All Forum Posts by: Mike Finn

Hey everyone, new to BP and have lots of questions. Sorry if this question is too broad or basic.

I am trying to understand a basic tax scenario. Let’s say you sell a rental property for a 100k profit (just to make it easy). What would the tax impact be? How does one minimize that tax impact? How long do you have to reinvest that profit into the down payment of another property, or multiple properties?

I have heard people mention that you have anywhere from 90 days to two years to reinvest that profit and avoid a capital gains tax. 

Can anyone out there help me better understand this?

Hey everyone! I'm very new to the BP community. I currently have two rental properties that net me positive cash flow. I am trying to figure out the next steps. I like the BRRR method but, despite reading a book on the subject, cannot seem to grasp the refinance portion of the BRRR model.

I understand traditional Refi’s and have refinanced both of my properties. I do not understand how you can refinance a rental property, get better rates, and then…get money? I cannot seem to wrap my mind around the actual mechanics of how this works. What am I missing here? Am I a moron?

 I'll send you a message!

 Hey Alex, I would be interested in meeting. Full disclosure - I am not sure if I am open to investing alongside others, just because I dont know how it would work. Would love to connect and get more information!

 Thank you, Milton! Do you know the best way to contact Ron Ireland? Should I search for him through linkedin or is there a way to find him on here (very new to this site)

 Thank you Luthor! Appreciate the response. I'd love to talk more about what has worked for you in the KC market. Seems like hard money is the way to go. How have you leveraged them in the past?

Hey everyone - new to the community! My name's Mike Finn and I live in Kansas City, MO. I am 31 years old, and just had a daughter a few months ago. So far dad life has been great (minus the lack of sleep!) and my wife and I have really enjoyed this adventure.

My day job is in Supply Chain at a chocolate company. I manage a team of six people and make pretty good money. There's lots of upward mobility, but I don't want to have to rely on a corporate job to support my family, due to some health issues I'll get into below.

I currently own two (single family) rental properties that net me combined ~$950 dollars positive cashflow a month. I have owned one property since 2015, and the other since 2018. I did major work on both, so my monthly costs have been minimal. My wife and I currently live in the house that she bought. We completely redid the inside and are very happy with its current state. 

Why I'm Here - I want to get serious about growing my real estate portfolio. I was diagnosed with Multiple Sclerosis (MS) back in 2017. Though I have been lucky with minimal symptoms, this is a huge part of me wanting to reach financial independence. My dad also had MS, and died from related complications when he was 45. Hard not to feel like I'm on a clock.

I have a great network of contractors/laborers, I am personal friends with a number of lenders, and I have a detailed understanding of the markets I want to operate in. Right now the largest bottleneck is financing. I need to know how to get money for more properties...other than just saving money overtime. My wife and I are careful with our money, but it takes way too long. I've come across people who have said that I can leverage my current rental properties to get cash for a down payment on another, but is that true? I don't want to borrow against my primary residence. 

Can anyone help me figure out how to take the next step?