All Forum Posts by: Brian Spring

I prefer to invest in out-of-state small multi-families instead of the Puget Sound market which is more of an appreciation play.  I agree for the long term it would be good to look in the "path of progress" near new/expanding transportation hubs. I have done several house hacks locally (Lynnwood and Silver Lake) over the years and house hacking can work in most markets if you purchase right.   The lack of inventory of small-multi-family's, especially those that meet my criteria drove me out of the area.  I recommend you talk to local investors/agents like @Sherief Elbassuoni who has great insight and value add strategies that work here and that he has personally done himself.   

I network with buy/hold investors from across the country and was at a Meetup several weeks back and a CPA that works with several of my colleagues presented and I was very impressed.  His name is Jimmy Lukes from Memphis, TN  the owner of Titan CPA.  He presented on tax strategies for real estate investors. He is a highly sought after CPA, and an experienced investor to boot, at one time owning over 250 single-family rentals.  He works with investors from across the country and some of us Washington state investors who own rentals in Clarksville and Chatanooga, TN.  

Hi Finn. I recommend that you attend one of several different local Puget Sound Meetups: Fixated On Real Estate (FORE) that meets monthly in Bellevue and Tacoma. You can find Tarl Yarber from FORE on BPs podcasts and he and his wife Grace are killing it in the Puget Sound with their primary focus currently in Peirce County. I also enjoy REAPS a local REIA meetup that I go to in Bellevue but I believe meet in other places as well. Also, consider BHIG and Addicted to ROI; it depends if you are interested in local or considering investing in Eastern WA or even out of state. I've recently done a local fix/flip and am now looking for cash flowing buy/holds of primarily small multi-families. Feel free to reach out and we can chat more as I'm just a local investor and not looking to sell anything and have gone to many REI meetups and am growing my network in the Puget Sound.

Best wishes,

Brian

Thanks @Michael Nyszczot! I appreciate the advise on different ways to structure your private loans depending on the project.

Hi BPs friends and fellow investors. I’m considering making small private money loans. $50k-75k, 6 month loans. I personally just closed on my first flip and got a hard money loan for 2 points @ 12% 3-5 month term. What recommendations do you all have for me to make a private money loan? Should I charge points and what is the going interest rate? Appreciate your feedback!

@Blake Edwards yes maxing our 401k and IRA (both wife and I). Also taking advantage of being 50 or older by maxing our "catchup" contributions to both. I have put my new Ira contributions into short term cash as I would like to convert a percentage of my IRA to an IRA LLC (checkbook) IRA in 2020 so that I can use to invest in real estate.

Hi Erik.  I'm in Kirkland, WA work in Everett, and just finished my first flip, also in Kirkland.  It was an off-market condo as I only wanted a cosmetic flip. I was the GC  (along with my biz partner).  We did all the demo, painted, minor plumbing/wiring and drywall repair replaced all fixtures and doors. We had pros do all new flooring, cabinets, countertops, tile.  I'm pretty handy from years of live-and-flips but when you are trying to do a flip in 1 1/2 months and have commutes and day jobs it can be a little overwhelming.  We have a pending sale 6K over list but a slow close scheduled in Jan.  Let me know if you would like to walk it with me and chat about my new experiences with Hard money loans, HOAs, working with flooring, tile, cabinet, counter folks.  There are opportunity costs of doing work yourself and you need to consider holding costs and doing it yourself can actually cost you more than it is worth and could open you up to liability. That said I would/will be doing it all over again!  I highly recommend joining a local Meetup like Tarl Yarber's Fixated on Real Estate (check out his BPs/YouTube videos & his BPs podcasts- awesome guy and team!  

We all need to have medical insurance and anyone that has dependents and those that count on us financially need life insurance. A 4 year old does not need life insurance and you can find much less expensive life insurance for you and you husband (20 year term vs whole life).

Any REIs setup and building your PAYDEX? I was approached by a company that works asset protection, taxes and entity setup. For a fee they want to help setup and build my business credit rating PAYDEX score vs personal FICO score. They say this will help me get approved for unsecured biz loans and help separate my personal from business liability. I already have an LLC and separate business banking accounts, credit and debit cards. What is your experience, how did you establish your business credit and associated rating through Paydex and do you have any recommendations for myself and other BPs members? BTW, the scoring is 0-100 with 80+ being strong. Thanks 🙏

See you Friday if we are not snowed in :) Dan! Your last meetup was a great success. Lot's of networking, learning from others and sharing our WHY, goals, lessons learned... and some good beer. Zachary, you don't need to be a current REI, come join us and be around positive, like minded people from Newbies to experienced, successful REIs. I'm a still a relative newb looking to take significant action in 2019 and beyond!