All Forum Posts by: Keric Allen

Justin Taylor , how goes it get getting connected? Been very quiet on the Mobile, Alabama forum for a while. Have you gone to any RE investing meet ups? Keric Allen

This broken into goal and brief how to accomplish. Finally settle on my property Mgmt co. Name. Write Prop Mgmt Co. slogan, mission statement and vision statement. I have some rough drafts for each of these and will test them with all of you to see if they convey the message I want them to! Read 20 books. 10 real estate, 10 business/ personal growth. I am currently 3/4 way through the E myth and it is incredible. Will probably reread it as soon as I’m finished so I can really refine the notes I’ve taken. I started it yesterday but plan to read 30 minutes every morning, instead of watching Fox News while I drink coffee, in order to accomplish this goal. I built my list of all 20 books I’m going to read a couple days ago. Purchase two 3 bed 2 bath 2 car garage, properties in Mobile, AL that cash flow (after vac./minor exp./capex) at a minimum 200$. To accomplish this I will connect with a qualified intermediary on BP, go to lunch with my realtor in Mobile this month to discuss game plan, and work closely with my finance guy in Utah to make sure I have all my finances and documents ready to go so I can meet the 1031 exchange timelines. Create step by step guide for analyzing properties for our portfolio, so my wife can join me on this RE adventure. To do this I really need to just sit down and write every step I take when analyzing a property and add links to the resources (tax assessor/insurance agency/rent comps/etc.) I use to pull info.

Hell everyone and Happy New Year! During this time of year where everyone typically reflects on the past year’s event and sets goals for the coming year, I thought it would be great to hear what RE goals people have set for themselves in 2018. These are not those half a$$ed resolutions that are for the most part doomed to fail, these are goals that we work hard at each day to achieve. So whatcha got?!?!? Keric

Shawn Finley , welcome! There is a lot Of great info on BP. I don’t have any construction or major rehab experience, but whole heartedly recommend you check out the E myth and learn about working on your business not in it. Eventually you will tire of swinging hammers and toiling under the sun/rain all while enjoying that sweet smell of lumber. Eventually you will want to take a month vacation with your family while your business continues to rehab properties and make you money. Eventually, etc...! The E Myth, lots of other books, and BP will set you up to succeed. Welcome and let us know how 2018 works out for you new adventure. Keric

Nathan Lilly , you are doing great and can afford to wait a minute. Assuming you are going to graduate in the next year, wait to purchase to make sure the job opportunity that presents itself will not be soured by having to leave a rushed property purchase or worse, prevent you from leaving the area. After you get your post graduation dream job, which may take longer than expected, enter into a short term lease and take that time to learn the market you will be staying in (assuming you will stay there) and wait for that deal that fits your investment criteria, your numbers, and your future plans! Just my 0.02$ but I think your future would be better served saving money and growing your RE investor knowledge here on BP and elsewhere in order to prepare for your big move forward in the future. Good luck and you are well ahead of all your fellow students by already thinking about the future and other forms of income. Keric

Courtney Fricke awesome work! I plan on being at the meeting on the 20th. If I remember correctly we were going to have a property manager speak or something like that. Anyone else coming? See you there! Keric

@Nicholas Aiola, I am currently serving in the military and it is my understanding that service members can avoid paying capital Gains taxes on a primary residence as long as they have lived in the home 2 years out of the last fifteen. For everyone else it’s 2 out of 5, which may change soon. My question for you is how does that exemption work if I have purchased multiple primary residences over the past 13 years? For example, I purchased a primary residence in Alabama and lived in it for 3 (2004-2007) years, transferred to Texas where I purchased another home and lived in it for 1.8 years (2008-2009), moved again and purchased another home in Houston and lived in it for 3 years (2009-2012), moved to Virginia and rented for 3 years, and finally transferred to Louisiana and purchased another home which I have lived in for the past two and a half years (2015-present). I will be stationed somewhere else this summer and would like to keep my current residence as another rental property. Can I avoid paying capital gains taxes if I sell each property during a different year or does my exemption only count for one of the properties mentioned. Hope that makes sense. I appreciate your offer to answer all of our crazy questions! -Keric

Had a great time at the tap room and coffee house last night with a handful of people in the area. We plan to meet up again in February, expect to be a weekday in the evening! So, I hope to see everyone there again and maybe a few more.

@Courtney Fricke great meeting you. Can't wait to here more about your auction flips and what you're doing to get prepared to be a landlord. Get that refinance going so you can get some $$ and keep your REI machine running. Can't wait to see what you come up with in regards to wholesaling with your HUSTLE!

@Ryan Monier Wow! what an impressive resume, I doubt I was the only one thinking "man that's where I want to be some day". I look forward to hearing about your success and sponging some knowledge off of you.

@Jeff Albaral great meeting you and your lovely wife. Hope to hear good things about what you plan to do with that big piece of land your house is on and that second living area. Maybe think about some really good blinds in case you forget your clothes when you head into the kitchen!!

@Pablo Mendez Glad you and your wife made it. Looking forward to learning about what you did to get started in wholesaling at our next get together. Get that plan of action written down and then take the first step.

@Chris Verdigets It's never too late to start and it sounds like you're on the right track with BP, the local CREIC meeting and learning as much as you can. I'll see you (hopefully others will be there) at the upcoming meeting on the 20th at 630.

Thanks again everyone for showing up. Looking forward to getting to know all of you and learning from your success. Please shoot me an email with your personal emails, if you'd like, so we can engage a little more privately if need be.

I think I got everyone...,

Anyone at the Tap Room? I’m running behind, will be there in about 15 minutes.

Looking forward to seeing everyone tomorrow evening. I’ll try and get there a little early and get a good sized table. I know we all haven’t met so our faces may just blend in with everyone else’s. I’ll print up something that says bigger pockets and put in on the table.