All Forum Posts by: Hunter McCook

@Jacob Sampson where can you find the information on the neighborhoods? That math doesn’t sound to bad. Just to be clear you say 60k for example you mean a final price?

@Alaina Nolan besides the 1% rule what else would you recommend to assess a house? Also If you live somewhere near Augusta or close I would be glad to take the list you have. Thanks!

@Jacob Sampson very true. I’ve got a question I’ve seen houses that have been rehabbed for the most part and look nice in the inside for 70k. Average rent I would say is $800 or more depending on the size of the house. Usually something like maybe the roof you can tell is old or they use like a window Ac unit because it doesn’t have an HVAC unit. So if the 1% isn’t a great one to follow how do you assess a house? Thanks.

@Kenneth Mooney not much of an accountant I’ve always filed my taxes through TurboTax.

So I'm 23 and I live in Augusta Ga. I lost touch for a little while but I finally have a good sum of money to put down on my first house. I'm trying to absorb what I can like a sponge to learn. I'm young and My goal is not to quit my job but to get to the point of where I have that option if I wanted to. My job is great it pays well but I've always wanted to be a business man. It's rare but I have trulia and Zillow on my phone and houses that have been rehabbed at a low price rarely pop up. It meets the 1% rule in a decent part of town but then it changes to pending within days. I always think man what another missed opportunity. I came here today to ask a few questions. 1. To get into real estate do I need an LLC? I plan to do the buy and hold strategy. I've read putting it in your name and getting a umbrella policy was a another option. 2. Is there more to the 1% rule? I've mostly been eye balling properties on how they look (condition of the house) looking up average rent in my area and seeing what the sale price of the house is. 3. How do I get my full team together real estate attorney, plumbers, electricians, (contractors in general) for future repairs when needed. 4. I've read the tax advantages are great but would it be recommended to get an accountant when tax season rolls around or try doing them myself. I looked into getting QuickBooks to keep track of my expenses.

Sorry for the long post but any advice is great. I’m trying to jump in this now because the longer I wait the more money I’m missing out on. Thanks!

@Eric Fitzgerald download Mint. It will help you budget. Adding your accounts with bills and bank accounts will help keep track of your budget.

so Im 22. I live in Georgia. I recently graduated college and got a entry level job. I make around 48k a year working full time (40 hours a week). I have a 401k I invest 7% in and my company matches 5.1%. I also have a Roth IRA I invest 5% in. Im in about 3k worth of debt but not in a rush to pay it off because its a 0% apr loan. I inherited a house Zillow estimates it to be worth around 74k. I am suppose to be getting that transferred into my name at some point in time. I currently have around 19k saved up since I started my job. I parked some of the cash into a high yield savings account so it gains more interest than normal. My goal is to become a millionaire. In July I'm moving up with the company to become an apprentice which makes 28 dollars an hour and once I become a journeyman (could take up to 2 years) I will be making 40 an hour. I have googled side gigs and nothing seems to be something I could do or really have the skillset for such as web designing or anything of that nature. I also looked into trying to get in on a business as a silent partner but again I had no idea how to do that. The only thing I can think of real estate. I even read about private lending to people but I have no idea how to do that. I am always googling about rental properties and have an idea of what a deal that could work would look like in my area. I have also been googling about leveraging and the risk you take but the greater the risk is a better reward. I also read about putting down less on each property is better than putting a higher percent down on one property. The only thing is I always read about 20% down payment is required if you don't plan on making it your primary residence so how can someone leverage the 20% into 2 or 3 properties versus one? One thing I worry about is getting into rentals while I'm in school being an apprentice. I worry about getting phone calls at 3 am when I have a test that day. Im posting on this forum today to get some advice from someone with experience and what would you do if you were in my shoes whether that be real estate advice or any advice in general. Thanks a lot and I appreciate anyone who took the time to read this.