All Forum Posts by: Justin Koopmans

@Kyle J. what county did you attend all those hearings? And where do you mainly invest? 

Seriously @Kyle J. you're the man! Thanks so much for the feedback everyone. 

@Michael Prim, don't mean to hijack your post (so please ask more questions if you need to), but I was about to ask the same question in regards to small and mid-sized multi-family. I'm looking at a duplex and a 9Plex right now. I don't have an realtor representing me and so I'd like to submit a letter of intent before we write up an official offer. 

Smart? 

If so, does anyone have a good example of what a letter of intent should look like? I've googled it and google spits out a bunch of different options of what it could look like. 

@David Zheng congrats man! That's awesome! Thanks for sharing, helps to motivate those of us starting out :)

Hello BP-California!

I'm a newbie from Utah planning on moving to California (northern) in the next few months and was planning on house hacking for my first purchase. But then........ my father (who is an experienced investor in Southern Utah) told me to be sure and see if California's laws are landlord or tenant friendly before I dive into the deep end. 

So what is y'all's experience with this? 

Is this something I should be concerned with? If I get a bunch of horror stories back I've also thought to live-in-flip instead, in which case I obviously would not be dealing with tenants haha. 

Lemme know :) Thanks a ton for your help!

Hey @Andrea F.! Sorry for the late response, sometimes I get on BP and go straight to the calculators without checking the posts haha!

Anyways, honestly you seem more informed about the LLC area than I do. But my plan has always been to transfer it to an LLC later (but use a low down payment down like FHA to purchase it). I'm not super worried about pulling equity out to be honest. The main reason I would put it in an LLC (obviously) would be to protect myself against tenant lawsuits and such..

But, like I said, you seem more informed in this area than I do!

Awesome. Thanks for the feedback @Michael P. and @Mindy Jensen. Mindy, when you say "renting out parts of it" are you referring to buying a multi-fam that needs rehab or a single fan and then renting out the rooms? Do you have experience with both? 

@Michael P. yeah I guess I mean rehab and flip. For example, I've come across a foreclosure in the area I'd like to invest in. It's listed for $140k, very superficial comps have come back around $240k ARV and I think it needs about $50k of work.

Now, I definitely need to dive into this more and verify everything before I jump into the deal of course. But I look at that and figure I can make maybe $60-$70k in profit tax free after living in it for two years and thus boost my investing power.

But I like the combo idea. Just for reference sake, if I were to do the same deal and sell it right after I rehab it and make $50k in profit what would I expect to pay in taxes on that?? 

Awesome thanks @Bob Okenwa for the input!

@Kyle Davis, so I am jumping into this pretty late. But have you checked out this book? I'm currently reading it and it sounds just like what you want right now. The author specializes in small to mid sized apartments and always talks about investing out of state. Check it out!

https://www.amazon.com/How-Make-Money-Small-Apartments-ebook/dp/B00N57JBXW