All Forum Posts by: Jonathan Pavkov

I rented to a guy a few years ago who had used a home equity loan to buy two rentals. He ended up loosing both rentals and his primary to foreclosure. I am not saying don't do it, but understand the risks. Nobody who lost everything in real estate is on BP to tell their story. All you will hear on these forums is "go for it" but in the end if it goes bad, you are the only one who suffers.

Investment Info:

Single-family residence fix & flip investment in Oceanside.

Purchase price: $430,000
Cash invested: $110,000
Sale price: $699,000

Bought as a foreclosure, did a complete upgrade on kitchen, baths and flooring.

What made you interested in investing in this type of deal?

This was our second fix & flip.

How did you find this deal and how did you negotiate it?

Used a local realtor.

How did you finance this deal?

VA financing, then used a HELOC for the upgrades.

How did you add value to the deal?

Home was very dated and just needed a complete upgrade throughout to make it an exceptional home.

What was the outcome?

Worked out perfectly. We initially were going to use a realtor who lived in the neighborhood and was an "area specialist" to sell. But when we brought him through he scoffed at the idea that we wanted to sell for $700k telling us that nothing in the neighborhood was worth more than $600k. We then reached out to our investor network and got an investor savvy realtor who successfully sold it to a cash buyer at $699k.

Lessons learned? Challenges?

This one went very smoothly with only minimal delays during renovations.

@Samat Davletshin Visit before you buy.  Many places are less desirable than they seem on paper.  

Hi everyone! I recently purchased my first property and plan to house hack it. It is a Duplex located near Johns Hopkins University in Baltimore, MD. I am unfamiliar with how the tax process works for rental units, and I would like some suggestions on whether or not I should start an LLC to receive rents from my tenants. When tax season comes, I want to ensure I have taken the right steps to receive the most deductions and tax benefits for my property.

Also, I will most likely use TurboTenant to manage my property. Is that a good choice?

Newly started LLC for investing in rental properties. What can I expect to write off at the end of the year? Any guidance on what mistakes were made by any of you early on? Should I hold off on buying equipment suck as a laptop until after my first home purchase?

Anyone have a recommendation for a CA tax advisor?