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All Forum Posts by: Brad Taylor

Brad Taylor has started 7 posts and replied 56 times.

Post: Paychecks warp your mind

Brad Taylor
Pro Member
Posted
  • Chicago, IL
  • Posts 56
  • Votes 33

I think this is a vast oversimplification of labor/entrepreneurs and jobs.  Simply from a practical standpoint, if everyone was an "entrepreneur" there would be no one to work jobs, that is, nearly every single form of employment in the USA.  From an intellectual position, most people don't have the desire or ambition or talent to be an "entrepreneur" or run their own business, or hell, even just own real estate. AND THAT'S OK!  There are many people who try to be businesspeople, but they just don't have it.  They dump their life savings into a project or business and fail, and it costs them hardship the rest of their lives.  For those people, just working a stable job would've been the better option.  What is it, like 50% of small businesses fail in the first five years?

For those of us who are lucky enough to have the drive, ambition, smarts, talent, whatever, to have some form of entrepreneurship, I think it's ok to just be that.  I get tired of hearing all the rah-rah on the web and social media about how not "working for the man" is REALLY the place to be.  Just like so many gig workers (Uber drivers, e.g.) who never add up their real expenses to find they're only making $9.50/hr with no health insurance and a massively depreciating asset.

The world needs competently educated people to work in a civil society, not a bunch of people who think they're entrepreneurs but can't find anyone to just hang drywall, flip burgers, mop floors, or teach their kids.

Post: 500k cash and not a lot of time - what do you do with it?

Brad Taylor
Pro Member
Posted
  • Chicago, IL
  • Posts 56
  • Votes 33
Originally posted by @Crystal Smith:
Originally posted by @Natalie Schanne:

What should we do with $500,000 cash borrowed at 3.5%?

My partner and I are completing cash out refinances of some properties where we will have at least $500k cash to invest. Market is hot and I haven’t seen anything I’m excited to buy. I don’t have a lot of spare time. We recently both became accredited investors. My recent investments have been in single family homes near to me. I would love to buy an apartment building or other commercial asset but they’re all very expensive. Trends in my area are negative - sort of - lots of people are leaving New Jersey yet we are also experiencing LOTS of new apartment building and the job market is pretty solid between government and pharmaceuticals. I’m not sure if I should just throw it all in the stock market (which is also at record highs but my portfolio grew 20% last year just in S&P trackers where I did nothing.)

What would you do with $500,000 borrowed at 3.5% for 30 years?

Here's what I would do:

  • 20% would go into the Stock Market to support selling covered options (using straddles)
  • 20% would be invested in some kind of tech start-up as an Angel Investor 
  • 40% back into Real Estate but not in your market. 
  • Keep 20% Liquid

Agree with Crystal here! Except I would put 1 - 3% in crypto (BTC) as a hedge against inflation/dollar devaluation.  Check out Cathie Wood of Ark Investments for some long-term progressive thinking ETFs.

Post: 500k cash and not a lot of time - what do you do with it?

Brad Taylor
Pro Member
Posted
  • Chicago, IL
  • Posts 56
  • Votes 33
Originally posted by @Natalie Schanne:

@Marc Rice - My current investments are 12+ cap and in appreciating B class neighborhoods. I don't think I want any far away turnkey properties. 

WHATTT?  You're getting 12%+ Cap Rates in B neighborhoods?? Come on...

Post: Creative financing for first time home buyer

Brad Taylor
Pro Member
Posted
  • Chicago, IL
  • Posts 56
  • Votes 33

My $.02... House hacking can def be a sacrifice so you may not find your perfect property for you to LIVE in, and certainly you want to feel safe. Make sure you've exhausted all options though, searched all MLS listings, gotten on the mailing list from a good agent who understands what you're looking for. Something may turn up.

Absent that, I would find a decent home that you and your wife can live in BUT would make a good rental in a few years (think ahead about all purchases and how you'll exit/rent/stay in them).  Then save up enough money to find/buy a fixer upper in Indy. Work with a partner or even a hard money lender (just Google hard money lenders--there are usually plenty of local and national ones) to buy the property and rehab it.

Last choice would be to check out a great site like Roofstock. They make buying investment houses incredibly easy and streamlined, but most are turnkey, so your returns won't be as good as a BRRRR, but it's another alternative with not a lot of money.

Good luck!

Post: Investment property (multi-unit complex)

Brad Taylor
Pro Member
Posted
  • Chicago, IL
  • Posts 56
  • Votes 33

Check out: https://www.crexi.com

Filter your search for multi-family by price and you'll see some stuff. Have no idea how it compares to Loopnet, which John already noted is likely not good for actual deals, but it IS another commercial and multi-family RE site.

Post: Chicago West Suburban Real Estate Investors

Brad Taylor
Pro Member
Posted
  • Chicago, IL
  • Posts 56
  • Votes 33

Great Lineup...will hop on when I can!

Post: Can anyone recommend a great Chicagoland Tax Professional?

Brad Taylor
Pro Member
Posted
  • Chicago, IL
  • Posts 56
  • Votes 33

Thanks all!!

Post: Can anyone recommend a great Chicagoland Tax Professional?

Brad Taylor
Pro Member
Posted
  • Chicago, IL
  • Posts 56
  • Votes 33

Hello BP Members!  Would love any recommendations you may have for a great tax pro in the Chicagoland area who understands how to navigate the world of rental properties.  I'm in my first owner-occupied and struggling a bit with TurboTax!!  It's more about the uncertainty and making sure I don't screw myself out of $$$.

Please help!

Post: Need a CHICAGOLAND Tax Professional - Owner/Occupied Rental

Brad Taylor
Pro Member
Posted
  • Chicago, IL
  • Posts 56
  • Votes 33

Hello all!

Well, that time of year, and although I've started to slog through TurboTax, nuanced and unclear questions are already propping up about my purchase of an owner-occupied rental. Househacking---YAY! Tax forms---UGH! 

Would anyone be able to recommend a great tax professional who really understands how to maximize and qualify my deductions?

Thanks in advance for your recommendations folks!

HAPPY RE INVESTING THIS YEAR!!

Post: Smartlocks or Keypad Locks for Rental Properties

Brad Taylor
Pro Member
Posted
  • Chicago, IL
  • Posts 56
  • Votes 33

@Victor Buquer  Thanks for the awesome suggestions and help!!