All Forum Posts by: Justin Johnson

@Andrew Kougl I’m assuming she leveraged the work that needs to be done into her negotiation.

@Jonathan Oakley if you do come to UK, let me know and I can get you in with the brokerage with the largest market share in central KY. Its very competitive here in lexington right now, and there are some upfront cost to get your license. Before you can represent a client, it will be around 3k with a majority of it being joining the local board of realtors association.

I’m trying to sell my home before the 24 month mark (I’m at 20 months) the profit is between 30-40k. My tax guy said that there is an exemption to the 2-year rule, but I can’t find it anywhere. Are you all aware of a Kentucky tax exemption (first time selling a home)?

Any guidance will be greatly appreciated!

@Ryan Moye

Hey Ryan, so in the state of KY there are some laws that you need to be weary of. You have to be represented by a broker, that broker will normally not be appreciative of a completely individual brand without any connection back to the brokerage. Also if you create another business to funnel leads make sure that you are not breaking Tie-in laws. Moving from Wholesaling (little regulation in KY) to becoming a real estate agent is a different world. You have the skills to be a great agent from your wholesaling experience, but a certain way they make us do things. As always, This is not law advice and I would recommend an attorney.

@Timothy Boyd Awesome man, I’m glad you have entered the game! I’m familiar with the Williamstown area, do you have all the units occupied as of now and did you inherent the tenants? Also do the tenants work local or commute to dry ridge or nky? Super excited to see this journey, and please update how it’s been this far!

@Rachel H. This was amazing, thank you so much for all the tips!

Some questions regarding mobile home investing.

Most of my private lending deals have been with SFH, 13 years, 11.7% annual interest. With these I plan on buying and seller financing immediately. With an outside investor, what kind of returns are they seeing and with what time frame. I'm trying to be creative, but it's hard to recreate for me for some reason. I understand that I can take care of the cost of a single mobile home but I'm trying to figure out how to scale more efficiently.

What is the most cost efficient way to transport a mobile home to a mobile home park? I’ve seen everything from 1k-5k for short distances (under 50 miles) and 5-10k for longer distances. Do you make deals with the mobile home park owner to help on the moving cost since you’re raising the value of their park? I’m trying to find a way to not spend as much since the asset class is already not an expensive one for a single unit.

I’m super eager to start and have a vision for mobile homes, any advice would be great and would send me in the right direction of taking action. Looking forward to sharing my journey with you all!

@Jeremy Hart i will clarify. There is good podcast called “borrowed Future” put on by the Ramsey crew.

We are over 1.5 trillion dollars in student loan debt. The government has federally backed student loans since 1965 making lending 100k to a 17-19 year old (whom can’t buy beer, tobacco, or vote) a low risk loan. It is worse predatory lending then we have seen with the mortgage companies pre- 2008. Some statistics: 1 in every 4 student loans are very late or in default. Every 28 seconds a student loan goes into default. 1 in every 15 student with student loans over 50k have thought about committing suicide bc of their loans. A cabinet member of president johnson (the one who federally funded the loans) has said that they have created a monster. Colleges continue to raise prices because they know students will always be able to be approved for student loans. The process to get one takes about 2-3 minutes (freaking crazy). Finally, the schools are not required to educate or even tell the student the interest rate and many just sign the document that’s presented to them. It’s a very sad, unregulated loan process that we the tax payers will always ensure is paid. That’s the scam he’s referring too.

@Dave E. You already addressed the issue I believe. Don’t just smother her with your excitement. If you’re anything like me, I get excited about my next big plan and she just thinks its one my ideas lol. Just cater to the things she enjoys, it may be the design and she could help you pick out some things in a rental or show her the financial freedom it can bring you all. It’s a slow gradual process, good luck man!

@Tristan Osborne first of all congrats on taking the first step for setting up your family for life and creating generational wealth. It’s a marathon not a sprint. I’m 21 myself and have 2 rentals and almost done with my first successful flip. The biggest thing I’ve been able to do is network, it’s allowed me to reach capital that is nearly impossible to have at our age. Even if the person that wants to network with you has never done a deal, network with them and get their contact. This happened for me and I was able to reach out and he had a family friend that was willing to lend me 100k on my flip. Add value to other people’s life and they will bring you and show you the ropes.

To answer your question, I agree with most people here. If you’re not married or have anything holding you to a single family home right now. I’d go house hack duplex or quad plex. Duplex will allow the other tenant to pay your mortgage and you can save all cash from your employment. A quad plex allows one-two tenants to pay your mortgage and the other cash flows. The thing you have to worry about is simple things like vacancies and reserves for repairs. Also having your tenant next door can become annoying. Good luck in your future endeavors!