All Forum Posts by: Brian Boyd

That is completely up to you. I would suggest not using all of it since you are going to have some costs along the way that you will need to have reserves to handle. Aim small and miss small. Don't buy too big on your investment. Find a good property that cash flows for you and use that property to get your feet wet. 

We have an Air BnB in Montana and are planning a trip there this summer. We could not find a rental car while there so we are considering buying a vehicle to have available at the property while we are there (we only go twice a year). But, given this cash outlay we are considering having it available to those that rent the property for an additional fee. I would love to hear from others that have done this to find out if this would make the property more attractive to potential renters.

Thanks for any input you may have.

Go to meet ups, learn everything you can and start bird dogging deals. There are plenty of investors that will cut you in on a piece of the deal through sweat equity if you show you can bring value to the deal.

It really just depends on you and what your business plan is. What do the numbers say? I ask this question because your occupancy rate will drive your analysis. The vacancy of a unit in a quadplex may or may not hurt but will that be the same in an apartment building. My suggestion is to run the numbers for everything, CAP Rate, Cap Ex, ROI, etc. to drive your decision making process. Best of luck!

These are all great suggestions and I cannot add anything. I will give you a bit of advice on searching for both a CPA and a lawyer. 1. Make sure your CPA is steeped in real estate transactions, understands Cost Segregation, Depreciation, and the passive investment rules. 2. Make sure your lawyer understands real estate, business and has a working knowledge of tax. 

I wish you the best of luck and God Speed!!

I recommend a law firm. Automated document prep providers do not take into account your goals. They simply take state forms and the information you provide and produce that. You should sit down with a lawyer anyway. Get a relationship going. 

I don't think you are screwed. You can DM me and we can chat about it.

I know you really want to repair it economically, but I really think you should tear it down and rebuild it. Yes, it will cost more money. Yes, your rental revenue will stop during construction, but you could easily make your money back and pick up appreciation along the way. Another alternative is to sell it and move on. I think you have a few options here that, if you are divorced from the emotion of the property, will yield you good results.

DM me. I will tell you everything we do and can help you find someone close to your geographic location.

You are getting great answers. @Jay Hinrichs and @Marco Bario have hit the nail on the head.