All Forum Posts by: Benjamin Shaw

Thanks for all the encouragement and feedback everyone. Things are much more clear now.

 Care to expand on this? What happened to you and residential rental? What type of commercial do you love?

 Crossed my mind. Just not sure how much meat is left. He mentioned that extensive rehabs were done, and one of them went really bad.

Thanks Mitch!

This is encouraging. I feel like you really get it.

So do you think it is ok to let a seller know that I am new to this, just starting out, just trying to connect them with someone who can help? Is there a best tone to take when I'm so new? 

Thanks again,

Ben

Thanks, Christopher.  I might try an even safer route and just offer to help him out if he needs anything, then go from there. I live half an hour closer to his rentals than he does.

Thanks for the reply Christopher.

We should be moved back in a few weeks. I ended up having to do all the construction myself, including designing a new kitchen since the insurance only paid enough for materials. 

I'm not sure if some of the other things will settle down, but let's say they get manageable. Do you have any advice for when we get to that point? The advice in today's podcast says jump in head first and figure the rest out later. So what happens when I get the first phone call? 

I just listened to episode 176 with Tom Krol. It was really inspiring and motivating. (well at least enough to get me posting my thoughts). In the episode, he described in great detail his direct marketing campaign and encouraged everyone to just go out and start getting deals.

This sounds great, and I'd love to take his advice, it's just that the thought of not being able to follow through with a "quick cash offer" or otherwise failing to be able to help a seller once I make contact.

Ok, so let's say I start mailing to the small list of homes I've found while driving for dollars. Then someone actually calls me. I do not have the money to make a cash offer. I could potentially wholesale the deal if I could manage to get it under contract. Funds to even cover the cost of a lawyer to draw up papers are very limited due to being in the middle of trying to close on my primary residence. Plus a whole bunch of other "Life" stuff happening at the most intense level I've ever seen. (Sewer overflowing into our house, all our belongings are in a pod, wife's grandfather needing constant care)

PHhhw. Anyone have some advice on a good solid plan of action I could form? Thanks for listening.

I've got a friend that dabbles in REI with mixed results. I think he's currently holding four properties in Poughkeepsie NY. He mentioned that two or three of them cashflow, but he is not interested, and is looking to get rid of them.

 I'm not really in the position to offer on them since I'm tied up on the purchase of my primary residence as a first investment. Is there anything creative I could do to help him out? Some sort of service I could offer to him, just so that I could learn the ropes? Take over with some sort of lease option? Find a buyer for him?

Thanks for the clarification @Steven Hamilton II We will proceed accordingly!

Hi BP Friends!

    Just wanted to run this by you guys. From what I'm seeing in the guide on Connecticut Estate and Gift Tax, is it correct that someone can give a gift of equity, but after $14,000 they have to use the CT-706 form to report it. Also, they will not actually pay tax unless the amount goes over 2 million per year?

Thanks,

Ben