All Forum Posts by: Jake Hart

Hi Michael,

I'm a Tax Accountant in the corporate world for a large REIT but know that Brandon Hall (The Real Estate CPA) here on BP has helped a lot of individuals. I've read a lot of his posts and listened to all his podcast and he seems like an awesome real estate tax accountant that really knows his stuff. He's somewhat pricey though, which seems to be the only downside. If you ever do have a questions or something I could always try and help you. Being a tax accountant and just recently getting into real estate I kind of have taken a passion of the tax saving strategies that I can now use. Good luck with your search!!!

Alexander,

I'm new to the investment world but with my first property I went with a college rental. I know Missouri State is there by you so I might start looking there. My 5/bed 2/bath college rental house cost $100k and rents for $1,750/month. I get about $500/month in cash flow. It's 2x what normal SFH get and I think less risky as most kids have either parents money or student loans to pay for their rent. Pricing around Missouri State might be more but its worth looking into.

- Jake

Hi BP

I'm hoping someone might have some good advise they could offer if in my position. I'm very new to the investment world and acquired my first rental property the beginning of this year. It was an outstanding deal that cash-flows around $500/month w/ only $18k down. I now have the cash to purchase a second property but am running into a wall. Between my primary residence and my rental along w/ a very cheap car loan (under $200/m) my debt-to-income has reached its max which is the 43% from lenders. Well, if I purchased another property I would be at like 55% so I wouldn't qualify for the loan. My issue here isn't money its lending qualification. The next house I get will be under $100k so I can't go through B2R or a lender that doesn't consider your debt because they seem to all have limits of $100k or more per property. I could pay off my car but then there goes my cash. I can't sell my car and can't sell the my primary residence. As I am 1 1/2 years away from having my current rental income counted towards my "income" by lenders I am kind of backed into a corner. Does anyone know if there are lenders that would consider lending on 1 years tax return with a signed lease for the following year? My thinking is that If I can't get another property within the 1 1/2 years, by the time I have filed 2 years of tax returns I could probably buy 2 or 3 properties at that time. Any thoughts on my situation?

Thanks,

Jake

Hi Carl... I've never really been a big social media guy but I have learned that if you want to be a good investor you need to be connected... What better way than BP! 

Nicholas,

I work for a large corporation and my company has a 401k match program. They will contribute dollar for dollar of my salary up to 5%. Like most, I see this as free money the company will give to me if I contribute. I don't however really care for the 401k, but the fact that they will invest up to 5% is pretty nice. What I do is invest in the matching plan and nothing over that. So I only put in 5%. When I purchased my first rental property I then took out a loan on my 401k to help fund the deal. The nice thing is that the money grows for your tax deferred until you need it but the bad thing is you have to pay back the loaned amount into your 401k to avoid the fees and taxes. If you can afford the repayment its well worth it to help get you started in the investment game. Remember, the interest paid on your 401k loan goes back into your 401k account.

My plan is to continue to let my 401k grow with the help of my companies matching plan and then take another loan against the 401k to help fund my next investment property. When the time comes when I eventually quite or move jobs, I will just roll the my 401k into a self-direct 401k plan and invest that back into real estate to be used for my retirement. I definitely won't be relying on the stock market for my retirement.  

I'm new to the investing world. Just recently purchased my first rental, but its netting around $500/month in cash-flow. The fear of losing was something I really had to overcome. Having to put $18k down of my own money wasn't something that I had ever done before in my life so putting that much on the line was very uneasy. Even now I still get the fear bug come upon me thinking of my next deal or all the "what ifs". I'm sure those will always be there but the one thing I do to help overcome this is always go back to the numbers and basics. Just take it one step at a time and always ask for help or advise if you don't understand or need a second set of eyes on the deal. 

Hi guys, gals, and all my pals... I'm pretty new to BP (at least profile wise), but have been listening to the podcasts and reading the forums for about a year now. I recently just purchased my first student rental property and can now legitimately say that I am a real estate investor. I felt that it was time that I start connecting with others that have the same interest in mind because I know these connections will likely become valuable to me with my future investing. I just wanted to say Hi and thank BP for what it has done in my life!