All Forum Posts by: Brandon Hicks

@Clayton Coombs You’ve gotten a lot of short term ideas that will help. It sounds like you’re quite successful at flipping houses so I would suggest that you continue to focus on that. I don’t agree that buying rental houses is the best idea though. You’d need a ton of them to offset your flipping taxes and that would create a whole new set of problems. It takes a lot of time and effort to buy that many properties and then there’s the management of it all. It may solve your problem partly because dealing with the portfolio would cause to divert attention away from flipping and you’ll see your income drop as a result. I’d recommend that you find some good multifamily syndicators to align with that are long term hold guys and invest in their deals as a limited partner. You’d get the tax breaks you’re after as a passive investor and at some point you’d not even need to flip to generate $250-300k in income. And that income would not be taxed as aggressively as your flipping income.

@Miranda Simon Learn to be patient. To elaborate... Don’t do just any deal to do a deal. Do good deals. Same with tenants...don’t take shortcuts in screening them to fill a unit faster. Do bigger, better quality deals. It’ll allow you to do fewer deals and waste less time.

@Bryan Clement For some yes...for others it seems to be unimportant. Our president claims to never work out and eats like crap. Yet, he’s obviously a very successful man!

@Tom R. No. Never. Honestly...one of my biggest pet peeves is hearing someone say “when I win the lottery” or something similar. So many people these days believe that their only shot at being wealthy is a lottery windfall. And that’s a shame.

@Chad Jenkins Welcome to BiggerPockets Chad! The BRRRR strategy is an acronym. B. Buy R. Rehab R. Rent R. Refinance R. Repeat. The idea behind it is to buy a distressed property that you can add value to by rehabbing. If done properly, it’s possible to raise the value to the point where you can refinance all or more of your capital out of the deal. Then you can go off to repeat it to infinity.

@Jay Hinrichs

Thanks Jay. Yes...and as the GP/syndicator I’d still be trading my “landlord” job for another job but it’s still a step in the right direction. Currently my 9 month old daughter and me are picking up a used stove and dropping it off at an empty apt. Just one of many tasks that won’t be mine as a GP 😊

@Chris Simmons I am Chris. I currently owe and self-manage 63 units ranging from SFR’s up to 12 and 16 unit complexes. I’m looking forward to seeing if I can find away out of the JOB that I created for myself by owning these small properties. I’d love to get some big deals going so that I can sell off all the smaller stuff! @Adam Beckstetdt @Drew Wiard have signed up as well.

@Tom R. I’m a painter...it’s my #SideHustle to owning my 63 rental units...the general consensus among painters is that Behr is crap paint

@Jesse Houser Real Estate versus Other Types of “Speculation” Had to fix your title 😜 Seriously though🤷‍♂️

@Abimael Rodriguez If she’s not interested then just let her be. My wife has zero interest in my portfolio. It is what it is. I prefer it this way and in time, you may as well.