All Forum Posts by: Devante S.

This is awesome Ben and when done right, is the type of investing that creates stronger and better communities. I don't have the experience yet to give you advice but I will follow along with this discussion. The only thing I can really tell you is don't rush a process as great as this, make sure everything is as high quality as can be. There are many sports programs out there for youth and adult athletics that could act as long term tenants which would be great in ensuring people actually care about the place and that it produces income. See if you can rally local sports training programs to get behind this and get excited about it, especially seasonal sports that need facilities to train. Make sure everything is sharp looking, inviting, and well maintained by great people and an investment like yours could change people's lives for years and years to come.

Hey Ronnie, this is a great question, and there could be many many reasons for this. Your best answer instead of guessing is to simply get to know the owner as best you can and ask as many questions as you can. You'll also want to look at pro-forma or the numbers on how the property has been performing. If you really think you've found a great deal that might go fast, you can always put in an offer contingent to any defects you might find, and between the offer date and close date do complete due diligence. If you find anything alarming you can back out. Analyze as best you can and get to know the person selling or people connected to it. Your best bet as to why they may be selling is simply because they are liquidating their assets, cashing out, or plan on moving onto other investments in different areas. Your worst reasons for someone selling is because the property has serious issues that they don't want to fix. There are just too many reasons to only guess, you have to research.

I don't own a ranch. I've worked at a lot of resorts in more remoted places that operate similarly to what you're talking about. I think if your ranch is accessible within an hour of a major roadway and 1.5 to 2 hours of a major airport you can make anything happen. Plus this sounds awesome. Land to hike, ride horses, a nice venue if you want to do events, stay somewhere with a view. People love that R&R time in a place out in the country. Gonna follow your journey to see how this goes.

Hi everyone, maybe a rookie question here, but I had a W2 for a good portion of 2023 and also had a self-employed business for the other half. How exactly do you file taxes when you have a 9-5 but also generate income from self employment? Maybe some of you here who kept a day job but also generate income from investments can help me understands the basics of this. My primary question is whether I should do completely separate filing or if I need to do this all together at once so as to report all income and deductions on one single filing, or if I can treat this as separate entities. 

I'm hoping this also helps me lay a better ground work for how taxes may work as I grow as an investor.

Thanks in advance. 

Hey Andy, sounds like a good deal at %100/occ. I'm no lawyer, but I don't think you need to notify tenants for common area maintenance. Its always courteous to let residents know in advance there will be changes happening and especially with potential louder noises in case some of them work from home or work night shifts. I live near St. Paul and can try to send you any good investment minded lawyers I may run into. If you need any assistance managing or marketing your properties in the MN/WI let me know and I would be glad to help.

Hello BP Community, I am just reaching out as I could really use some great informative books and podcasts on finance, legal structuring, and how to understand the process for not only buying investment real estate, but how to own it (Specifics on hotels and condos would be a plus). Looking to get a solid list of audio books I can knock out this year week by week while working or traveling. I really enjoyed someone's recommendation on here for 'Start Your Own Corporation' (Garret Sutton) as I'm listening through it and would appreciate similar educational books. Also Podcasts that are similar to The Money Guy Show. 

The biggest thing is I hope to find is more financial resources that are written by people who care about people and excellent processes, not just math or wealth alone. Thanks!

Hey Man! I'm gonna go the opposite way here instead of telling you a bunch of complicated methods. Heres what I have. Buy a place that's ready to rent or just needs a few touch ups in a more rural area. (or on outskirts of cities)  Don't overspend. and Don't overspend your time. Rent it out. Maybe live in one unit if the property allows for it. Build up your income and work history and then Slowly move onto the next. Investing is a process. If you want I can send you a guide I wrote on how to rent out your first couple units without needing to pay a property manager or attorney. 

Hi Ty, hope all is well man! 

There are a lot of scenarios that could potentially come out of this. If you truly want the space leased fast, and because it needs work, I would contact local commercial management companies and sales people and list with them because they might have potential clients looking. If you want to go more hands on deck, I would start calling around to directly contact leads yourself. Sure, you could list a place like this on loop-net or other similar platforms, but considering you're in a small town and it needs some work I think your best bet is going to be just finding an interested buyer (local) who would like to help get things in shape. Try contacting organizations such as local government, church groups, or contact the city chamber to see if they can run an ad for their business investors and entrepreneurs. Sounds like a great place for a gym, cafe, or office space. Also try posting in real estate facebook groups in your area. Whatever you do with pricing and leasing, just make sure utilities and insurance covered at minimum, and that you have a set parameters of just how much renovation will be done so you are aware if its going to interfere with current residents units.

I help new landlords learn how to lease their properties from start to finish. Check out my profile if you're interested in learning more. Good Luck!

Also a useful resource for: agents to gift investors looking for multifamily properties, PM companies wanting to train staff, and RE Discussion Groups.