All Forum Posts by: Luke Smith

I have got several specific questions regarding second home mortgage taxes, short term rental legalities tied to vacation home loans, and the process of paying back HELOCs via an LLC.

Message me if you or you know anyone that could help me get some of these questions answered! 

Thanks!

Regarding Cap Gains: For a primary residence, I know that if you live in the home for at least 2 years, than the net from the sale of that home is yours to keep. Does this act the same way for investment props? Or is that even the correct way to ask that question.

Thanks! 

Say you find a property that is for sale, use street view to see the house in none staged photos, natural light, etc and stumbled upon the property next to it. The Property next to it is boarded up, run down, and overgrown, but in an up and coming neighborhood. 

What/where is the best place to find information about this house? 

Secondly, 

In determining future potential rent $ amount for a property, does the 1% of sell price typically hold true? Is that a good metric to use in determining a $ amount to subtract expenses from? 

Thank you! 

@Chad Rocke - Thank you for the feedback. I am reading through BRRRR and How to invest in Real Estate right now. Additionally, just went through the first free webinar with Brandon. I will continue to be active on the site and hopefully soon, post about some success.

Thank you!

BP! 

Today marks my first forum post on BP. Big step over here! 

When I was a Junior in College, I attended my first ever real estate seminar with the guys at Fortune Builders. Ryan Carmody, the keynote speaker spoke about all the possibilities of investing with HELOC's and showed us the wonders of Mobile home park investing. It was then, nearly 8 years ago, that I knew that real estate was a yet realized passion of mine. Over the last 8 years I have built Escape Games, Tiny Homes, mowed 1000+ yards, and installed hundreds of thousands of feet of irrigation, and yet, I still remember that very seminar to this day.

Currently, I am a Project Controls Analyst at a leading Civil and Renewable Energy construction company, but am highly motivated to grow my portfolio, learn more about the RE industry and ultimately spend my time on my own time. Within those 8 years, I have studied real estate on the side; books, podcasts, coffee with real estate agents/investors, lunch with hard-money lenders, and countless BP YouTube videos. My wife and I currently own a SFH that we rent out with positive cash flow. This paired with working with a hard-money lender for 4+ months last year, only made my passion more realized, and furthered my hunger for RE investing.

With all that being said, I am looking to purchase my second B&H this year. What are some questions that I should be asking a potential Mentor? 

My goals consist of:

-Purchasing and prehabbing 10 B&H's over the next 3 years. 

-Flipping 3 homes in the next 5 years. 

-Paying off Student loan debt in full in the next 3 years.

-Leave my day Job to move FT into real estate investing with the focus on Rentals and Flips, but also in a niche of Camper/RV flips in less than 3 years. 

-Set up 2-3 B&H homes w/ 20 year mortgages for (future) kids college fund. 

My Whys

-To be able travel freely

-To spend quality time with my wife, and family. 

-To be financially free from all debt obligations 

-To be able to give/tithe freely and frequently

-To be able to see all 30 MLB stadiums, open a gym, and start a Youth Church camp.