All Forum Posts by: Rory Korpela

@Sean Murphy

Given the housing cost and the lack of multi-family homes in Boulder County, you're best going with a SFH, 3-4 bedrooms, and doing a house hack. You'll get $800-900 per room from college students (best going with grad students) from CU or the plethora of young professionals in the area. Boulder is pretty expensive as are nearby Louisville and Gunbarrel. You'll find cheaper homes in Lafayette or Longmont. I've lived in Longmont for 5+ years and it's the cheapest place to buy in Boulder County. That said, it has a population of 100K+ and has a vibrant restaurant and brewery scene. I work in Boulder and my morning commute is 20-25 minutes, door to door.

@Nathan Smith

I'll reiterate what someone said earlier: know your why.

Making a lot of money is a means to an end, not an end of itself. As a guy with three degrees and a well paying W-2 job, knowing my why sooner would have likely led me to make different decisions along the way. Military service may have been one of the routes given all of the benefits including being paid to go to school and the VA benefits for real estate. That would have been a calculated, leverage based decision. Plus it would have tapped me into a network where you absolutely have to be an insider to be fully trusted.

College, if you go that route, should be the same. If you do that, get help from family or a friend buying a house or multi-family property in your college town, rent the rooms out, and get invaluable, on the ground experience as an investor and property manager. Run it like a business while getting your education on the side. You'll come out ahead financially and be ready to make bigger moves after school is a wrap.

Brandon from Bigger Pockets talks a lot about his vision, knowing his why, and how powerful all of that can be. It sounds like you're ready to work on that. From there, make a calculated decision if college, the military, or trade school to become a plumber, mechanic, etc is right for you and your situation. College is fun and can be the right fit but it's not for everyone and it can be damn expensive.

@D'Andre Byers

There's some great advice here so far. Here's my two cents as a guy who's been married for 12 years and has two kids.

1. Pick an asset class you think you would want to target and learn everything you can about it. Read books, go to real estate meetups, listen to the podcasts, etc.

2. Talk about it whenever possible with your wife. Not to inundate her but to show her your persistence, excitement, commitment, etc. Part of security for your spouse is demonstrating your expertise.

3. Find a mentor you can provide value to in order to learn the asset class or business you want to go into

or

4. Find someone you can partner with that is more experienced and you can learn about the asset class from. Even a small investment of capital can open the door if you're willing to ask questions, learn the business, and find ways to provide value to the partner. Eventually, your time and money will pay dividends and you may find yourself leaving your current gig for the opportunities your time and efforts have opened up for you.

Hi all,

What are the best options out there for putting together a builder contract for a new, single family home?

Thanks!

@Eamonn McElroy

What if I've had the asset for more than a year, rent it out as a short term vacation rental, and then I sell it? I'm assuming capital gains comes into play and not SE taxes.

@Andrew Syrios

Right, and thanks. That aspect of it was not clear to me but selling after 3/15/20 was the most logical conclusion I could come to. Up to this point I've built, lived in the home for at least two years, and taken the gains to the next project.

Hi folks,

I've recently bought a couple of lots and will be building spec homes on them. My main concern is when long term capital gains kick in. We closed on the lots on 3/15/19. If we aim for a sale next spring, after 3/15/20, are we now paying long term capital gains on the project or is it one year from when the home is built? What other considerations might I be missing?

Hi folks,

I've recently bought a couple of lots and will be building spec homes on them. My main concern is when long term capital gains kick in. We closed on the lots on 3/15/19. If we aim for a sale next spring, after 3/15/20, are we now paying long term capital gains on the project or is it one year from when the home is built? What other considerations might I be missing?

@Mark Bommarito Hi Mark, one area I've been looking into is Bentonville, AR. Wal-Mart is headquartered there and has recently mandated that all of its vendors also have a headquarters there. There are homes in the price point you're looking for and the rents are solid.