All Forum Posts by: Elaine Gee

Hi

That’s a great question. I did brrr a few time to pay off my 2 girls Cornell tuitions. Both graduated with no student loans and we didn’t have to dip into our savings. Not sure if that was possible without brrrr method. If you have any questions, reach out to me. Kids are very expensive, lol.

Your mortgage broker fees very high. $125 for credit report?  Origination fee is high as well. Your title Company is padding fees as well. Wire transfer $60? Bank only charge $35.00

Keep in mind, interest from heloc for real estate investing is not deductible on your tax return. Should verify with your cpa.

If you are not putting any money down, Appraisal may be a problem.

My reply doesn’t answer to your question. Here is my take on real estate investing.

It’s great that you understand the versatility of real estate at such young age. Wish I knew that when I was younger. Our first rental  was bought back in 2010. We didn’t know much about real estate. We only knew We can collect rent which would be more then what We would get from bank cd’s.  So our first rental was an experiment. We used combination of our savings and our home equity line of credit to build up our rental units. We currently have 16 rentals. In the last few year, we have done a few flips and several brrrr. Cash from brrrr helped paid our 2 daughters Ivy League education. Now both of our daughters are officially real estate investors. We are very excited for them to get involved with real estate investing at such young age.  My older one bought a rental with me last fall. We renovated and rented for $2500 per month.  She just got another offer accept last week as her 2nd rental. This one she is on her own. My younger daughter bought a rental with my husband earlier this year. It was a short sale. We renovated and rented out for $2400 per month. Both girls have much better knowledge of how real estate is so versatile and how this is going to help them create financial independence. I personally like re investing then stock market.  To sum it up, I don’t know much about stock markets. All I know is very subjective.  We did loose significant amount during tech bust. That  was the reason I suggested to my husband,  let’s give real estate a try. 

Cheers to  🏡 

Hi

Do we have any Nj investors who have had squatter in the property after sheriff sale? What did you do to get rid of the squatters? Thank you.

@Eamonn McElroy

Here is her explanation for why we have to file partnership “as to joint ownership with the kids (or anyone except your husband) you are required to file a partnership tax return”

@Lance Lvovsky

Is tenancy in common means my daughter is only allow to give away her portion? If my understanding is correct then it is tenancy in common. Thank you

@Eamonn McElroy

Thank you for your quick reply.

No formal ownership structure. No legal entity, just her name and mine.

No operating or legal agreement. I told her she needs to pay me $500 each month until the cash out, which was done in Apri of this year. I was charging her 4% at $125k with 30 yr amortization. She did cash out only on her name. She got about $200k and paid me back $125k.

In term of activity, it’s rented . She pays the mortgage out this joint checking acct and we split left over after all the monthly expenses at 50/50. 

@Natalie Kolodij

No llc. Just her name first then my name. Thank you for your quick reply.