All Forum Posts by: Lauryn Meadows

@Lane Beene yes, the properties are in QOZ and we have put roughly $55k in them so far- another $45k this year to finish the project.

@Ashish Acharya okay that was what I was wondering. I was unsure if those are taxed as capital gains. Thank you!

Is anyone utilizing this for the 2018 tax year? I cashed out my 401k and my husband cashed out 50% of his annuity in April of 2018. We bought a mixed portfolio 8 units (bought 4 properties on same note) in May. Is this something we can utilize to defer the gains on our 401k and annuity cash out?

@Steve Vaughan that’s what I’m looking to do. I only have one personal credit card at this time. With only an $8,000 line. I guess I’m just worried I’m going to ruin our credit by opening a bunch of small cc.

@Thaddeus G. I’m going to try but I don’t think that’s going to be as easy as it sounds. The ones I’ve talked to look at credit history (not a problem) and debt to income. They don’t count rental income as income which will through my debt to income ratio.

@Jay Hinrichs 😂😂 I'm finding that true! Little did I know. I guess we all learn somewhere. I'm talking to a credit union now. It's looking more like I'll have to get a $100,000 HELOC on the remaining $50,000 in equity and pay off the second mortgage ($50,000).

Does anyone know of private money/ hardmoney/ credit card companies that will do an unsecured LOC for $50,000?

I have an 8 units mixed portfolio deal that I’m BRRRRing. I’ve completed half of the rehab and need an additional $50,000 to finish. This property has two mortgages so I really need unsecured. I have been preapproved for the refinance of these properties in May and can pay off the $50,000. My private money lender backed out last min. Here are some numbers. 

Purchase price $250,000

Portillo loan $200,000 

Owner financing on $50,000 

Appraisal before renovation $373,000 

Total renovation budget: $100,000

ARV low end: $480,000

ARV high end: $550,000

Refinancing in May for $380,000 

Paying off 2nd mortgage ($45,000 after paydown)

And ($50,000+ fees for remaining renovation) 

Hey all! I’m interested in starting a property management company in my area, as my market doesn’t really have any companies that provide this service. This is a tri state market, so I’d need to obtain a license and then brokerage license in all 3 states. Does anyone know of a school that can transfer OH to KY and WV? I’d like to have one that can work for all three so I’m not out more time and money. Thanks! 

@Chris Marston for easy numbers yes. Just remember to factor in your purchase price, money costs, renovation costs, closing costs, etc. when doing your numbers. Also make sure the rental cash flows when you finance the $75,000 with market rent. If you miscalculate or forget to factor one of these things in it can skew your numbers. Good luck!

Has anyone started their own property management company? In OH I’d either have to get my brokerage license, or hire a broker to hang their license in my property management business. There aren’t any property management companies in the markets in my Tri-state area. The most “professional” one I’ve talked to is a guy that drives around collecting cash from tenants once a month- having close to $10,000 in his car! I have 8 rental units now, with a goal to scale to 50 in the next two years. I know that I’ll want to at the very least have someone in house if I can’t outsource the management. (I’m just landloridng now because I want to experience everything first hand and get systems together for someone else.) What are the margins in a property management company (manging other peoples properties)? And if I’m going to go on and get my brokerage license, should I go on and start real estate agency? What are The Pros And cons To this and is there money To be made?