All Forum Posts by: Kevin Vo

If you decide to fix and flip, remember that you'll want to live in the property for 2/5 years to avoid capital gains tax. Cap Gains can quickly eat away at your profit.

If you go in on the property with your buddy, be sure you have a contract the outlines expectations and what happens in various scenarios (i.e. what happens if the market tanks).

Thanks Maria, the tech scene here is doing great and hasn't been slowing down at all plenty of work to do.

We do have a verbal agreement on what happens and what is fair if things take a turn for the worst. We'll be taking in a 50/50 responsibility for whatever happens, but I'll definitely be getting a written contract as soon as we have some prospects.

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Originally posted by @Chris Freeburg:

Welcome @Kevin Vo! You'll find the Denver community is strong on BP!

Have you considered house hacking? You can put as little as 3% down (though 5% more common) on a house that you occupy as your primary residence, then live in one side and rent out the other. You could buy turn-key, but if you really want to BRRRR, you could buy a fixer-upper (or a place where just one side needs work).

I have definitely considered house hacking and at the right price and property I would not be opposed to it. Definitely looking into a fixer-upper so I can really get my hands dirty and learn the insides and out of the entire process. I'll connect with you Chris! Thanks for the advice.

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Originally posted by @Marlen Weber:

Welcome to BiggerPockets, @Kevin Vo. We're excited to have you here as well.

Thank you Marlen!

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Hello BP,

Excited to be posting for the first time in the BP forums. I'm 27 working full time in IT here in Denver, CO. Like a lot of others, reading Rich Dad Poor Dad was a paradigm shift for me. It changed how I viewed money and the time used everyday to obtain that money. My best buddy and I are looking to purchase our first property in the near future with the intention of putting in lots of sweat equity so we can fix and flip it or to BRRR. My long-term goal is to be able to have the option to leave a W-2 job for a 9-5 that I create myself.

I am excited for the opportunity to learn from everybody and to have my name out here on the forums!

-Kevin Vo

3 Votes

All Forum Posts by: Kevin Vo

Kevin Vo has started 1 posts and replied 4 times.

Post: Newbie Hailing from Denver, CO

Post: Newbie Hailing from Denver, CO

Post: Newbie Hailing from Denver, CO

Post: Newbie Hailing from Denver, CO