All Forum Posts by: Portia Bates

I am finishing a project in Baltimore. Great market for cashflow and lots of room to get it right and to get it wrong. I love the Baltimore Investor Network on FB. Just reviewing the local conversation there will give you a great place to start.

Thank you. So I added a percentage to my rental expenses for my home office and my refund didn't increase. Any idea why? My expenses were high last year because of a 11,000 renovation for the propertgly plus mortgage ins., taxes, etc.

I am stuck.  I usually am able to deduct a big chunk of my tax burden by using my home office for my rental properties.  I don't see how to do that this year with the new rules of not writing off home offices when you are a W-2. I also don't see how to write off the inspection that I completed ($275) in October for a house that I purchased in January.  Finally, can I write off educational books and forums (like this one) that I have joined to continue my study in this market where I actually do buy homes?

I know, I know, get a tax professional. But, with one unit still unrented after renovation, buying another one, and now that one is being renovated, I don't have the cash to do so, hence the need to find some answers here hopefully. By the way, I use Turbo Tax and up until now it's gotten me along just fine.  Help!

I would like to pull the cash out of an investment property that I bought using cash. I have 42,000 in it and the ARV is between 62,000 and 65,000.

My struggle is that with an expensive divorce and failed business within the same year, my credit took a horrible hit. I 

Are there any specific funding streams that would allow me to access the funds that I sank into this property without my credit being an issue?  This is a buy and hold property.

There is always a way. Your feedback and any creative ideas are very much appreciated. I am stumped.

I am so grateful that each of you took time from your busy schedules to share such valuable information with me.  I will consider everything said and continue to try to find my path. I'm committed to the journey.

I think that I am learning that to move quickly, I need to make hard money lenders a big part of this process. Maybe alternate between the two? I am getting better and better at identifying deals so this may be a path forward.

I am a bit stuck on how timelines work for the refinance portion of BRRR. I understand that I close on my property (Dec), renovate it (January) and then refinance it to pull out my money.

How long does it take you to have money back in your pockets the day after you call the renovation complete?

How can I move the process along as quickly as possible?

I see some folks moving much more quickly than others and I thought refinance loans take longer to originate and close. I have about $50,000 to cycle through.

Should I be working on ther sales using hard money lenders throughout the process?  Just need to tidy up this part of the process. I feel stuck here.

Details would be very helpful

Hi, when is the next meeting?

This is my first post and I am so excited to find this community. I have a couple low priced homes ($30,000 or so) in the Baltimore, MD area. Any suggestions on resources targeted for serving as a landlord in this market or purchasing low cost homes? There are unique challenges and opportunities and I would like to learn as much as possible. 

Again, it is great to find a group of likeminded folks with similar interests.