All Forum Posts by: Beaux Blackwood

I bought my first Mother-Daughter set to close in January and I’m looking at other properties. There are about 5 different ways I want to source leads, that means there’s likely 50 leads/week. Keeping that organized is one thing, but adding in tracking finances, teams & people, projects, etc.

I now have like a dozen spreadsheets!

If you were to go back and start from day 1, how would you stay organized? What would you incorporate early on to help? What things do you wish you’d have thought of to keep in mind?

I’m 31, about to be a father of 2 and want to build long term wealth. I found this mother-daughter unit in a village (high taxes) and it needed significant work.

Asking price $220k, I negotiated down to $190k after a long list of problems were identified in the inspection. The agent told me that if it were fixed up, it would sell for $300k, but I think that’s a little high.

It’ll cost me $40k to rehab the entire property. But, since I will be living in the main unit, I’m going to be doing the majority of the rehab (it’s something I really enjoy and want to learn how to get proficient at).

The mother unit is 3/2 and the daughter is 1/1. The daughter can rent for about 850-950/m. Side note, What are the laws on renting out a daughter unit?

After 2 years, we will be able to sell or move out and rent for long term cash flow or a large payout. I may even be able to cash out refinance or leverage a HELOC to buy more properties which is the goal.

Property is in the Hudson Vally, NY FYI. Thoughts?

Could I move the money from my Stocks towards the purchase of my first primary residence without incurring a Capitol Gains Tax? 

I started investing in 2020, so it would be taxes as short term cap gains. I've listened to Tax Free Wealth and it seems that these two types of investments aren't relational - meaning, there are no tax breaks from moving profit from stocks to property. To be clear, this is my first home ever and I will be living in it.