All Forum Posts by: Joe Koppel

That sounds great but it is all the way across the country for me.

I am at the end of a divorce and had to sell everything. My home is on the market for sale right now and when it sell I expect to have $100,000+ free cash and I want to but some rental properties to get cash flow going.

I live in San Diego CA, and will retire in 2-4 years so I have to stay here for now. I was planning on buying property in Texas because move in ready homes go for $125,000 so I figure I could buy 2-3 rentals there. But I am told by some here that this is a bad idea.

Homes are way too expensive to buy here in California.

So where does the smart money buy rental properties at?

How is California going to nail me on tax?

OK you are raising a lot of questions for me. I know that I have to put down 20%as an investor. The reason I wanted to buy in Texas is because there are a lot of houses that go for around $125,000 so the down would be manageable. I estimate I will have about $100,000 cash of mine when my home here sells so I wanted to buy 2-3 rentals. 

If I buy in California just 1 down payment would suck up all my cash. It looks like the tax rate where I want to buy in Texas is 2.321% Is it higher for investors?

 Thanks Christine, when you say a 4% tax what kind of a tax are you referring to? Not property tax right?

Hi, I live in San Diego, CA but am going to start buying rental property in Texas. Is there anything I need to know about this? Like do I need a business license to buy rental properties in Texas?

I am just an individual and not a company. I am working full time in San Diego and buying rentals now to supplement my retirement.

Thanks Eric, that's the kind of info I'm after. I will try to look him up.

Thanks Tyler but I have a real estate agent already that I'm confident in in Texas and also her business partner that is a a contractor and real estate agent too. My house here in San Diego has been on the market for about a week and so I am just waiting for it to sell and I will begin buying property in Texas.

I want to get off on the right foot with proper accounting and bookkeeping.

Thanks I am very good with computers and spreadsheets so I am comfortable with entering things myself. I think I need someone to tell me what software to use and coaching on how/what to enter.

What software do most people use?

Hi I sold my house and have a sizable bit of cash and want to start buying residential rental property in Texas. I live in San Diego, CA. I am just small time and will just buy one at a time.

My question is how do I keep my finances squared away? I don't want to go to a big accounting firm and pay big bucks (I'm cheap) but what do I really need? I'm thinking I just need someone to keep me on track, tell me what software to use and do my taxes every year.

Maybe I just need a person working out of a hole in the wall business or even out of their house so what should I be looking for? An accountant or just a bookkeeper or what???

Thanks, Joe

Just finished going through a divorce and had to sell everything including my house. Now I have some considerable cash and want to start buying some rentals. I'll ask some questions in the forums. Thanks!