All Forum Posts by: Joseph Watson

Good morning my most excellent BP members. I found a nice little 2 bed 1.5 bath house renting for $615 asking is $31k looking to make an offer of around $25k. My question is after looking at the roi the property looks really good from that perspective. I'm just looking into a pecking order of how you guys evaluate your buys once you see what the roi and cash flow would look like. Taxes are $600 a year with everything figured it would be close to $200 a month cash flow from the start. The issue is it's on a little rougher side of town not to bad though but the neighborhood has pretty nice houses around it. It is tenant occupied with a 1 year lease in place with 8 months left on it. Would love to hear some input on what you guys look for after the numbers and kind of in what order you prioritize them in. Really like the place and think it has a ton of potential look forward to hearing everyone's input! Thanks for reading

This site and you guys are freaking amazing! Thanks for all the information I live in a small town but my goals are much bigger sometimes small town people and businesses just dont understand!

Hi there BP members hope you are all well today. I have a few issues that I am getting large differences of opinions on. I make over 100k a year at my current job and wanna get into rentals on the side to eventually get out of working for "the man" if you know what I mean. With my income that high and being single I am already taxed ridiculously here in ga. Will getting into real estate hurt me in my overall tax picture. I have talked to a couple of small town cpa's. One says there are many tax benefits to owning real estate even with my income and others say I won't see any benefit or possibly negative! I really love the idea of rentals but man it's hard to stay motivated with all the negativity around you not only from people you know but even some professionals in certain businesses. But I'm here so obviously I'm not letting them discourage me. I will make my own way and make my own future. Thanks in advance for any help. I know this is a long read but searching the forum I didnt see much on discussions like this. 

@Steve H that's my understanding to is to do it from the beginning but seems to be a lot on conflicting theories. Also how are you guys tagging people? When I put @ before the name it doesnt tag them lol

@Bart H I already got approved even with the llc. I used Watson family rentals but haven't filed it yet bc I wasnt sure how to go. I just figured you the low initial cost I should prolly go ahead and have one in place. Still weighing the options

@Scott Smith thank for all the information man. Been trying to get educated and get myself in the game.

Wow! So 40 years no llc that's pretty wild. So your advice is you really dont need one?

Andrew it's a 70% rental city but finding good units is hard and pricing. Most everyone is buying slumlord type properties and running them to death. High crime rate but some actual nice places with decent prices.

Hey Scott been a long time man. Hope you're doing good. Yeah I'm approved for a couple at the minute one single family and 2 duplexes put in bids on 2 and in the due diligence process on the third one. Hoping I can learn the ropes and not hang myself lol

From everything I have read most say it's harder to go back and start one once you have bought the property in your name? Any suggestions on that? Thanks for the reply