All Forum Posts by: Kayla Elliott

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@Account Closed that's awesome congratulations! What does your real estate portfolio consist of at the moment? and what's your plan to grow it to where it needs to be in order for you to retire?

@Account Closed I think that is a HUGE factor in planning the future income streams as just that - streamS. Having multiple income streams from multiple vehicles I am finding, is very important to me. For instance, having a Roth IRA that is generating income from a real estate fund as a single stream of income. Our duplexes with cash flow as another stream of income. An employer-funded 401k for growth through mutual funds as a third stream of income. And then various side-gigs as multiple other streams of income. They are a mutually exclusive and are all growing at their own pace and that stigma that I have is starting to fade.

Hey all, 

Thanks for the input! I think the key takeaway is that I want to merge the strategies by buying real estate in a Roth IRA. I am aware of the tax implications of the different accounts, however I will definitely be making more money in the future (or so I hope). That being said, it makes more sense to pay the taxes now and then grow the money post-tax. I think just taking the steps to recognize that logically, I need to be comfortable with sticking with the best decision for me and not taking what people say is the right decision.

Any ideas on how to stay true when seemingly most of my friends are not into the same lifestyle? 

@Jerrad Shepherd

This is true... and my answer is definitely that I don't trust the government to always act in my best interest. That being said, I don't totally trust the stock market either. Still something tells me that not having ANY money at all in a traditional retirement account is not right. Maybe that's just a product of my parents :)

How does one get past the idea of NOT having a traditional retirement account and into the mentality of leaning on rentals to consistently bring in cash flow? Grew up in a traditional household and trying to break free of the panic that sets in realizing I won't have actual retirement bank account with cash in them but will have assets that churn positive cash flow. So scary emotionally even if logically the moves totally make sense! 

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Orange.

Purchase price: $655,000
Cash invested: $170,000

Purchased for $655k, we are building a duplex in the backyard as the house is zoned R2. Rear unit should rent for $3,000 (1k per room) and we are house hacking the main house ($800x2 they are friends so we give them a $200 discount on rent a month) to cashflow positive $450 even as we live in the main house. Who says CA REI isn't possible?

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

We were looking for ways to make money in California by adding value to a normal property.

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

We found this deal on the MLS and was the second place offer that after the first position offer was accepted and fell through, we were ultimately selected.

How did you finance this deal?

US Bank has a loan that includes construction costs into the mortgage.

How did you add value to the deal?

We are spending $170k to add a second unit in the back yard and we are house hacking the main house.

Hi Aaron first off, welcome! and second, I live in Foothill Ranch, CA (a couple miles southeast from Irvine) and I would highly recommend for a family. There is little traffic in Foothill (crazy right?) and it has great schools and is still very close to Irvine and the hub that it has become. Baker Ranch neighborhood is about 5 miles from the Irvine Spectrum and brand new! 

Just putting some feelers out there. My husband and I have a small savings growing to start playing around with and considering the returns in CA are not getting better any time soon, I am wondering if anyone local to SoCal owns property in Nevada? If so, what are some of the challenges/perks to being set up in this way? 

I have family in Henderson, NV and go there about once a month anyways so I'm just trying to see what my (best) options are and if anyone has done it. 

I highly doubt you will find a duplex in coastal SoCal for 250k or less and if you do, give me a call I'd love to partner. However another option is to buy a property with an ADU (Additional Dwelling Unit) on it in an older part of town preferably near a landmark or University that has high rents. What this does is allow you to rent the additional unit out and helps cover the monthly cost of the mortgage, but you should expect to pay at the least 550k and that the most 750k for a place like this.

Happy hunting!