All Forum Posts by: Kenny Tran

Hi everyone, I recently sold a house and made 80k net profit. Can I defer paying taxes on the 80k if I bought an investment property with the earnings? I currently am in the process of buying 2 properties and putting down a total of 50k. I am using the proceeds from the 80k to purchase these 2 investment properties but I dont know if its possible to lower my tax bill by purchasing these. 

I am also a new investor so I am no pro but I will say 3 important things I was taught to have when investing was peace of mind is as equal as profits, never put all your eggs in 1 basket, and always have a cash reserve. It seems you will be stretching yourself thin if you are putting a majority of your money in 1 house. Life happens, things go wrong and will go wrong. 

Dont shoot yourself in the foot. Always have a bottom line. Even if it is a good deal, if it hurts your bottom line, dont do it!

Hi everyone,

I am 26 years old from California and I just bought my first 2 rental properties in Chicago. When I bought these 2 houses I inherited the tenants as well. One has been at one house for 6 years and one has been at the other for 15 years. Both are section 8 tenants and that is my safety net as to how I am able to manage these and to get rent collected since I get it direct deposited into my acc every month. I do have a friend down there whos a handy man who I can call up in case anything goes wrong.

To sum it up, both houses combined I am making a 15% ROI. Both houses combined net me $6,312 per year and I put down a total of $47,000.

I didnt buy these houses 30% below market value as most investors say you should do. I bought these houses 10% below market value so I cant refinance and get my money out so I have my down payment stuck in these. These houses arent turn-key so I know I can add value to these if I updated them but I dont plan on doing that until the tenants move out. Since they have made these homes their home for so long, I dont want to increase the rent or anything. 

I wanted to ask all of you experienced investors If I am doing a good job. I feel like I am not doing "enough". I dont feel like I am doing anything wrong, but I think I just have the case of wanting to be more and do more. Typical young people problems haha. My plan is to buy more rentals and have a rental empire like many of you. 

I look up to all of you real estate investors and I would love to get some tips or words of encouragement from you all. Where were you at my age? Anything you would do differently? Anything I should look out for? What do you think I should do in the next 5 years to scale? 

Thank you! 

 

Hello all,

I am 26 years old and I just bought my first rental property ! The 3 main reasons I bought this house is 

1. It has a section 8 tenant living there for 10 years 

2. The house must be in good/livable condition since the same tenant has lived there for 10 years and it continues to pass the HUD inspection

3. HUD covers 100% of the rent so I dont have to collect any remaining rent from the tenant

4. I am making a 19% ROI so its a great deal

I do have a friend whos in construction live close by so anytime I need anything fixed he can come by. 

My question is IF the tenant moves out, does HUD provide me with a new prospective tenant or is it up to me to find one? Also, just out of curiosity, If my tenant moves out, does that mean HUD will cover 100% of the rent of the next house they rents as well? Reason I ask this question is because I want to get a feel of the chances of my tenant possibly leaving and see how hard or easy it is for them to find another house with a section 8 voucher.

Thank you!