Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Mya Austin

Mya Austin has started 5 posts and replied 23 times.

Post: Sound Off!

Mya AustinPosted
  • Galion, OH
  • Posts 24
  • Votes 6

For those that now have some or alot of experience:

What are some, right off the top of your heads, "DOs" & "DON'Ts" when buying or managing properties for cashflow?

Post: Is It Cash Is King or Let the Bank's Money Work For Me?

Mya AustinPosted
  • Galion, OH
  • Posts 24
  • Votes 6

Thank you everyone.  

Very helpful!

Could this be done with the LLC, in essence, buying the privately owned property for what is owed? & Being that you own multiples, could the LLC buy one, then another, then another-? - Unless the LLC does a deal to buy them all-? Seems harsh, considering there would be fees associated with all this. However, if the end result is all properties under the LLC and you further protected to keep some separation as a person . . . ?

I really would like folks to talk more about this issue. From the time that I decided I was going to start buying real estate (which I have not as of yet), I just decided I would establish an LLC that I would aqcuire them under. Please everyone, continue this conversation. I realy would like to hear from both people that bought as yourselves vs. thos who have purchased under LLCs-----the pros and cons of each side!

THANKS!

Post: Tired of hearing people say get a REAL job.

Mya AustinPosted
  • Galion, OH
  • Posts 24
  • Votes 6

Well I look forward to the day people say it to me. lol.

As for you, how is it working for you at this time?  

Post: Always Negative Responses When I Talk About Real Estate

Mya AustinPosted
  • Galion, OH
  • Posts 24
  • Votes 6

Even after being in real estate for years . . . people (not all) seem to have the same sort of view.  & The truth is, every "bad thing" people have brought up CAN happen.  However, there are risks with most things. So, educating yourself, gleaning from people who have done the very thing we want to do, having the courage to step out and try, learn from trial and error, knowing we will likely make mistakes along the way- and being the best prepared we can be . . . . & As with anything else, it IS for some and NOT for others. 

I don't know you but I support your vision. -As I do with what everyone here appears to be doing. A lot of people see real estate people as shady characters. Think they do a lot of nothing and make a lot of money.  Some have made much.  Many haven't.  The other thing people in real estate seem to have in common, is that entrepreneurial spirit- that zest to be able to visualize something, not just see the obstacles but see beyond them to the possibilities. & To "create".  & Most have a pretty good "drive".  They don't need two people to get them motivated to work or "do" things.  They self manage.  "Working" on this endeavor is something they actually enjoy.  & When not, they don't stick to it very long. 

We are in a fast food world.  We want everything fast, . . . or most do.  Most don't want to slowly work on something and see the long term good, the "building up" of something more lasting than a momentary check and then HEY!-off to the next new thing. 

I am sure we all have our own reasons besides roof over head and food in out stomachs that we are trying to do---whatever it is we are trying to do. 

Mine---to be able to contribute to the things I believe & to establish some steady supplemental income so that I don't always have to work Monday through Friday unless I choose to.  :)  Now, . . . . ask me in a year------ those goals may be tweaked! 

Next time, just smile and say "I appreciate you looking out for me," then do what you believe you want and can do.

Well, though I have worked in the industry for years and have been part owner of two houses in my life . . . the buying properties for income/holdings, etc. is new. & Have not begun to purchase as of yet.  As a "newbie" on the "going to do this" list---the positive thing I see is that if these #s are correct, you still have the property and the perks that do come with that & you are above (earning something) versus being in the hole.  :)   

Post: What Percentage Should I Give Financial Partner

Mya AustinPosted
  • Galion, OH
  • Posts 24
  • Votes 6

Maybe this is the wrong question. Perhaps, you should imagine the deal the other way around. What % would you want to receive if you were in the other position?

Sometimes better to spread the wealth and earn a lifetime of partnering than to have many partners who are only partly committed.  -?-

*I always try to see from all sides of an equation.  Not trying to offend you, of course.  :)

Have a great day. 

Post: Is It Cash Is King or Let the Bank's Money Work For Me?

Mya AustinPosted
  • Galion, OH
  • Posts 24
  • Votes 6

Ultimate goal & one I was already working on was being "debt-free".

& Have accomplished a lot in a small amount of time.

Gaining properties is, however, a goal. & I am skilled in property management ands am lucky to be paired with someone from maintenance for 30 years. Not a bad combo. & While our experience or skill doesn't cover everything, I think gives is a slight checkmark on the right side for this endeavor.

I still like the idea of debt-free. I also do realize some advantages the other way.  Perhaps a mix-? 

& Wrote it, but do not see it here.  *No, is not a comfort level thing. Strategy. As I see it, I have nothing to lose and, perhaps, much to gain. I could do this and completely fail. 

However, if I never step out----- I would never really know, eh?  :)

Post: Is It Cash Is King or Let the Bank's Money Work For Me?

Mya AustinPosted
  • Galion, OH
  • Posts 24
  • Votes 6

Thank you for the information.  & Yes, it is not a comfort level issue, it is, indeed, strategy.  I have nothing to lose, but possibly much to gain.  

Post: Cash Is KING!

Mya AustinPosted
  • Galion, OH
  • Posts 24
  • Votes 6

Congrats, have been on the midst of myself.  :)

As I have not bought my income properties as of yet, not sure what I need to do there.