All Forum Posts by: Patrick Flanagan

What are so of the best real estate investing seminars to go to??

I know it’s all messed up with COVID, but when thinks get back to normal id like to schedule going to some events

I know a lady that has several paid for rental properties. I’ve asked her a few times if she would ever sell and she said no I can’t because I’d pay way to much in capital gains taxes.

I’m curious what is the best way to talk with her on why selling is a good idea? Since she obviously doesn’t want to pay capital gains tax, how could I make the sale more enticing?

Is there some way I can structure a owner financed 30 year mortgage with her and divert the taxes over 30 years? Also this lady is elderly, and would probably pass the remainder of the loan off to her children.

Thanks,

Pat

@Grant Schroeder

Wow awesome info!

I just did a refi in January to lock in a 3.1% fixed interest rate. So I’m kind of nervous to do a cash out refi or refinance into a conventional loan mess up my interest rate. lol

But my next house I’m looking for a 2-4 unit that I’ll be house hacking. I just had a duplex fall through.

But I’m mostly looking into picking up my first brrrr deal and I was wondering if using my own money is better then someone else’s

I’ll shoot you a pm

What do you think I should do with my home.

I called around to a few property management companies and they said they can rent my house out for 1500-1600 a month. My mortgage, taxes and insurance come out to $1027 a month.

After property management fees I’ll cash flow about 300ish-400ish a month. It was built in 2008 so my cap x will be pretty low. I’m in a good appreciating market in Oregon too.

Since I’ve lived in the house for 2 out of 5 years I won’t get taxed on my gains. I bought the house for 173k with a va loan and I can sell it for 235-260(houses on my street have sold in that range)

I’ve house hacked my 2 bedrooms the whole time I’ve lived there so I haven’t really ever paid for my mortgage.

Should I sell the house and put that money into a out of state brrrr deal and just keep recycling my money Or should I just keep this house, take the cash flow and have renters pay it off.

If keeping it is the better option, I have a hard money lender that I can borrow money from to start my brrr cycle.

Hey how’s it going,

I was just curious on some questions I should be asking my real estate agents and property managers when looking for my core 4, for my out of state investing team. I’m a electrician, so I think I’ll have a good idea when it comes to finding a contractor.

What are some red flags I should be aware of? Also what are some specific things I should be asking them?

Thank you for all your help.

P.s. I hope I can help some newbie like me in the future, but as of right now..... I’m the guy that is trying to learn and knows nothing lol

@Max Householder

Awesome thank you so much. Could I shoot your a personal message to chat with you about your experience with out of state investing?

Hello, i'm looking into investing in the St. Louis area. I am beginning the process of searching for my core four (realtor, mortgage broker, contractors, and property manager). If anyone has any recommendations or contacts they would be willing to share I would really appreciate it. My goal is to find distressed properties and BRRRR them, and my end goal is to make my core four a lot of money. Feel free to shoot me a message or comment below!

My wife and I are thinking about starting a REIA, and I was curious what are some of the best things we should do to have a productive meet up for a hour once a month?

Should I be contacting mortgage brokers, other investors, real estate agents, or all the above to come and speak to a group?? Do I need to bring in guest speakers or is it more of a just meet up And talk about real estate and investing?

I have not been able to go to a local REIA, because my apprenticeship class fell on all the nights they met. Also I moved to a area where we don't have a local meet up.

Thank you for the advice and info!

@Taylor L.

Thank you for the response! I’ll definitely check it out

@Mason Hickman

I listened to it already, it was awesome.