All Forum Posts by: David Pham

Hi @Jared Mann what you are looking to do is "House Hacking". This is a great way to build wealth and get your foot in the door with real estate investing. There are numerous articles on BP about this topic. Below is an article that you might find helpful.

https://www.biggerpockets.com/renewsblog/2013/11/0...

Specific to St. Louis area, I would recommend reaching out to local investors on BP or enlist an agent to help you out with the process. @David Ounanian is one of the good guys.

Good luck and let me know if you have any questions!

@Michael Ryland Thanks for sharing your mistake and Congratulations on your first out of state investment. Where is your property in Missouri? I live and invest in St. Louis, Missouri.

Hi Manju, I live and invest in St. Louis. I would agree with @Ben Dao that there isn't really any company that stands out. That said, I know some local companies that are moving toward this model. Would be happy to help, let me know.

Congrats! I live an invest in St. Louis. I would agree to always get a sewer inspection, especially in the City of St. Louis.

Lots of books have been recommended and I would agree with most of them as good read. That said, It can be overwhelming with all the recommendations and hard to know where to start :-)

Personally, I would recommend you start out with "The Millionaire Real Estate Investor". It is a good foundation book for beginner investors and helps with personal finance, mind set, and real estate investing.

Many great recommendation in the post. I hope you find the books you're looking for.

David

@Jonathan A. No luck yet my friend. I was able to find a contractor to complete my rehab job but it was an okay experience. I'm always on the look out for new contractors :-).

Hi @Cory Eddy, congrats on getting started in your financial independence journey!

Aside from what @Megan Greathouse mentioned, I would check out the Real Estate Investment Club Networking at Keller Williams in Kirkwood. This one is free and there are different level of investors that you can network with.

David

Congratulations Nathan! It looks like a very solid property. Keep the snowball rolling!

@David Ounanian Did you switched the date for the meetup?

All, 

Thanks for your replies so far. Here are some additional information.

@Ashish Acharya Re: the $20k, when I go to purchase the property, I need to come up with 20% of the purchase price + renovation. In this case, I need to bring $30k to the closing table ($20k for the purchase price and $10k for the renovation). The bank would bring $120k to the closing table. The settlement would be $100k to the seller and $50k to me for the renovation. So instead of me bring a check for $30k and then immediately turn around and receive a check for $50k. I just receive the net difference :-).

I like that you use the building improvement account. My follow up question is how do you treat the $50k improvement at tax time? Do you treat it as an expense or do you depreciate it overtime?

@Carl Fischer @Eamonn McElroy I'm looking for the balance sheet to account for the purchase price and the improvements. I'm trying to get to a point where my cost basis for the property is $150k since I did the improvements for the property. Is this the right way to think about it?

Thank you!