All Forum Posts by: Philip Pape

@Filipe Pereira, so funny, I've actually connected with Rick and we'll be talking soon. Sure, I'd love to get together! Let me connect with you and we can exchange contact info.

@Account Closed, this is a great list of resources, thank you!

@Jeffery Neal, if taxes are a big concern, and 1031s as you know have quite a few caveats/challenges, have you considered just renting for a year so you're paying as capital gains instead of income? The cash flow will carry you until then, and your tax burden will be minimized.

@Armando Payano, are you referring to the BP BRRRR Calculator here?

If so, this helpful post shows that you can create a report and link to a rehab estimator. Does this help?

https://www.biggerpockets.com/renewsblog/2016/06/3...

Hi @Jeffery Neal, I'm a new investor myself so my reply here is not to provide an "answer" but to stimulate the right questions so you can decide what's best for your personal goals. With that in mind, here are some relevant questions that affect the answer I believe:

What is your strategy as a business? Have you already decided to focus on flipping, buy-and-hold, etc.? How does this mesh with that so you stay focused and learn from the experience? For example, if you want to be a flipper does holding the property meet your goals of, say, learning to market and sell a property?

Do you need capital for your next deal, or are you OK tying up your investment in this property?

Does your financing support holding the property? For example, do you need to re-fi a hard money or rehab loan into a 15 or 30-year conventional?

Have you performed a cash flow analysis based on not only the rent but anticipated vacancy and all anticipated expenses, being conservative as this is your first property?

Do you want the challenge (or hassle) of dealing with tenants and property maintenance, or are you setup for that?

These are just a few questions that I hope will help you make the right decision for your business. Hope they help!

@Paul Timmins, great idea!

@Brian Pulaski, thanks for the welcome. How many properties have you flipped and what's your advice for a newbie?

@Ryan Boeger, have you considered taking the required course(s) to obtain a real estate license? That would open up the possibility of being a real estate agent and, with further education/requirements a broker. If you want to be an investor, that would be a fantastic introduction into the world of real estate.

Hi @Jayme Carlson, I'd like to recommend you pick up "The Book on Estimating Rehab Costs" by J. Scott. In the opening chapter, he discusses why estimating based on square footage or number of rooms can be inaccurate, and then proceeds to detail how you can estimate every major component of a property based on the price range, materials, and labor. The last chapter puts it all together into a spreadsheet format you can use as a checklist and estimation tool.

@Melissa Gittens, so great to meet you, and I will absolutely reach out to discuss. Thanks for mentioning the meet up tomorrow; I already have a commitment but have added a keyword alert to be aware of the next one. Thanks!