All Forum Posts by: Chris Springer

@Tom Gimer Thanks! So it sounds like the proper way to truly do it is to have a double close, and just buck up and pay the double transfer tax because it's inevitable. 

I am trying to get to the bottom of this... Have not found a solution on the forums. I want to avoid double transfer tax in PA for a wholesale deal. I was told by a title company that I can use a novation agreement at the closing table to replace the original contract. I was told in the novation agreement there would be an assignment fee, I should not call it an assignment fee (not sure what other option there is... maybe transfer fee?). I wanted to know if anyone had feedback on this.

I am having difficulty finding an answer to this question... If I wholesale a property (true wholesale where I never gain possession, but do get the assignment fee), does the income count as a capital gain that I could then reinvest in a Qualified Opportunity Zone to shelter it? If not, I assume one way to make it work would be to whole-tail it, where I possess it shortly, and then sell it to make the income qualify as a taxable gain... Although, depending on the closing fees vs the taxable profit, that could potentially be a wash.

@Joshua Jamerson VA loan on a house hack. You can rent out rooms or get a multifamily. You can more selective in regards to your tenants, and worst case scenario you at least have a place to live. Its like REI on training wheels, but the profit is great and you get to ease into learning how to own real estate.

@Jose Varnadoe if you liked that, I would encourage you to read his cash flow quadrant book. It's a good read for going deeper into the understanding of the differences in types of people (investors, business owners, employees, and self employed) and the mindset of each.

@Jacob Theado owning your own rentals would be a great way to get a first hand understanding of what investors want. The book "Building Wealth One House at A Time by John Schaub has a lot of good takeaways for a realtor representing investors, because it breaks down ways to be creative, and ways to sure up deals. To be investor friendly, you would benefit from understanding your market (know average rent, tenant quality, neighbor crime rates, cap rates and ROI, and what is a good BRRR vs. Turnkey vs. Flip).

@Noah Dexter Leslie A safe bet would be to start with a SFH househack, where you rent out rooms, or buy a multi unit and rent out out the other unit(s). This offers the best financing as your primary residence, lowest down payment, and lower risk - because at least you are primarily putting a roof over your head. If you have housing expenses right now, you can aim to get a property you can househack, where you break even or decrease your monthly housing expenses. For example, if you pay $1000 a month now, and a mortgage payment is $1500, but you can rent a room for $500... you now own an asset with principle pay down, and appreciation (which can later be leveraged), at the same cost of living.

@Adri Jusczakb 100%! House hacking is the way to go!

@Greg H. I agree with you Greg. Your character, knowledge, and capability should be the main focus. I'd recommend investing money in education, like high quality books (Millionaire mindset, think and grow rich, etc.). They are a lot cheaper than luxury cars and clothing, and actually advance you as a person.

@Lawrence Briggs congratulations! Keep it rolling!