All Forum Posts by: Jeff Langham

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $34,000
Cash invested: $7,000
Sale price: $50,000

Purchased as our primary, fixed it up with extra cash, turned into a rental for about 3 years then sold.

What made you interested in investing in this type of deal?

This property was very outdated and I was able to purchase it for an affordable price. It had great potential.

How did you find this deal and how did you negotiate it?

My wife's parents owned it.

How did you finance this deal?

Conventional financing through a local bank.

How did you add value to the deal?

Repaired termite damage, renovated the bathroom, installed carpet in the bedrooms, and installed a wood-burning stove.

What was the outcome?

It generated decent cashflow, about $400 per month until we sold it to purchase another primary residence, in the bay area of California.

Lessons learned? Challenges?

This was the property I cut my teeth on DIY renovation, I learned a great deal and was able to gain good experience in renovating houses.

@Peter Tverdov I hear about “Say Rhino” on the Remote Real Estate investor podcast today and found it interesting. Your post from last April was also very interesting since you mentioned your management company basically takes non-refundable payments. Just curious what would happen if the the tenant decides to stop making those payments and leaves the property damaged.

@Greg Hoffmann - thanks for starting this thread!

@Jeremy Jackson - I'm not a wholesaler but am a commercial real estate agent, specializing in central coast apartments. Are you looking to purchase multifamily in Santa Cruz/Monterey?

Congratulations Yosef!

@Jonathan Pflueger we just listed and closed on 129 Grant St. in Santa Cruz, CA. It was on the market for 6 days and we have a long list of interested buyers so it's probably best to send me your email address. We are likely to get some Monterey County and Santa Cruz County listings soon. You can email me at [email protected] and I'll add you to our email distribution list.

Good to know Jonathan. I’ll keep you in mind as I get more apartment inventory in Santa Cruz county.

I used a self-directed IRA to invest passively in a syndication but I don't know what I should do with the K-1 I received. Do I need to update my taxes with this K-1?

I didn't realize that a side gig was an option and was advised that since I currently am a W2 employee it wasn't an option so I rolled my TSP over to a self directed IRA.

I spoke to a solo 402k provider and a CPA and it turns out I don’t qualify as I’m not self-employed.

@Raven Armenta - Thanks. It's going to be a great year.  Your goals are inspiring as well.  I've been wanting to connect with other MF investors. The closest I've come is to being a passive investor in a 256 unit complex in Beaumont, TX. 

@Brian Pawl - I have read multiple articles on the pros and cons of investors having a license and decided that since I already had taken the RE courses needed to take the exam I might as well take the exam as it may potentially help out with a commission when purchasing my primary residence(s).