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All Forum Posts by: Jess White

Jess White has started 21 posts and replied 146 times.

Post: Thoughts on college?

Jess WhitePosted
  • Rental Property Investor
  • San Jose, CA
  • Posts 152
  • Votes 159

@Allan Foote It comes down to one thing. Self awareness. If you know that there is a very specific thing you want to do, I.e. Nurse, Doctor, Engineer. Great - go that route and get that specific degree. Congratulations, now you are an informed consumer and not a mindless rat going just to go.

However, if you want to get into real estate or you don’t know what you want to do. I would not waste a minute of my time on a university. I promise you that you do not need a degree to succeed in this business, and you can make it work in up and down markets.

The world is changing, and it’s changing fast. In the next three years, the time you would spend on a degree, you could secure your first 5-15 deals that would forever shape your life at such a young age. Go eat dirt, hustle, work for free, and follow this mentor and you can crush it. I promise you it’s waiting for you if you are willing to work and want it bad.

You can always go back to school. You never get your early 20’s back. Just remember, do what’s right for you. Only you know what’s the right path.

For all the opposing ideas that you make "connections" in college and so forth. You will make 10X connections actually working in REI and going to flip and construction sites as well as REA meetups. Go offer to work for free for a investor. Do the stuff they don't want to do, just so you can be around them and model their actions.

Life only gets more complex as time goes on. Take massive action while you are young and you will reap the benefits for the rest of your life.

Take care,

Post: Should I buy another property or force cashflow in my duplex?

Jess WhitePosted
  • Rental Property Investor
  • San Jose, CA
  • Posts 152
  • Votes 159

@Zackary Martin like Jake said, congrats for taking action. You learn and become successful by getting out there, taking action and making mistakes.

Since you’re house hacking it, I would likely just keep it, since you already need a place to live.

House hacking isn’t all about cash flow. If you’ve got half the mortgage you would’ve with a regular home, you are doing alright. If you live there a couple of years you will at least get loan pay down which is awesome.

I would slowly DIY renovate the side you are living in while you are there. Then, when you move out you can get higher rents for that side. Likely making that whole place cash flow positive, and with less loan to pay down.

Keep it up bud, you are doing great!

Post: Buy a Tesla Model 3?

Jess WhitePosted
  • Rental Property Investor
  • San Jose, CA
  • Posts 152
  • Votes 159

@Jay Hinrichs Let the record show, this is the first opinion of Jay Hinrichs I agree with. Haha

Post: Moved in a Tenant who has little kids... READ!!!!

Jess WhitePosted
  • Rental Property Investor
  • San Jose, CA
  • Posts 152
  • Votes 159

@Cameron Riley FYI, probably should post something like this publicly in a forum. HUD and any tenant you rent to could find this easily and sue. I say this as a courteous friend. I would honestly asked to have it removed for your own protection.

Post: Real Estate Professional vs. Non Professional (Taxes)

Jess WhitePosted
  • Rental Property Investor
  • San Jose, CA
  • Posts 152
  • Votes 159

@Natalie Kolodij Thanks for the reply. That really helps clarify some questions I had.

Post: Real Estate Professional vs. Non Professional (Taxes)

Jess WhitePosted
  • Rental Property Investor
  • San Jose, CA
  • Posts 152
  • Votes 159

What’s the difference when it comes to taxes?

What can you write off as a “Professional” that you can’t as a Non Professional. I’m referring to the IRS terms for investors and the differentiations.

Post: What rental REI expenses can I deduct while still a W2 employee?

Jess WhitePosted
  • Rental Property Investor
  • San Jose, CA
  • Posts 152
  • Votes 159

I am currently still a W2 employee while building my real estate business out of

My question is this, what can I write off on my taxes while I am still a W2 employee and not considered a "Real Estate Profressional"? I currently have one new construction SFR and I am currently building two more.

How does this play into my standard deduction on 24k annually on my personal return? If my expenses don't exceed that amount, do I not get any deductions? Can I write off my mileage, cell phone bill, travel expenses, etc.

A few insight facts:

1. I have an LLC

2. I frequently travel to my properties

3. I am a full time W2 employee but work only part time on my rental business - I am still fairly new.

Thanks everyone!

Post: Are the best real estate investors also in the stock market?

Jess WhitePosted
  • Rental Property Investor
  • San Jose, CA
  • Posts 152
  • Votes 159

@Teri S. What percentage would you say you are in the market vs real estate? I’d like to get a good gauge from everyone.

Post: Are the best real estate investors also in the stock market?

Jess WhitePosted
  • Rental Property Investor
  • San Jose, CA
  • Posts 152
  • Votes 159

@Nicholas Lohr I think the 80/20 ratio is a pretty good number. I might just adapt the same.

I love the control aspect of REI over the stock market. However, there's still a part of me that would feel like I'm missing out if I wasn't at least somewhat vested in the market.

Post: Are the best real estate investors also in the stock market?

Jess WhitePosted
  • Rental Property Investor
  • San Jose, CA
  • Posts 152
  • Votes 159

@Mike Dymski I really like that answer when it comes to knowledge, makes perfect sense.