All Forum Posts by: Kyle Mack

Quote from @Christina M.:

@Kyle Mack check with your/an Accountant on paying capital gains on your personal residence?

We are looking at about a $100k profit if we get what we are asking for the house after remodel. We talked to an accountant and she told us we would be somewhere around $17,000 in caption gains taxes and my wife and i don’t want to pay that much when we could stay another year and not have to pay it

Quote from @Zack Berridge:

@Kyle Mack take out a HELOC on your primary residence for downpayment and look for lenders who will finance purchase and rehab.

 We just took one out to fund the remodel of our current home. We plan on selling for a good profit when we are past the 2 year mark to avoid such harsh capitol gains tax!

Quote from @Kai Kopsch:

@Kyle Mack starting RE investing without having access to funding is very difficult because if something goes sideways you need to have funds to recover. Besides the traditional Funding, I would recommend building relationships with Banks and Credit unions I know a lot of investors who started out with a personal loan from Navy Federal or AMEX and house hacked their way up. In the previous posts, you can see it all about your track record in MFH investing, after you have done your first 5 to 10 small SFH deals successfully the door to funding will automatically open. I hope this helps! Good luck with your journey!

 Thanks so much!

Quote from @Jonathan Greene:

There isn't really anything worth giving money in your ask. Why would someone give you the money? The construction experience you have is good, but are you a licensed contractor and electrician able to pull and close your own permits? That would be a plus, but still...if you have no properties, no experience as a landlord, and no capital, when you ask for an investor, you just want money and have not much to offer over others who can do the same. What are you willing to give them for the downpayment?

 This is what i need advice on. I’m a first timer looking to get started and am not sure quite how to convince someone to lend me their money for a down payment when i have no experience in managing properties. What is an investor looking for in return? Do they just want a fixed interest rate on the loaned amount or do the want a percentage of the monthly income on the property as well?

Thanks in advance!

Quote from @Bruce Woodruff:

Quote from @Kyle Mack:

Quote from @Bruce Woodruff:

What are you bringing to the table? 

Where is your skin-in-the-game?

 We will manage the property full time and handle all of the rehab and maintenance!

Ok, next question:

What is your experience with a) property management and b) construction....?

IOW, thinking like a money person, what would make me want to give you money over someone else?

Well property management we have no experience since this is our first investment property! But, my wife is a realtor so we have a some pretty good mentors since her co-workers have experience with rentals. 

I have been in the construction field for going on 8 years now and have 4 years carpentry experience and 4 years in the electrical field. I have remodeled my past 2 homes completely by myself so i have learned a ton over the past few years!  

Quote from @Bruce Woodruff:

What are you bringing to the table? 

Where is your skin-in-the-game?

 We will manage the property full time and handle all of the rehab and maintenance!

Hey guys I’m looking for advice. My wife and i have been talking about buying our first multi family property and we are looking for an investor who would fund the down payment and possibly some rehab if needed. If anyone is interested please contact me. I will need to know all the details on how paying the investor back works. This is our first time reaching out so any and all advice helps!

Hey guys I’m reaching out because i am thinking about trying to find a private investor to find a flip. My only question is what is a good percentage to cut the investor in on the profit of the sale? 50/50?? Basically i would be lining up all of the contractors for the flip and/or doing some of the work myself i just need the investor to fund the flip.

Thanks in 

Hey guys! 

Quick question. If i am going to buy a flip house for 150k and my estimated remodel cost is at 30-35k are there certain types of loans to where i can finance the extra 30-35k on top of the purchase price of the house?

Thanks so much! I think i eventually would love the $1000/month in cash flow and to be in the rental game long term. That being said i would also love to make profits quickly and be able to buy a plot of land cash in order for my wife and i to build our forever home and have the central base for our 2 children sooner rather than later. 

To add to my first question- What is a good profit margin to expect on a flip house? Percentage wise and or dollar amount