All Forum Posts by: Keith Walton

Bringing this post back. 

At my primary residence I’ve got a detached 2-story 1.5 car garage I’d like to turn into an accessory/in-law suite in White Marsh and rent in out. Am I understanding the form on the page you linked @Nicole A. that I’d be the first block? 

“Dwelling that is solely owner-occupied, including: (i) One additional individual who is not a minor without regard to the relationship of the individual and without regard to the number of minors in the dwelling unit related by blood, marriage or adoption to the additional individual or under the legal custody of the individual; and
(ii) Individuals related by blood, marriage, or adoption to or under the legal custody of the owner”

Thanks for the welcome, everyone!

@Michael Van, thanks for the feedback. We had planned to BRRRR and still do, however, we do not want to hold property in Delaware.

Besides BP forums and blog posts are there other resources you recommend to learn about the tax implications you mentioned? While I look forward to learning all I can from the investor we met, I would still like to perform my own due diligence. 

Thanks again and in advance.

So, I read a book...and it got me interested in Real Estate Investing. My wife and I were at Chik-fil-A about three weeks ago and overheard two guys talking about Real Estate. She told me I should introduce myself before they walked out, and after lots of encouragement from her, I did. The gentleman I spoke with is a local investor and he instructed me to do two things. 1) Jump on Bigger Pockets, which I had not heard of, and start to self-educate, and 2) go to the local REI meeting, which happened to be the next day. I did both.

Since then I have been reading and listening to all things real estate and have had a second meeting with the investor I met (the other guy was a sub since the investor also GCs his own flips).

Originally, I am from Los Angeles and have lived all around the country. Not only did the Navy and Army move me all over the world, but since my wife and I both got out, we have lived in numerous places and will not be settling in Delaware for more than 2-3 more years due to employment.

During our second meeting with the investor, he stressed that "finding deals" is the most important step in the REI process. He has a 10-year background as a GC, so repair estimation is a no-brainer for him, and he is willing to teach me what he knows in that area. He also explained that finding financing is another secondary issue and again stressed that finding deals and being first in doing so is the step I should and will be focusing on.

Eventually, my wife and I plan to use the Buy and Hold strategy after we figure out where we plan to settle down so I can self-manage our properties. Until then we are grateful to the investor I met while eating nuggets at Chik-fil-A because he turned me on to BP, is willing to share his knowledge, and wants to train me to find deals so he can delegate that process to me while I also learn from experience.

The short-term goal is to engage in our first flip together during 3rd quarter this year. This gives me time to learn what I am doing through action and observation and gives me time to save for investing. The long-term goal is to do both Buy and Holds in the city my wife and I settle in and to continue to do flips.

PS…once my wife and I get to where we plan to settle, we plan to utilize our VA loan entitlement to house hack a quadplex or two before buying a home we plan to live in until empty nesting occurs.

Thanks to all for the knowledge that is so openly shared on this amazing site and I look forward to learning and growing with everyone.

Tuesday the 28th is the next DelREIA meeting for Kent County. It is at the Grotto's in Dover, free for your first meeting, and starts at 6:00 pm. 

Glad I stumbled across this thread since Than Merrill is coming to my town this coming week. Considering the fact that I am new to RE, just moved to Delaware which only has one REI Club that meets local to me once a month, and it is free to just go and listen, I am looking forward to his seminar. It gives me a chance to see if what I have been spending my time studying is sticking and if I am becoming more familiar with all the terminology used in RE.

I'm new to this site and new to the idea of real estate investing. Last night I attended a free webinar through BP about earning X amount per month. The presenter went over three methods for earning money within the industry. 

At the end of the hour and a half presentation, there was a message/question that applies directly to you and one you should be proud of achieving. That message/question was, "So...What's the key to success? ACTION!" 

You are doing it, my friend! You have taken the biggest step toward your own financial freedom and that is by taking ACTION! You are three deals in and learning with every new experience you face. Right now you feel alone, but know that this is only temporary and is making you grow. When you make your next deal you will do what it takes to not feel like you do right now and you are becoming a better investor because of it. 

I encourage you to enjoy your birthday by telling yourself you have become a man of ACTION which again, is the key to success. You are facing a speedbump that will only make you stronger as you continue to pursue a life as a Rental Property Investor. 

Happy Birthday!!! And, Congratulations!!!