All Forum Posts by: Micah Young

@Farshad Zahedi I’ve lived and worked in the St. Louis area my whole life. Feel free to reach out with questions.

Greetings, I’m looking for a piece of software that will be the most efficient/automated and allows us to track expenses by each job. We have multiple employees with multiple different credit cards (Home Depot, Visa etc) for our business.

Has anyone come up with a system or used a software that allows all of the purchases from those cards to be compiled into a tracker and categorized by job and also other categorization such as Store?

I know we could use quick books, but I don’t believe it is as efficient/automated as we would like.

Greetings, I have seen questions about house hacking taxes before, but none that have answered this specific question: 

I am filling out the depreciation section of the Schedule E. 

The property is a four family, I live in one. I understand that I cannot claim depreciation on my own unit. My question is, how do I answer the following question?

Enter the number of days the property was rented at fair rental value 

___________________

Enter the number of days the property was used for personal purposes

___________________

We owned the four family for 164 days in 2020, so if we answered the questions literally, I would say 164 for both. However, many people on here have stressed the importance of 15 days.  

Do I just answer 164 for each question of is it something more complicated? Thanks

Greetings, I am a part-time real estate investor and I am looking for someone to build a long-term relationships where we can build trust and hold each other accountable.

I have found that it’s not usually about knowing what to do, it’s about doing it, taking small steps towards the goal.

I’m looking for someone who would be interested in holding each other accountable for those steps and growing together!

If anyone would be interested, let me know!

@John Whitfield

My main focus: finishing the rehab on my unit.

Basically only base cabinets and finish work left, but Home Depot thought the 2 month delivery time wasn’t enough, they also hit me with a wrong cabinet on the base as well.

@Dylan Bond

Greetings, I’m new to investing as well and don’t really feel like paying for coaching, but totally see the benefit of surrounding ourselves with like minded people.

I’m a teacher, but bought my first fourplex 6 months ago :)

Greetings folks.

I am a teacher and in July, I bought my first fourplex a few months ago.

My question is... where to go from here?

I know my goals:

Buy one or more properties that get will net me a total of $6k cash flow

AND

Make $10k in a business that is either extremely scalable AND/OR teaching me more about real estate.

When it comes to side hustles/side businesses, I guess I don’t know where to start.

I have considered getting my license OR wholesaling, but I always get hit with thoughts like “you can’t be successful as a real estate agent part-time” and “you can’t be an ethical wholesaler.”

I guess it’s hard for me to draw the line between realistic and anxiety.

I guess I just am just seeking guidance...

Thank you.

@Joe Villeneuve

I have a question Joe. I am under contract for a rural 4 family. Because it's rural, I'm assuming that it's going to appreciate slower. I also am probably not buying it "right".

I am buying it because I can't find any other places to owner occupy that cover the rent AND cash flow decently when I move out.

Couple questions: does my situation just mean that the 3 to 5 time period would be pushed back to even longer (low appreciation, not buying it "right", living in one unit for a year)

I was considering investing in the surrounding rural areas because it's less competitive, would you recommend against that?

I am anxious because even though one bad deal is a learning lesson, I am a teacher and don't have a ton of money in the first place.

I want to get all my money to work for me in the best way possible.

Anyway, thanks again for your awesome insight! It's unlike any of seen on other forums/podcasts/channels.

@Joe Villeneuve

Joe. I don't know if it's because your blunt or you're just a wise real estate sage, but this is the most beneficial and interesting discussion I've ever heard, especially about equity being basically the same as useless cash until it's able to be mobilized.

I hope to have such a simple, strategic, objective, and successful outlook on real estate In a few years after I gain more experience.