All Forum Posts by: Randy Bloch

Save for a down payment so u can househack ASAP.  As far as how to increase your saving rate, u need to analyze your spend and look for opportunities there. Download your CC statements and look where your money goes and then decide if u want to continue to spend on these items.  When u don’t have any current investment is is quite simple...either make more or spend less.

What is your reason for diversifying? you cant get properties in Minneapolis that meet your criteria?  Out of state investing will obviously bring some new challenges.  I would just make sure you prepared to deal with this.  

Just reread you post and see you own your own business....I think your going to need some income from a somewhere (business or W2) unless you can pay cash and flip houses for living. 

I have no idea what the markets are like in Peoria IL and the Quad Cities, but if you sell your place in Minneapolis you will have 500k in cash so would recommend you find duplex, Triplex, or Quad near your mom and house hack. Preferably, something you can rehab yourself and force equity. You also want to evaluate the properties in those market to see where they are in real estate cycle. Do the numbers work to do flips or is there enough cash flow to buy and hold in these markets? Find a good realtor. You have plenty of cash to get started, but if you quite your W2 job getting a mortgage is going to be a challenge. You could BRRRR, with the initial purchase in cash....but traditional mortgage company will probably not do a refi if you dont have job. You might be best getting W2 job while you house hack and buy a couple properties and renovate them on the side. If you could do this and build up some cash flow then you could look at quitting W2.

@James Kirby

I highly recommend electronic (like docusign). These are absolutely binding and everything is time stamped. Once completed I upload it and all other documents required by law to Cozy and both my tenants and me have access to these documents and it is time stamped so it is great for legal requirements. I also have access to these documents online whenever via cozy.

BTW - I use hellosign for electronic signature it is free for a couple documents per month. I don’t have enough turnover to go over the free minimum.

@Natalie Kolodij

Good point. Your advice was solid, he needs to understand what is driving the price and having someone else review would be a good idea.

I am just looking at investing in syndication and this was one of the questions I had asked about whether I invest the min in a lot deals would be better than investing more in fewer deals that I like...wasn't sure how much the taxes would for K1 and out of state returns. My SFH are all in my home state right now and I am a finance person by trade so like to think that I make it pretty easy on my CPA :)

I am finance person by education and feel like I understand taxes pretty well, but I would not recommend any REI to do their own taxes....a good CPA is a good investment.

@Michael B.

Stone Mountain and grand Teton. It is around 3per sq ft. I know that you can get stuff a lot cheaper, but I think you are getting some quality stuff at this price point and it is going last a lot longer.

@Philip Hy

I would say you are overpaying. I have 7 SFH and pay significantly less...the answer is not using turbo tax, it is to find a different CPA.

@Frank Wong

Couldn’t agree more with Frank’s comment. The fact you are correlating your refund with your prep expense demonstrates that u do not understand how your taxes work. In an ideal state your race refund should be zero.

Some good options here.

https://www.nerdwallet.com/blog/banking/best-high-yield-online-savings-accounts/