All Forum Posts by: Lewis Anderson

Investment Info:

Other buy & hold investment.

Purchase price: $280,000
Cash invested: $35,000

A short term rental for a tiny house in the great smoky mountains.

What made you interested in investing in this type of deal?

Love the mountain area and new it was great place for vacation as well as airbnb friendly.

How did you find this deal and how did you negotiate it?

worked with a real estate agent in the area

How did you finance this deal?

2nd home loan

How did you add value to the deal?

The HOA is working to add value to all of the properties by creating a man-made lake.

What was the outcome?

The property is now under Haven property management and now listed as an airbnb

https://stay.havenvacationrentals.com/listings/113415

Lessons learned? Challenges?

Choose your property managers wisely. I had to quit one of them.

Investment Info:

Single-family residence buy & hold investment in Fredericksburg.

Purchase price: $306,000
Sale price: $390,000

My home that I am house hacking. Allowed me to make money by renting the other rooms and when I moved I let a property manager live there so that they gave me extra income.

What made you interested in investing in this type of deal?

I wanted to use my VA home loan.

How did you find this deal and how did you negotiate it?

I was showed this by a real estate agent in Fredericksburg. I was a community of townhouses that was being built.

How did you finance this deal?

VA home loan

What was the outcome?

I house hacked it until I moved than gave the property control to a property manager in the area. When the first lease was up we sold the property.

Investment Info:

Single-family residence buy & hold investment in Panama City Beach.

Purchase price: $150,000
Cash invested: $20,000
Sale price: $200,000

This is a short-term rental property that will be rented to vacationers in Florida. When Real Estate prices went up, I sold the home in order to cash in on the profits.

What made you interested in investing in this type of deal?

It was close to the beach so that people on vacation would come and stay. It was also a nice cozy area as well as quiet.

How did you find this deal and how did you negotiate it?

My real estate agent knew the area well and got me a killer deal for it.

How did you finance this deal?

conventional vacation loan

How did you add value to the deal?

repaired the roof and repainted the inside as well as furnished the place. Also installed a washer and dryer.

Lessons learned? Challenges?

I learned where to look when looking for home. Particularly when it comes to the most expensive stuff to repair such as the roof, air conditioning and other things such as a septic tank.

I am trying to get my nlms license to be a loan officer I have completed 20 hours of education and just need to pass the test what can I do after that to get my foot in the door. 

We talking about FL or CA?

@January Johnson The reason why they got the home at %10 down was because they probably said that it was a vacation home which allows you to pay only %10 you still have to pay for PMI and other stuff but that is minor.

Hello everyone I have a question regarding taxes I am deciding whether or not to take a job in South Korea. I was wondering if I did take the job could I exempt myself from paying state taxes or federal taxes. The important part of the question is the state tax because I will probably keep paying federal tax regardless.

There are many different types of life insurance companies that sell different products. For example as a financial broker I have come across insurance companies that have clauses that if you have a stroke or are terminally ill or receive a critical injury you can receive up to 70% of your coverage. Life insurance is not something that a lot of people want to talk about but it does give people peace of mind knowing that there assists are protected if they cannot work.

Tax season is here and now that I have house hacked my home as well as bought a home in Florida I am looking to find a CPA to help me file my taxes and help me claim all the deductions that I can. Any referrals anyone?

Investment Info:

Single-family residence buy & hold investment in Panama City Beach.

Purchase price: $150,000
Cash invested: $20,000

This is a short-term rental property that will be rented to vacationers in Florida.

What made you interested in investing in this type of deal?

I have always love the beaches in florida and decided that I wanted a property that would double as a vacation home for me and a rental home when I am not using it.

How did you find this deal and how did you negotiate it?

I know a real estate agent there that knows the area very well she found it and I bought it.

How did you finance this deal?

Conventional

How did you add value to the deal?

I got them to cut the price by 10,000 and I due to the roof condition I got 2100 dollars off the closing cost.

What was the outcome?

I know own a home in Florida that can act as a rental and a vacation home. If I want to go on vacation in Florida I can simply call the rental managers and let them know. I also can look forward to a very profitable summer.

Lessons learned? Challenges?

This was the first time I bought a home out of state and it was a brand new experience for me.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Of course I have a real estate agent in Florida that would love to get new customers she has done more than require to make sure this process was as smooth as possible. If anyone wants her information DM me.