All Forum Posts by: Kenny Smith

@My Nguyen

You should then be able to write off 1/3 of your mortgage as well.

Best of luck!

@Chloe Darst

Welcome to BiggerPockets! You have hit the JACKPOT of resources for real estate investors. You can literally find answers to all of your questions within the confines of this site. What’s the best way to get started using BiggerPockets?

1. Subscribe to the BiggerPockets Money and Rookie Podcasts

2. Attend the FREE WEBINARS

3. Attend a Meetup in your area/virtual meet ups

4. Purchase the Beginner Books: How to Invest in Real Estate, Set for Life, The House Hacking Strategy

5. Peruse the forums! Ask questions! Answer questions! If you are consistent with learning real estate over the next 4-6 months, you’ll be ready to purchase your first (or next) property in NO TIME!

Good Luck,

Kenny

@Lee Tuggle

Welcome to BiggerPockets! You have hit the JACKPOT of resources for real estate investors. You can literally find answers to all of your questions within the confines of this site. What’s the best way to get started using BiggerPockets?

1. Subscribe to the BiggerPockets Money and Rookie Podcasts

2. Attend the FREE WEBINARS

3. Attend a Meetup in your area/virtual meet ups

4. Purchase the Beginner Books: How to Invest in Real Estate, Set for Life, The House Hacking Strategy

5. Peruse the forums! Ask questions! Answer questions! If you are consistent with learning real estate over the next 4-6 months, you’ll be ready to purchase your first (or next) property in NO TIME!

Good Luck,

Kenny

@Janet Gonzales

Before you do anything, you need to figure out what your options are with the equity, or selling the property outright.

There are so many different routes you can take. Multi family, Single family, STR, MTR, LTR, flips, syndications, etc...

I'd recommend start reading a few books so you can learn what strategy may be the best fit for you in your life right now.  Check out a few beginner BiggerPockets books, Set for Life, How to Invest in Real Estate, and The House Hacking Strategy.  From there, talk with a local investor/agent to get an idea where the market is now (in your area), where its headed, and if selling makes sense for you right now or not.

Best of luck!

@Hariharan Elavarasan

I believe you can do it through Zillow if I'm not mistaken.  Also, Facebook marketplace is a great source, roomster.com, hotpads, zumper.  There are a lot.

Best of luck!

@Tyreek King-El

Also, check out the book on tax strategies through biggerpockets!  It will give you a good idea of what should be expected from your CPA if you know what needs to be accounted for as well.

Best of luck!

@Nick Bruckner

Have you gotten quotes yet? I would 100% get the landlord insurance. It is going to offer you additional coverage, and for not much more money. Also, if you are doing an STR in that unit, you may want to find a carrier who offers "home share coverage" as well which is another layer of coverage. Liberty Mutual is where I get mine.

In my opinion, you can never be too careful with insurance and liability.  I am not an insurance expert, and don't claim to be.  Talk to your carrier on this, but without landlord coverage, it may be possible that your tenant can go after you if something were to every happen.  Spend the extra money, it could just save you from something catastrophic down the road.  

@Nickolas Chapman

Welcome to BiggerPockets! You have hit the JACKPOT of resources for real estate investors. You can literally find answers to all of your questions within the confines of this site. What’s the best way to get started using BiggerPockets?

1. Subscribe to the BiggerPockets Money and Rookie Podcasts

2. Attend the FREE WEBINARS

3. Attend a Meetup in your area/virtual meet ups

4. Purchase the Beginner Books: How to Invest in Real Estate, Set for Life, The House Hacking Strategy

5. Peruse the forums! Ask questions! Answer questions! If you are consistent with learning real estate over the next 4-6 months, you’ll be ready to purchase your first (or next) property in NO TIME!

Good Luck,

Kenny

@Abel Casillas

You could look at creative financing such as doing seller financing for the downpayment amount.  Have you looked into this?

Best of luck!

@Zane Muckey

Welcome to BiggerPockets! You have hit the JACKPOT of resources for real estate investors. You can literally find answers to all of your questions within the confines of this site. What’s the best way to get started using BiggerPockets?

1. Subscribe to the BiggerPockets Money and Rookie Podcasts

2. Attend the FREE WEBINARS

3. Attend a Meetup in your area/virtual meet ups

4. Purchase the Beginner Books: How to Invest in Real Estate, Set for Life, The House Hacking Strategy

5. Peruse the forums! Ask questions! Answer questions! If you are consistent with learning real estate over the next 4-6 months, you’ll be ready to purchase your first (or next) property in NO TIME!

Good Luck,

Kenny