All Forum Posts by: Nacquata Bryson

I’ve been driving around for a while now and can’t find this place. Also wish if you hold an event you supply contact info

Update: I have hired a CPA to do my taxes and I am in the process of hiring a book keeper as well. I was watching youtube gaining knoweldge from those who are veterans and he said " When owning your own business don't be afraid to pay someone to do the things you aren't that great at, that way you can spend your time doing the things you enjoy" So I took his advice and hired someone to sort all y tax info, and I have to say he is pretty amazing at his job. He put me at ease straight away. Well worth the money spent, which he later told me is tax deductible.. YAY!. I am almost done dealing with the insurance claim for a roof replacement,. When that is all settled I'll be starting a new rental venture. Thank you guys for all your sound wise advice. 

New to real estate investing myself, I am realizing the biggest mistake I am making is doing this alone. This is an open questions investment meet up. The topic is mainly first time investor mistakes,  how to's you have learned along the way, and the ups and downs of long distance investing. You do not have to be military to attend. I named it that because thats why I am investing long distance. So if you have something beneficial to share about investing long distance or just need a place to connect to keep pushing then please come. If this is successful Ill host something in this area of Bonney Lake/ Sumner every 2 weeks. 

The $5.00 is because their will be a lite snack served. 

Nacquata Bryson 

With the first few months of this being a rental there were 2 hail storms and a pipe burst in the home. Thank God I have a stellar property manager who took care of the pipe burst( just took money out of the profits) but the hail damage, insurance stuff and I have a mortgage on the property that I have to go threw as well. I have heard of systems but I haven't had anyone tell me how. This is the main problem I keep running into, even when I read investment books, they tell you the what not the how. Example: You need to separate all of your business income/expenses from your personnel income/expenses. How do I do that when my plan was to take 6 months of my, go to my every day income to renovate my next investment. But based on the advice above I can't because that would be mixing funds. WHAT??? This is the type of things that are super confusing. 

Am I the only one who is totally frustrated and want to quit.... sometimes!!!

I take one step forward and 5 steps back....uggghhhhh!!!

I just started my LLC to put my first rental under (it was our home that we moved out of and instead of selling we rented). We have current renters in this home and that part is going great, thank you Lord. However, when it comes to setting up/running the business, its a crap show. All this not mixing funds, insurance and administrative stuff is killing me. I can't even hire someone with out jumping through 45 hoops. I don't know if I am doing this right because of all the rules. I really want to brrrrr my way through this because I like the long-term benefits but to be honest I feel like maybe it would be better to buy and sell. I am ok with paperwork but I will admit I am not the best. I am the visionary, the creative one, the one who finds killer deals with out even trying (and I do mean killer), the one that can sell an offer in my sleep. The success is haunted in its tracks every time because of paperwork and rules that I do know how to navigate through. And I have lost some amazing opportunities because of it. Which is exceptionally disheartening. I don't shy away from work, Ill grind with the best of them but being totally honest I feel like I waste so much time running into road blocks. How do I do this? Have anyone experienced the same thing? How did you guys conquer the Admin Monster and come out alive? I have been thinking about Partnering Up, is that a good idea? I am so nervous about partnership because I don't want to be taken advantage of. Ok venting over.... Thanks in advance for listening and reading all this. If you respond you are amazing!

This deal was time sensitive and was offered to 3 other investors at the same time. I could raise the capital in enough time. Is this the issue for most real estate investors? I run into deals that are amazing but I just don't have the capital! 

Search your probate court documents and (I know this sounds horrible but it works) check the obituaries. A lot of these people are trying to get rid of properties so they can pay other pressing expenses. They also are usually willing to move quickly as well so they can divide up assets.  I hope this helps. 

Property Details:

11 Property Bulk Sale (10 Duplexes & 1 4-plex)= 54K per property
24 Units in all= 25K per unit
Current Comps: 75K-110K

ALL RENTED
15 THOUSAND MONTHLY RENT
Taxes: 13k for all 11 properties per year
Renovation Cost: 40k over the next 5 years
Seller will pay inspection: 13k cost
High rental area: Tenants have rented for 2+ years

Reno Projection:
Hold and BRRR as tenants move
Raise rents every rental period.
Sell each property individually for market value

Financials:

Hard money lender secured 480k

Need partner with down payment 120k

I have renovation budget: 40k

I am so glad you asked this question. I am about to sit down with someone over lunch to pick her brain and I wondered the same. These are the questions I am going to ask: 

• 1.How do you feel about investment properties across state lines? 
• 2.What are some things I need to know before I start real estate investing?
• 3.What do you think is the best way for a beginner to start? _
• 4.What do you think about wholesaling? Have you ever done it? 
• 5.Are you willing to take on mentees in exchange for work? 
• 6.Here is my situation from with the house. If you were in my shoes would you sell and cash out or rent from across state lines? 
• 7.How did you start your business? 
• 8.I want to start a business do you think I should have a brokers or real estate license?