All Forum Posts by: Jason Rodriguez

I have been renting it out for 1 year, and my tenant just signed a lease to stay another year. I'm hoping to keep this tenant for as many years as he wants to stay unless I decide to sell.

My rental property is listed under a trust that is in my deceased mother's name (she put the property in the trust, and I am the trustee). I don't know whether it's best to leave the property in the trust or to get it under my name or an LLC, etc. I was listening to the BP Podcast 109 with Attorney Scott Smith, and they were discussing this some.

Any recommendation or things I should be aware of?

Thanks!

Thanks, Joe. I am considering partnering with 1-2 investors who are also colleagues of mine...just to get my feet wet. Other than that, I am still seeking a rental for the home I own free-and-clear. My goal is to have a renter by the end of the year. I don't intend to stop working full-time yet. Not really sure when I will make that move.

Michael, Bill, and Dawn:

Thanks for the insights. Since all 2-3 people involved in the potential partnership are in the government contracting field, I'm sure we would all demand that everything be delineated in writing for the sake of clarity and accountability. That shouldn't be a problem.

I'm considering partnering because I'm still pretty new to all this, and I my two colleagues are more seasoned, so it might be one great way to start - by joining 1-2 people who have some experience.

A newbie to REI here. I'm wondering what people's experiences have been in partnering with others to rent out houses, flip, etc. Do you recommend it? What are the pros and cons to consider? I realize answers depend on a numbering of factors (e.g., what the goal is, experience/capabilities of people involved, overall approach, etc). What do you recommend to someone considering partnering with other investors?

Welcome, Michael. I am also a newbie in FL (Tampa). I am currently trying to rent out a 3/2/2 home, my first experience trying to rent. Luckily I own the place free and clear, so the bills aren't to painful while it's vacant. Best of luck as you begin your REI journey. BP is the perfect place to increase hour knowledge base and get pointers from experts. Jason

Thanks to you both, Buddy and Paul, for your insights and suggestions. Right now I'm soaking up as much knowledge as I can and trying to save money while I determine the best approach to take to achieve my goals.

I certainly appreciate your taking the time to read my intro and respond. This is very helpful and is one reason that BP is a great resource for many, especially those like me who are trying to get started.

Thanks!

Jason

I’m Jason Rodriguez from Tampa, FL. I am 35 years old and am considering real estate investing as a career change. Now is probably the right time for me to do this. But first I need to learn much more about it and find people who can help me make smart decisions.

Here’s my current situation:
• I own a 3/2 house in Ocala, FL (I own free and clear and pay $4,400 per year in expenses – insurance, taxes, bills). The house is in a 55 and over community and is 80 miles from me. It’s listed for rent at $750/month. Currently no tenant.
• My only debt is the mortgage on my primary residence. I owe $165,000.
• I have $150,000 in various investment funds and high-yield savings, as well as a $20,000 in an emergency savings account. I can move this money anywhere at any time without penalty.
• My 401(k) currently has $80,000
• My Roth IRA has $1,800
• I work a full-time 9-to-5 job that I don’t enjoy. It has allowed me to make and save money, but I don’t enjoy going to work, and most of my time and energy goes into my job. I need more flexibility and control over my time and schedule. I need more freedom to do things I truly want to do.
• I’m currently working with my financial advisor to develop an exit strategy and business plan for transitioning to a career in real estate investing.
• One of my biggest concerns is health insurance. My situation is unique because I have one lung, and I have to get CT scans every 6 months and see my pulmonologist several times per year. I must have health insurance and have always assumed that if I don’t have employer-provided health insurance, I could be in trouble.

Starting out, here’s what I’m looking for:
• Guidance, advice, and ideas on how I – given my current situation – can achieve greater financial freedom
• Networking opportunities with people in the Tampa Bay area
Thanks in advance for your thoughts and ideas. My experience on this site so far has been great. A very helpful resource, and I love the podcast!

Jason