All Forum Posts by: Jessie Keating

Based on your strategy and where you're at in your investing journey, what would you do with $100k??

I ask because I would love to be inspired by other strategies, or perhaps better define mine!

I have $100k to invest after 3/1/22 and I want to purchase my first investment property. My ultimate goal is $120k cashflow per year by 2027 (essentially in 5 years), and while STR's make my heart pitter patter, I am also looking at out of state LTR's. I am in AZ so our prices make it difficult to get cashflow here (although appreciation is amazing so I might be able to leverage that).

@Brandon Pace it looks like @Basit Siddiqi is a CPA! I am not sure if being in Utah matters 

@Julio Garcia ooh I love the idea of duplexes, but alas my area doesn't have them and I am not quite ready to venture out of state. I bet the Modesto area is very desirable!! That would be a good use of $100k

- What city would you buy in, and why?

- Is it in your home state, or out of state?

- Short term rental? Long term rental? Flip? 

@Joseph Greer I am in the same boat - looking at Gilbert and intimidated by the market right now. I remember buying my current home, I DID have to sign something that said I intended to live in the house as my primary residence. Now, I don't know how they would enforce that but I am not trying to gamble with it either. 

I have been saving for years, and I am going to be cashing out some stock in March-ish to buy a rental, hopefully close to downtown Gilbert. BUT I insist on buying a home below market value and doing some renovations, so it might take me a while to find the right one! 

@Greg Schuricht Awesome suggestions, thank you!

@Daniel Hyman you are a life saver - thank you! I am the newer investor you mentioned. I am just learning about what I can write off and how taxes work when I have an LLC.

I also did read the Bigger Pocket book on taxes on my mind was BLOWN. I definitely want to invest in a good partnership with an accountant because I see how much of a difference it can make.

Not to mention the competition of BUYING a house with NO HOA in Scottsdale. Out of state/country investors are swooping in with all cash. Right now houses all over Phoenix are getting an average of 13 offers according to my agent, and Scottsdale is going to be rough because everyone wants to invest there. NOT impossible, but good to know what it looks like to enter the market!

I lived in Scottsdale until I was 23. I am looking to start a STR but Scottsdale is SO over saturated.. there is like a new property coming up every week! The allure is really the bars so the comment about parties is accurate - but there are already so many properties that cater to bachelor/ette groups... paired with the fact that big events like Barrett Jackson and the Phoenix Open are going to look a lot different in 2021, I just don't know.

Anyways, I did some price shopping and $300-$450/night seemed to be the range for peak season, pool required almost. So you could get that, it is just the most competitive area.

Hello, 

This week I will be calling 3 CPAs that supposedly specialize in Real Estate Investing. What questions should I ask to determine if they are the right ones for me?

I want someone who can find the most deductions for me and minimize my tax liability as I build my portfolio. 

It would be nice if they could do my personal taxes too, since I think those cross over, but not sure if that is how it works.

I am looking to build a vacation rental business, not sure if that makes a difference to the questions I would ask? I can only think to ask how many clients they have that do STRs.