All Forum Posts by: Keith Turner

I'm hoping to do a deal like this currently and I'm underwriting it as we speak (looking for guidance). It's on the fringe in a C area in Milwaukee, I did a Airbnb conversion at a similar building and area and it performed WAY better than I expected. 

Property is a mixed use with 4500 ground floor commercial and 8 studio. My thoughts were to make the studios into extended stay for blue collar folk with a modern vibe w/some common area amenities (laundry, vending, & business center) . In addition a crazy part of me wants to operate a spin studio (2000sf) and target a coffee/cafe type tenant in the remaining space. 

I'm at a turn in my career where having 100+ units isn't sexy on top of that I like restoring communities by removing blight and offering employment opportunities and strategically in LMI areas that just have a stupid dogmatic mindset by the greater population that it's not an "ideal" area (i.e. I desire to dismantle systemic racism that allow bad areas to stay bad).

Anyways, this opportunity came up and it's a crap shoot but the downside is controlled and the numbers look REALLY good on the upside 

I have a family member (mother in law) who runs a day care and recently received a certification that gives them more money from the state. She wants to lend me private money for REI because she's both interested and want's to get profits off the books because of taxes.

Is there any way that she (the daycare) could lend me money and/or invest in properties with me with profits to avoid taxes? 

Facts

-The daycare is a C Corp

-I'm not affiliated with daycare directly (my wife is a full time salaried employee)

-I'll be operating out of an LLC

@Brock Y thanks for the support!

@Brandyn Dietman we'll be in touch soon good to see your in this network. 

@Jose Flores that's some solid advice I'm going to start cranking out the Kiyosaki books right away. Thanks.

@Marcus Auerbach will do sir thanks for the support. 

@Jenkins Ramon that's the plan just playing the numbers game as to which one is the best investment.

@Arthur Banks the break even is part of the house hacking concept seeing as I'll be occupying a unit I'd like to be on the upside after P&I, taxes, capex,etc. Then profit after I leave my unit.

@Steven Leigh haha that's funny. I'm using the app and when I selected the forum it said real estate strategies. I even checked to see if I fat fingered it and there were no wholesaling options.

Wow sorry for the typos I posted this from my phone

Hello everyone news to BP here and I've been reading through the post and want to thank you all for the awesome discussions I get to read through.

I'm in the Milwaukee market and I'm looking for my first deal! I'm using VA funding and my plan for the next 3-4 years is the following:

Year 1
Buy a 3-4 unit (250-300k) multifamily breakeven (preferably 100-200 profit) whole living in 1 unit. Save and like modestly below my income.

Year 2 
Continue house hacking from year 2 save for any hiccups. Using rental calculator with 10% capex)

Year 3 
Buy new multifamily (3-4) at 250k (if VA funding permits the amount usually capped off at 417k) move and make primary residence for 1 year per VA guidelines.


Year 4
Depending on where cash flow is buy single family or duplex. Then use work income and rental income to:

A. Seller finance with substantial upfront payments more units

B. Flip single multifamilies

C. Commercial properties (5 units)

Ultimate goal being to get 25-35% annual return on debt. So with the 2 multifamilies let's assume that I have 500k in debt and pay 2400 a month on that I'm making between 500-800 a month after all expenses.

A little background on me I'm married 1 kid probably plan on another at the 5 year mark. My career is military pilot with national guard and at the 3 year mark Ill be a commercial pilot. Conservative salary combined will be 150k before taxes till year 5-6 hope to move to majors and have household 250-300k.

Looking for tips, suggestions, comments, and or mentors.

Thanks for the support guys. Im actually looking for a multi family in the milwaukee area right now since I'll be here for awhile till training starts. 

Hello BiggerPockets community! My name is Keith and I'm a recent college grad, father, husband, and soon to be pilot with the Jackson, MS ANG. I'm here to learn challenges, perspectives, and benefits of being a REI as well as build lasting connections with people.

I'm looking to build a portfolio of properties in the long term, but in the short term I'm looking to get my feet wet and learn as much about the REI market.

If you'd like to connect please reach out.