All Forum Posts by: Beth Wade

@Jason Merchey we have friends that have brought this idea up recently but going farther with the thought that if you choose not to use it during your time you could AirBnB (or similar) and keep the profit.  I immediately had a million questions, concerns, etc (and based on comments rightly so!) and am in the process of doing research to further conversations with them. Based on some of the comments it sounds like a big headache but I'm still interested in their business plan/model because it definitely intrigues me.  Just wanted you to know you aren't alone with your ideas!!

@Wendy Harden, we are in the exact same boat. Living in a HCOL area now and moving to one at the end of the year, out of state is a must for us. We finally decided to start with a turnkey company to get our feet wet (and on the wait list for two others). Once we get a feel for these three areas, we will build a team to try and do the BRRRR method on our own.

@Kelly Claiborne for me it has been the fact that I want everything set up perfectly first (CPA, Attorney, entity structure, etc), and then it’s been second guessing and going down rabbit holes (analysis paralysis). My husband finally convinced me that we can learn as we go so though we have huge goals and I’d love everything set up for smooth sailing, we are diving in and under contract on our first out of state property. Let the adventure begin!

@Basit Siddiqi we will be investing out of state and this is good to know. The state does have a state income tax. Thanks!

@Rachel Underwood we currently live on Oahu and will cry when the military sends us elsewhere at the end of the year. I thought I’d get “island fever” but we travel every 6 months or so away from the islands and in between island hopped so never felt it. If I never travelled off the island, maybe it would get old? We have been here 2.5 years and it hasn’t gotten old. Living here is one reason we are starting our real estate journey, so we can buy a house on one of the islands to retire in!

@Dean Letfus my husband and I spent 2 weeks on the South Island in New Zealand in Feb and would live there in a heartbeat. It was so beautiful and we enjoyed the people!

@David Pere we will be leaving Oahu at the end of the year so not planning to invest here though we would love to get to know others from here that invest out of state.

My husband and I are finally making the leap and plan to invest in 1-3 properties this year, with a similar plan for future years. I would like to have our team in place and business set-up ahead of time. We have had simple tax returns in the past so I've always done them through Turbo Tax. With starting to invest in real estate, we plan to go the LLC route though would like to talk through our goals and big picture with an attorney/CPA. We aren't quite sure the best avenue to take - start with an attorney? CPA? someone that can do both? Also, location - we currently live in Hawaii, will be moving to WA by the end of this year and then plan to move to OR when my husband retires from the military in 2023. And advice and guidance would be much appreciated!!

We are also in the beginning stages and have spent so much time reading books, forums, and listening to podcasts so understand the "rabbit hole".  I've also watched a few of the webinars that Brandon Turner does on here and would recommend that. He has one specifically about analyzing deals.  The calculators available on BP also seem pretty reliable so I'd play around with those to practice.  Good luck!  

Thank you all for the advice!  I talked to a local builder friend there and we have decided to go with the laminate as she said the builder is likely using "builder quartz" and we will get more bang for our buck by upgrading later.