All Forum Posts by: Jesus Sosa

What’s up Jacob, I am also starting up on my Real Estate investments. Got got 2 under my belt, currently renovating. I have gotten in contact with a CPA that specializes in Real estate. I can certainly send you details if you PM me. Blessings. 

@Theresa Harris Yeah, most of the lots behind there have been purchased by the houses closest to it. I wouldn't think it includes the road according to the map, but ill certainly consult and ask tomorrow. Thank you!

@Jay Hinrichs Wow, see that is what I was thinking as well. Since this road did lead into these lots before I thought it could be built back up, but not so sure considering how it looks back there now. I guess it really comes down to how much I really need that additional space and if it will give me any kind of return. Thank you!

@Tom Gimer @Clint Shelley Awesome, thank you guys. I will certainly reach out to my attorney.

I was door-knocking yesterday to get a feel of the neighborhood I am planning to invest in. The next-door neighbor gave me lots of details of the area and even told me about a road that was once used for traffic bypass back in the 1980s. This road happened to be in between his house and mine, and it runs through my back yard and onto the main road. He mentioned, the county just didn't seem to care and let the woods grow overtime. Now, since this area isn't used anymore could I contact the county to either clear out the road again or sell it to me? I know this may seem confusing, but below will be a picture of what it looks like in the tax map. What should I do with the "potential" additional land? 

Obtaining real estate alone has become really hectic and frustrating. The only other option I really have left is to start partnering with family-friends. I have been thinking to open up an account with a local credit union that specializes in lending to investors and can include different members. I was planning on having all Members to debit this account so we raise capital to invest. After having a sufficient amount, we would use it for downpayment/rehab costs/etc. All income/expenses will be only credited/debited from this account. 

Is this idea that any of the BP members have attempted? If so, how did it go? What are the Pros & Cons top of this strategy? Additionally, should I open the account up in my name (as the main leader) or in the name of an LLC?

Thank you all, and happy new year!

Thank you all for your inputs. I was able to reach out to a CPA in the local area who does specialize in Real Estate. He was able to assist me gave me the exact advice as you all did. I will continue to track my expenses, copy my receipt, and store them in my data cloud. I am very small at this moment, but will later grow an empire and begin implementing paid bookkeeping to reduce my involvement. 

Happy New Year to all.

@Canesha Edwards thank you for your feedback. Yeah, I haven’t gotten many bids from contractors so I will certainly get more. However, do you pay for bids or just find free estimates?

Goodmorning BP, today I have a concern in regards to a rehab on one of my SFH. I obtain this property via Zillow with owner financing. Currently under contract and waiting for title search to be completed.

My question is how should I start planning for rehab? (I.e. getting permits, obtaining temporary power, getting estimates, etc)

Hence, this is my 1st rehab SFH, I wanted to do rehab alone with family-help to minimize expenses. Any advice/feedback is greatly appreciated. Thank you all.

My goals for 2021 is to invest invest invest. Continue to grow in Real Estate by acquiring 10 doors, but also diversify into other forms of investments. By the end of the year, hope to go full time in real estate. Additionally, open up several accounts to start building a foundation for our (1st) generational wealth; IRAs, HSA, 529 plan, etc.

For SFH, what are your creative financing strategies to obtain a great deal? For the past month I have found some unique properties with great potential! However, I seem to get nowhere when obtaining the financing for these properties - without bank loans (due to 1099 employment).

I've tried obtaining private partners but no one seems to have money around my area. I've tried hard money lenders, but they require an LLC and experience in investing. The only other option I see is owner financing. How could I convince an owner to finance their property and pay them back within 5 years?