All Forum Posts by: Jeremy Williams

 Hey there Nick! If you have time and are willing to share that contact, I would love it as well!

Absolutely, I would definitely only get involved when a core four group of individuals have been vetted and put in place. The reasons why my wife and I are setting out to create this passive income, allows me to handle the risk. Thank you so much for taking your time out to respond as well, I appreciate it so much!!

Absolutely, I would definitely only get involved when a core four group of individuals have been vetted and put in place. The reasons why my wife and I are setting out to create this passive income, allows me to handle the risk. Thank you so much for taking your time out to respond as well, I appreciate it so much!!

Thank you Jess! Luckily having grew up here most of my friends and even family are contractors or electricians. The relationships I've built here in western Washington, allow for really good prices on work, plus I refer them out to my RE sellers and buyers for work to be done before listing or when after buying.

Yes indeed, the three it's going up I think the only short-term rental that we would do in Washington would be converting our own house into a short-term rental space. Besides that I think we're looking to do a short-term rentals out of state and places like Arizona, Florida, North carolina, maybe even nashville? 

what areas are you seeing affordable listings in our area to buy short term rentals? 

thank you so much for taking your time out to respond, are you in the greater Seattle area?

 Thank you Joe, this makes sense! I appreciate you taking the time out to respond.

quick back story: Self employed RE Broker in Greater Seattle Wa, my wife is a w2 employee, 133k HELOC, 50k COH, looking to acquire first investment through brrrr, flip and/or short term (airbnb) most likely out of state

Getting right into it....

My wife and I have just closed on our HELOC and we have some COH as well...we have a few different options and were looking to see what others would do in our shoes....

1. We were thinking of using the HELOC to flip (while costal market is hot...reinvest into Midwest/southern markets)?

2. Purchase multiple properties with heloc using it as a down payment (try to force some simple sweat equity to brrrr back DP)

3. We have a 500 sqft (walkable and above ground) crawlspace that the city says we can convert to an ADU/MIL, we have been quoted 70-90k for the build out with a GC (not including city planner or architect). We would use this as a short term rental/airbnb.

4. Purchase 2nd home and do short term rental airbnb/traveling nurses

5. Purchase 1-2 motorhomes and rent them out through outdoorsy type hosted sites (yes I am aware that this will never appreciate  and will depreciate quickly) these do extremely well where we live.

Thank you for reading and responding, my wife and I appreciate your time! 

Super sad to see Brandon go but excited for his next steps and the fact that David will still be on the show with all of his amazing analogies and easy to follow and listen steps to investing. That was a huge come up for BP to bring him on

Than you for the quick reply! After my right off's my net income is lower than what is needed to buy here in my current market, so I was thinking of buying a duplex+ and use the income to qualify for more?

Good morning my fellow BP-ers! After reading the richest man in Babylon, I have come to the source of all things knowledgeable, to seek advice. I am currently an agent/broker in WA state and have a couple of other businesses. When speaking with my preferred lender on qualification amounts (I am getting married next year as well and my house will have 2 additional kids), my qualification amounts were far less then needed due to net income vs gross income. My lender has told me to just not write off my taxes for two years (even though all my write offs are good) and to just pay the taxes on them so that I can qualify.

Upon doing research I was thinking if I get into a multifamily where I wouldn't need to qualify for as much because some of balance would be used from rents?

Should I wait and pay taxes or find a multi family?

Thank you in advance!!