All Forum Posts by: Arianne L.

@Zach Westerfield Great! It's been a while :) Looking forward to seeing you

Come and network with other local real estate investors and real estate professionals who invest in the following areas: Destin Fort Walton Beach Shalimar Niceville Navarre Mary Esther Crestview Miramar Beach

We hope that we can share ideas and do deals together.

There is no formal teaching during these meetups, just networking. We usually have around 15 people attend.

WHEN: Tuesday December 19 6:00pm-8:00pm

VENUE: Twisted Grape - 1193 B Eglin Pkwy, Shalimar, FL

Looking forward to seeing you there!

Please RSVP here on BP

@Kenneth Cowan Congratulations!! That's a big step and most of the people I know who have high net worth are very good at capital preservation. Sure, increasing income is always great. But most people increase income AND increase expenses. Most of us spend $ on things we won't even miss. Looking forward to seeing what you accomplish from here!

Come and network with other local real estate investors and real estate professionals who invest in the following areas: Destin Fort Walton Beach Shalimar Niceville Navarre Mary Esther Crestview Miramar Beach

We hope that we can share ideas and do deals together.

There is no formal teaching during these meetups, just networking. We usually have around 15 people attend.

WHEN: Tuesday November 28 6:00pm-8:00pm

VENUE: Twisted Grape - 1193 B Eglin Pkwy, Shalimar, FL

Looking forward to seeing you there!

Please RSVP here on BP

@Tyler Austin Hope to see you there! Have a safe drive up!

@Christopher Morin Yes it will! :) See you Wednesday!

@Shaun C. Great job! Thank you for the very detailed original post. I'm sure a lot of people got something out of it as well.

Regarding capital gains, I would consult your CPA. It's all about "intent". If your "intent" was to flip then I believe you'd be taxed at ordinary income tax plus self employment tax. Again, consult a CPA as I am not one.

I suggest doing what you can to sell it before the end of the year. Ask your agent what the buyers' agents' feedback is about the house. Your listing agent should be asking "Are your buyers going to be writing an offer?" If not "why not?". Sometimes the reason is something silly like "there aren't any closet shelves". But you'll never know unless your agent asks. If it's JUST the busy road then there's not much you can do about that... but there might be something else.

@Ericka G. I believe Edwards Jones charges a management fee regardless of how your portfolio performs. So, if they lose 5% of your 200k you still pay them the fee... I think it's around 1% of the porfolio as the fee? 

If you are going the stock route I'd say go the low fee index fund route. That's what most people I talk to that have had investments in the stock market for 20-30 years told us. My husband has a 401k  from his w-2 that can't be self directed and that's mostly in low fee index funds. 

Now, the funds that we can self direct, apart from cash reserves and emergency funds, namely cash and self directed 401k are mostly in real estate. Either rentals, promissory notes/mortgages (for the self directed 401k since that's mostly passive) 

@Jalen Henningsen FOCUS on ONE THING and dominate

@Robert T. Kudos to you for analyzing your finances and taking a closer look at what you want to accomplish. It takes guts to make a change. You're on the right track.

You mentioned your car payment. I think you think you might want to get rid of that too. Can you sell the car for more than what you owe? I wouldn't pay it off with your 50k. But if you can get rid of that car debt and buy, say, a 5k car. That'll help your monthly personal cash flow.

Others have mentioned multi-family property. That's a great way to leverage. Make sure you're analyzing is so that you're accounting for all expenses still. Not sure where you are moving, but some areas are more conducive to this strategy than others. In my area, there aren't many multi unit properties available to buy. So I've just been buying discounted townhouses or single families as a personal residence.

For investment strategies. It really depends on what you want. It sounds like you have a full time job. Do you want to be more active or passive when investing that 50k? You'll get a larger return if you flip a house with that money, but that's also a very active real estate strategy and is more like a job. You can buy a rental... You can house hack... you can lend to other investors.. you can invest in a syndication.

If I were to imagine myself in your shoes. With a full time W-2 that I want to keep. I would likely buy rentals with that money. 

@Account Closed In my earlier post I mentioned going to a house (potentially one that looks like there is a lot of deferred maintenance like old roof, tall weeds, bad siding, etc.) then knocking on the door and talking to the occupant (this will either be the seller, a tenant, or it'll be vacant). You can also knock on the neighbor's doors and talk to them and ask for the owner's contact info. Only do this in safe neighborhoods. That's pretty much free.

You can also go through craigslist and call all the for sale by owners and for rent by owners.

Anyway, I do suggest finding a mentor. I gave you some good first steps but you'll have 100 questions after that. Find a local mentor who can help you along the way. You might have to give up, say, 50% of the deal when you find one. But 50% of something is better than 100% of nothing.