All Forum Posts by: Clifford Paul

I don’t have capital to get into Real estate but used that it’s not hard to see deals. I just want some advice on how I should start. I currently work for a company and do not make much at all.

You are young so plus up your income. Get a higher paying Job. Get a second job. What's your side hustle... Get one or two! I had 2 jobs in highschool and my own landscaping business. Work hard now so you don't have to later... Save! Save! and Save some more.

0 Votes

Originally posted by @Kevin Gregg:

So a few Army buddies and I each chipped in 10k each to buy rental properties under an LLC. As the years have gone by it appears the "buddy" that runs it has been lieing to us and we dont own the properties that he says we do. He has been making false income and expense statement and putting them out each quarter. I called the local police and they say they cant do anything. Suggestions?

Forget the civilian authorities, if y'all are still in the military go to his chain of command. The military takes fraud and thefts very serious. Does not have to military related. His security clearance in jeopardy thus his job in the military.

When I was a Sergeant Major most of my days were spent dealing with this kind of stuff everyday.

18 Votes

Originally posted by @Richard Santi:

Good morning everyone! I've been searching the forums hi and low looking for some fidelity on a situation I've come into. We just wrapped full rehab on a rental property which is focused on the travel nursing market here in Tacoma. It is awesome! Rented immediately and cash flows well. It's slightly more work than our traditional long term SFR, but significantly less than AirBnb. Renters sign on for 90-180 days at a shot. Here's the problem. I went to take out a HELOC on another rental property and the lender (credit union) does not recognize the income we generate from this new asset until we claim it on next year's tax return. I'm assuming this is because I don't have standard 12-month lease on this property. This skews my DTI ratio and retards my ability to leverage for the next deal. Has anyone else run into this? It sort of messes with my chi if I want to keep investing in short term rental properties and targeting travel nurses which are awesome.

V/r,

Rich (retiring Soldier and newbie REI)

PS. Go Hawks!

Find a local credit union or small bank that does in house loans. This is what I did 30 years ago. Build a relationship with them and they will even count your dog sitting income. Rates might be a little higher or might not be. After 30 years with my bank I'm getting great rates and terms.

0 Votes

Originally posted by @Quest Web:

Originally posted by @Clifford Paul:

Just got a quote yesterday from my builder @ $105 sq ft new 4 Plex. Last year paid $102 sq ft on 2 new houses. But I'm in Texas with cheap labor.

Whats the lot size are you using? And how much will be your total construction cost on $105 sq ft price.

Lot is 7000 sq ft. $408,840.00 including cost of lot.

0 Votes

Just got a quote yesterday from my builder @ $105 sq ft new 4 Plex. Last year paid $102 sq ft on 2 new houses. But I'm in Texas with cheap labor.

4 Votes

I bought my freedom after 23 years of investing every penny, working hard and living below our means. Once you make it then you have options. Dropping $5 bucks on coffee or $100k on a nice ride doesn't change anything. The money just keeps growing beyond what we spend every month.

9 Votes

Congratulations! Nice job, looking forward to seeing more of your BRRR projects.

1 Vote

@Gerg K.

Great job! Now go get that second one.

0 Votes

Bought a fire damaged 3000 sq ft duplex with detached garage apartment for $5k. remodel $35k. Lived in one side for 4 years. Rent on 2nd unit $850, detached garage apartment $600. Sold for $110k.

1 Vote

All Forum Posts by: Clifford Paul

Clifford Paul has started 5 posts and replied 464 times.

Post: Personal loan for down payment? Can’t miss opportunity..

Post: I’m 23 years old and I want to get into Real estate investing.

Post: Fake LLC discovered. What should I do?

Post: Lender requires short term rental income on tax return

Post: Cost of building a Fourplex

Post: Cost of building a Fourplex

Post: Is it really about not spending the money you make?

Post: FIRST BRRR Complete! Details + Pictures!

Post: 1st BRRRR Deal - HUD Home Condo in MA - $1500 Cash Invested

Post: Anyone worked on a fire damaged property?