All Forum Posts by: Pat Coogan

@Daniel Dietz I like the idea of using the Toggle app. That sounds like something we can use with our kids for sure. Thanks for sharing it. 

@Michael Plaks Appreciate the feedback. Our accountant is very resistant to setting up children's payroll though, so I'll look into it myself or ask a different professional. 

@Brandon Hall That's interesting about doubling how much we can pay our children without needing to file a tax return. I asked our accountant about paying kids legally and he discouraged the idea, saying we would need to declare compensation and sign up for payroll. He said it would cost us 'thousands annually' to do this, and we wouldn't be able to immediately deduct their payroll due to passive activity rules for real estate.  What are your thoughts? 

Thanks @Debra Grumbach. I know the tenants were given 60 day notice to vacate due to the owners intentions to sell. Working on my friend to get an introduction to see the place first. And yes, I'm all about listening...considering I don't know what in heck I'm getting myself into just yet.  LOL

Friend just told me that their next door neighbor is looking to put the property on the market in the next 60 days. The owner apparently tried to sell back in 2014 and even lowered price once, but ultimately withdrew the listing. Friend knows the tenants currently occupying the property, but doesn't know the owner. 

How should I proceed? I've been interested in that particular neighborhood for a while but everything on the MLS sells within days, best and highest, usually over asking. I'd like to avoid that of course. What would you do?

@Ryan Anderson I was going to pursue a HELOC on my primary to free up the equity and have it at the ready. @Chris Mason Thanks for breaking down the numbers. Definitely need to mull it over. If I were to open a HELOC on my primary, would that affect my DTI even if I keep the balance at zero? @Chris Mason

@Steve Vaughan 3.25, 15 yr fixed, 14 yrs left. Did this before I learned about BP and real estate investing. Like you, I don't want to lose the good rate on it now, but what to do with the equity is something I'm trying to figure out. 

@Chris Mason What if you already have a lot of equity in your primary? Do you still recommend paying it off completely before doing a HELOC? Let's say one has 260K left on the primary but it's worth about 600K.

Over the weekend I was working on my family's home and saw something that made me pause in the middle of pulling weeds. Saw a young guy walking around the neighborhood with a clipboard, looking at the homes and making notes. Screamed investor type. Last time I saw that was right before the market imploded, 2007-8. Family home is in a class C-D neighborhood. We've always gotten our fair share of flyers and postcards, but the volume has really been picking up. 

Anyone else see echoes from the past? Curious. 

@Pearce G. Great to hear your success story and yes I'm going to start to analyze properties on the MLS to practice. I'd been using the napkin method so far but after running my last purchase through a BP calculator, I know I have a lot more to learn.

Thanks @Chinmay J. I was thinking about getting licensed, so good to know that your time investment was worth it. Friend of mine just got his, and as far as I know he's just getting it to represent buyers. I'd be getting it to gain access to the MLS. @Patti Rosepiler: how do you find an investor friendly broker? Is this different from an investor friendly agent? Sorry for the newbie questions.