $100k downpayment?

3. BiggerPockets premium agents have opted into helping the community, hopeful that if we resonate with you and provide useful tips, then you’ll hire us to list your house or rental. Yes our agenda is to provide value to get paid - like most business owners. It’s no fun to have your brain picked by someone who then says their aunt, who doesn’t invest and doesn’t help them any, is their go-to agent. Anyone who is not giving you time does not see how interacting with you fits their mission. (Some people get happiness from getting upvotes on their advice and talking to someone who will take the advice and implement it.)

Good luck. Let us know how it goes

first question is has he lived there 2 out of last 5 years and has good equity then the only move is to sell and pocket the tax free gain..

Hello Jay. Thank you for the feedback. I've pulled info from an earlier post in this thread to put it in perspective. Providing the info for reference and certainly not expecting everything to be answered... I also genuinely appreciate your recommendation to contact a RE broker and CPA, which are the next steps.

I'm trying to determine if I should rent out my current Townhome or sell it. What I'd prefer to do is rent it out for long-term purposes as I am 43 and this will pay my future home off when I retire.

I purchased the townhome for 340k and owe 330k after a refi last year. Currently, it is worth 430k+ If I sell I can make about 50-70k after fees. 2 years in the primary home this May 27 and it is in a new area that is developing quickly. I have been a landlord before but years ago and briefly. My current mortgage is $1900 at 2.25%, after speaking to an agent, I believe I can rent it for $2400-2500 which should be okay to rent after looking at the 4 square equation.

My end goal is that I don't want to have to pay an extra 1000k to the principal to get my next home paid off before retirement, which is why I want to rent my current home. Also, in 3 years I will have over $2500 additional monthly due to child support ends.

Looking to move to Orlando to be closer to friends and family eventually purchasing a new home around 500-600k. Thinking of waiting a few years for the purchase. If I rent my current home would leverage a HELOC for my future purchase most likely.

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Quote from @Jay Hinrichs:

Quote from @Natalie Schanne:

@Anthony Parsons - A couple of thoughts from my experiences.

2. Would you consider subject to financing like you sell for $500k subject to your 2.25% 30 year fixed loan and you get something like a $50- $100k downpayment?

Good luck. Let us know how it goes

first question is has he lived there 2 out of last 5 years and has good equity then the only move is to sell and pocket the tax free gain..

Anthony Parsons

Replied 2 days ago

Quote from @Steve Vaughan:

Quote from @Anthony Parsons:

I'm in a position to sell or rent my current home prior to moving out of state for work where I may rent for a couple of years or buy depending on what the market is like at the time.

For most everyone that's lived in their primary for at least 2 years, it makes the most sense to sell tax-free. Absentee landlording can really suck.

In addition, most primaries are too nice to be good rentals and we don't know if you've ever landlorded before. Steep learning curve.

So- have you owned and occupied your primary for more than 2 years?

What was your purchase price? Estimated sale price?

Have you ever been a landlord before?

These are the important answers to me when deciding to sell or rent out a primary.

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All Forum Posts by: Anthony Parsons

Anthony Parsons has started 6 posts and replied 47 times.

Post: Getting Started-Where's all the actual help?

Post: Getting Started-Where's all the actual help?

Post: Getting Started-Where's all the actual help?

Post: Getting Started-Where's all the actual help?

Post: Getting Started-Where's all the actual help?

Post: Getting Started-Where's all the actual help?

Post: Getting Started-Where's all the actual help?

Post: Getting Started-Where's all the actual help?

Post: Getting Started-Where's all the actual help?

Post: Getting Started-Where's all the actual help?