All Forum Posts by: Jim Sestito

@Jason Powell I Have found that high paying W-2 looks great on paper but is also super demanding and time consuming.  It would take a real focused person to be able to get going in RE as a side hustle w that job... 

I work a middle-highish income w-2 job w some flex... seems to be working out.

Thanks @Rachel H.  Do you have example of a SF deal you have done - on either side as buyer or seller?

@Frank Adams  -- The trust she has the property in owns the home.  Thus canceling any chance of the 250K owner occupied break.... 

I have no interest in keeping the property and it has no sentimental value to me... but renting it out and or selling and trading up has to be a better play than selling and taking 80+K in tax bath...

Hi BP,

Have come across a deal that may be worth seller financing.  

Understanding everything is negotiable -- what are some examples of terms you may have used on a seller financed deal?  

Downpayment, interest rate %, length of note....  Curious to see how others structured.

@Karine Ingraham 

Rents are very inexpensive in T AZ - perhaps MIL could just rent and you guys could buy a property to rent out with a 12 month lease to a professional.

If mom can find a pad for 700/mo and you can find a place that brings in 800/mo its a win in my book...

Maybe down the road if you want to transition that home to self use you could.

@Anthony Gayden

@Frank Adams

Appreciate it guys -   fancy myself as a head thinker not a heart thinker when it comes to real estate but I may be off here.

Main kicker is the estate would have to pay about 80K in cap gains tax post sale.

Long term plan would be to rent both units for 12 months.  Sell - 1031 tax exchange profits into larger investment.

Quick numbers:

Total rent/ mo : $3,300 safe - also 2 garages for potential of more income.

Total Monthly Costs: $1760

 P+I : 0

Taxes + insurance: 550

Landscape / snow: 150 

Water/Trash         :130

Prop Mangmnt:  330

R/M                   : 300

Vacancy (the 1 bedroom has never had over a month vacant in the 40 year she has owned it. )                    :  300

Hi BP,

Looking to keep an elder family members property in the family as opposed to selling right away and 'killing the golden goose.'  It has been hard to get other members on family on board.  Does anyone have an easy read / article / video / podcast they would recommend showing the power of real estate investing leading to generational wealth?

Thanks in advance,

Jim

@Ernesto Hernandez - This is what we like to call a VALUE ADD post.

- Added value to your investing career by focusing and pulling the data - also making it more understandable to yourself by having to make it clean to share with others.

- Then big value add to those on forums... and a few people in those markets have already 'I'm in city xyz if you need help'   --- really cool and what I think @Joshua Dorkin had in mind when he started this thing ...

@Anton Ivanov Nice post and congratulation.  Quick question and sorry if I missed answer in post - do you still own your parents house?

@Benjamin Riehle Great work.  Nice to see someone so passionate about investing in their backyard.