All Forum Posts by: Jason Drager

Quote from @Jason Drager:

Quote from @Cody Hawkins:

Quote from @Chase Keller:

@Cody Hawkins,
That's exciting!  Obviously you'll find a ton of advocates of the benefits of RE here, but you're definitely getting on the right boat!  
Househacking is one of the best ways to get started in RE, I did it myself and have helped several people through that strategy to get the ball rolling.  
I'd start the conversation with a good lender so you know what you can do to get you into the best position when it's time to make the jump.  I have some good recommendations if you'd like.  
I'm also a big fan of the MTR strategy, there are a few different types of tenants in that world that will determine where you'll want the property to be located.  
I'd love to help where I can, reach out with any questions you have

Thank you so much for taking the time to respond and impart some of your wisdom. I had one follow up question to what you had said regarding starting a conversation with a lender. I am currently living in Utah. Would you recommend starting a conversation with a national bank like WF or Chase, or would it be more beneficial to wait and connect with a local lender in the DSM are? What might be some benefits of either approach.

 I would recommend Charlie Chedester with Midwest Family Lending.  I've used him a few times now and have had wonderful experiences.

For whatever it is worth, if you reach out beforehand, he'd be able to offer some insight on how to best-position finances before you actually start a shopping for a mortgage, and can start the process with you of getting a loan file built before you move here.  I used to do credit card churning for bonus rewards and he gave me guidance on when to hit the pause button on that, before we went house-shopping.  Enjoy!

Quote from @Cody Hawkins:

Quote from @Chase Keller:

@Cody Hawkins,
That's exciting!  Obviously you'll find a ton of advocates of the benefits of RE here, but you're definitely getting on the right boat!  
Househacking is one of the best ways to get started in RE, I did it myself and have helped several people through that strategy to get the ball rolling.  
I'd start the conversation with a good lender so you know what you can do to get you into the best position when it's time to make the jump.  I have some good recommendations if you'd like.  
I'm also a big fan of the MTR strategy, there are a few different types of tenants in that world that will determine where you'll want the property to be located.  
I'd love to help where I can, reach out with any questions you have

Thank you so much for taking the time to respond and impart some of your wisdom. I had one follow up question to what you had said regarding starting a conversation with a lender. I am currently living in Utah. Would you recommend starting a conversation with a national bank like WF or Chase, or would it be more beneficial to wait and connect with a local lender in the DSM are? What might be some benefits of either approach.

 I would recommend Charlie Chedester with Midwest Family Lending.  I've used him a few times now and have had wonderful experiences.

Bear in mind, I've not come off the sidelines of REI yet (so limited knowledge), but...

Perhaps offering your properties as "rent-to-own" would give your residents a pathway to home ownership, while providing some form of return to you for your investment, and help ease your morality concerns?

My wife has agreed to get on-board with me getting us into rental property investing.  This is very exciting for me, as my wife is extremely risk averse, but has warmed up to the idea over time.  She asked for a recommendation or two of books for me to "assign" to her, or perhaps a podcast episode to two, to help her learn some basics.

For me part, I've listened to probably 30-50 BiggerPockets and BP Rookie podcasts so far, and I'm in the process of reading Multi-Family Millionaire.  I have an MBA with an emphasis in finance, and personal finance is a hobby of mine, so while I'm comfortable with many of the concepts I'm learning about, my wife has fairly low financial literacy and next-to-no investment/real estate literacy.

I've "assigned" her Rich Dad, Poor Dad, not necessarily because I think it's the best book ever (there were a number of concept presentations that didn't really resonate with me), but because it seemed like a very adequate beginner's primer for financial mindset shifting.

What I would really appreciate is if someone could recommend a book or two, or a couple of specific podcast episodes, that I can give to my wife so that she can start learning enough to be involved in some of the decision-making process.

Thank you to everyone for the helpful advice given on these forums; it's been a great resource for me, and I hope we'll get to the point where it's a great resource for my wife.

Hello!

I live in Iowa and am considering purchasing a SFH rental property in Tulsa, Oklahoma. I'm looking for referrals for the following:

Cost Segregation Study (my understanding is that this is worth considering for any property over $100k, and this is $184k+)

Banks that will do a HELOC on a non-owner-occupied rental property

Insurance agent

Home inspector

Home appraiser

Much appreciated.  Thank you!

Quote from @Darson Grantham:

@Jason Drager I'm local to DSM and there are a few attorneys here that will set up a series LLC to protect your assets, I've also even seen folks get very creative in hiding the LLC within a land trust.

I'm no attorney but protecting my assets and identity for ownership is very important to me also and my experience is that it is really easy to get VERY complicated system at the very beginning, but the further I get into this I realized the set up on the front end is much less important and finding a deal and analyzing deals and networking is 100% more important, just from past experience!

Since you are local to DSM go check out the local investor networking events!! Lot of other smart investors here to share their experience!!

Hello, and thank you! The two local meet-ups I’ve seen so far are one on Friday mornings and one on Tuesday evenings. Unfortunately, I have recurring conflicts with both of those times, so I’d be curious for your opinion on, assuming I make an effort to shift my schedule around one week, which one you would recommend I try to prioritize getting to (understanding that just attending a single meeting is very limited value to regular attendance).

Hello!  New to BiggerPockets, so learning my way around this community.  I am preparing myself to jump into real estate investing within 1-2 years, most likely interested in the Des Moines area (near where I live), so trying to educate myself as much as possible before then, and ideally lay as much of the groundwork as possible.  I know, generally speaking, that I am looking for a more "turnkey" type of experience; I'm still working my day job and between that and my family (wife, two young daughters, aging parents), I have limited capacity to take on ongoing responsibilities like property management.  Ideally, I can push myself through deals as capital/financing/leverage allows, and then have property managers handle ongoing issues.

Hello! I am interested in starting in (residential) real estate investing within the next year or two (within Iowa), once some personal debt has been paid off. I am trying to decide what kind of corporate entity (if any) I should utilize. I am tentatively leaning toward buy/hold turnkey multi-family properties and utilizing a property manager, while I continue to work my day job; my wife is adamantly opposed to moving, so no house-hacking. 😉

I would tentatively be co-owners of this enterprise with my wife, and ideally would pass the enterprise down to our daughters upon our deaths.

My father owned a small professional practice while I was growing up, so I got to experience many of the benefits of business ownership growing up; lots and lots of things able to be run through as “business expenses” (cars, phones, computers, etc.), retirement benefits, etc. The ability to hire my girls as employees and begin contributing to their retirement plans while they are young and establishing themselves, like my father did for me, is something I very much want to be able to do.

My biggest concern, however, it making sure that my personal assets are protected as thoroughly as possible from any/all concerns, such as liability, or if this venture goes catastrophically awry and goes bankrupt. However, I will absolutely be wanting to optimize my financing in any way that I can, so that would also be a factor (wife and I will both be 100% debt-free, with excellent credit).

I've read a few posts/articles on here so far, and "LLC" seems to be the most suggested answer. I took the quiz located at https://www.mycorporation.com/entity-choice-wizard/#!/, and both LLC and C Corp (almost universally discommended on here, it seems) were tied as the best results.

My gut tells me that my above wishlist isn’t going to all be satisfied with any single structure. I will also be consulting with a local attorney as we go about this process, to get professional advice, as well as to draft and help manage whatever entity we go with. However, I wanted to post on here to see what feedback I’d get, and if perhaps there were factors that I was overlooking or misunderstanding.

Gratitude in advance for the assistance! Apologies if I have missed a more definitive guide concerning this issue.