All Forum Posts by: Shawn Holsapple

If you do sell, like @John Horner said, you need to hang on to it for at least 366 days to avoid paying a higher tax. Of course, if you can make a substantial amount of profit to reinvest before then, selling is still okay. That's how I was able to step up from the low-end properties [which I don't recommend] into some much nicer units now.

Also, a "Quick Tip" is not to deal with properties with a too low rental amount. For my Indianapolis area, I've found that to be $700 per month - period. I've tried [too many times] to work with tenants under that price range and it always ends badly.

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Originally posted by @Ollie Gray IV:

@shawn holsapple thanks I've read rich dad poor dad but I explained to her her the idea! It's about investing in the future lol the house may not be paid off for 15-20 years but a little cash flow will come, we will eventually get 100% cash flow after the mortgage is paid off, move out and hold on. Any advice ?

With a current W-2 job, getting loans is much easier than us 1099 employees. If you have the discipline and stomach for it, I would [and am] get as many loans as possible [good debt]. I know at your age it's tough not to buy shinny things [Do Dads]. I was VERY bad at that age. I can hear the fans of debt free investing growling now...

Most banks will give you a signature line of credit just for fogging up a mirror. You should be able to at least start off with $10k-$20k. Pull the money out once a month for a few days and put back. After six months, call the bank and request an increase. Rinse & repeat. Before long you have enough to buy a small flip or rental project.

I've found that local State Banks & Credit Unions are the most eager to lend for investing. One that I use doesn't like to lend for rehabbs. So, I buy with [private] cash and rehab to move-in ready condition. Then the bank will lend on the appraised value, which is always much more than I have in the project. I can usually get all my seed money back plus some equity for the next project.

My suggested short term goal for 2014: find a great local agent that owns properties, have them find you a REO in an area that you would live in. Buy it, fix it up, live there for at least a year to avoid capital gains tax and then flip it. In the mean time, join the local clubs and network like crazy.

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@Ollie Gray IV it sounds like you're on the right track and there is some great advice in the above posts. Even thought the "live in one side and rent the other" strategy does work for people, I would think that may be a big step with a new bride. The last thing she [probably] wants to deal with is the tenants next door. I would, however, at least buy something ASAP. I doubt we will see prices this low in our lifetime again [you might, since you're so old!].

Having your spouse on board can help a lot. My wife & I attended a 3 day Rich Dad Education workshop and it clicked for her and now I rely on her "intuition" regularly [of course it took me 15 years to realize this].

I always recommend reading and/or listening to as much as you can.

If you haven’t already, please read/listen to these books ASAP!

Rich Dad Poor Dad

Rich Dads Cash Flow Quadrant

Rich Dads Increase your financial IQ

The Real Book of Real Estate

The ABC’s of RE Investing

The ABC’s of PM

Rich Dad RE Tax Advantages

The E-Myth

The 4 Hour Work Week

http://flip2freedomacademy.com/ - free e-book

Flip2freedom episode 77 - podcast

BiggerPocketsPodCast

Wholesaling101 You Tube Channel

Kent Clothier - Memphis Invest channel

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Welcome @Ben Craver !

It's always good to see another Hoosier on BP.

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Welcome @Craig Dukate !

It's always good to see another fellow Hoosier join BP. You will find a ton of great information here.

I'm very active in the market, please let me know if you have any questions I may assist you with.

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Welcome @Parul S. !

I understand your frustration with your local market. I work with several landlords from markets similar to yours. Have you considered Indianapolis? There's more than cornfields and cows here! Indy white collar unemployment is under 3.5%. We have several manufacturing companies with headquarters here plus several fortune 500 companies.

With realistic returns of 12%-15% and purchase prices of under $60k, it's hard to beat the mid-west for cash flow.

Good luck on your search and let me know if you have any questions I may assist you with.

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@Pam Bay when I go to the link, I can't go any further after filling in the requested referral info.

I also can't see to get the website you listed to work either.

Please help, I'm looking forward to revieing the list.

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Welcome @Trent Waggoner - Its good to see another Hoosier jumping into this great market we are currently living in.

You're about 20 years ahead of me on making the decision to get into investing. There's no reason you can't be finacially free and out of "The Rat Race" well before you turn 30!

As @Deryk Kennedy mentioned, Rich Dad is a great starting point. I always recommend a few more books to help get new comers up to speed.

Here's a few books and podcasts to get you started:

if you haven't already, please read/listen to these books ASAP!

RichDad Poor Dad

Rich Dads Cash Flow Quadrant

Rich Dads Increase your financial IQ

The Real Book of Real Estate

The ABC's of RE Investing

The ABC's of PM

Rich Dad RE Tax Advantages

The E-Myth

The 4 Hour Work Week

http://flip2freedomacademy.com/ - free e-book

Flip2freedom episode 77 - podcast

BiggerPocketsPodCast

Wholesaling101 You Tube Channel

Kent Clothier - Memphis Invest channel

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All Forum Posts by: Shawn Holsapple

Shawn Holsapple has started 10 posts and replied 1200 times.

Post: New Member from east central Illinois

Post: Hello from Louisville, KY!!

Post: Young and Ambitious or young and foolish?

Post: Young and Ambitious or young and foolish?

Post: Young and Ambitious or young and foolish?

Post: New to BP from Fort Wayne, Indiana

Post: New Member, Indianapolis, Indiana

Post: New from New York (NYC / Manhattan)

Post: Would you like to receive a daily investment property list for your area?

Post: Trent Waggoner from Southern Indiana