All Forum Posts by: Scott Wehman

I don't study legislation, but am curious as to whether there is any discussion by lawmakers around an updating of the nominal dollar amount ($500,000 for married couples filing jointly and $250,000 for singles) on the sale of your primary residence.

As we enter what many believe could become a highly inflationary macroeconomic environment, this exemption would become increasingly subject to erosion.

Any thoughts or resources out there?

What I've done is use the online search with my local library system and made requests which can be picked up as they become available. Request everything that's even remotely related to what you need and want to know, then filter out what you don't find useful with the table of contents. 

I have consumed a huge amount of information quickly this way (taking constant notes and creating to-do lists as I go along). Think about how much you can avoid spending in this way — the books are yours, you've already paid taxes!

I am curious about what the most ethical and time-tested method for transitioning to a house-hacking situation is when the property you acquire is already at full capacity.

What is the best way to navigate the line between the renter's and the owner's rights?

- Ask politely for them to leave?
- Exercise some owner's right/control over the property?
- Incentivize with a lease-ending "buy out"?

Hi, Daniel! We live in NE currently, would be very happy to get a coffee and chat sometime and hear your story / get some "newbie starter pack" tips.

Have been reading loads of books and developing our plan but haven't had an opportunity to discuss REI in real time yet.

Hello!

I'm following the suggestion on one of the recent BP podcasts with an introduction post here.

Following a couple years of my nearly-all-consuming interest in macroeconomics and investing, I've stumbled at last to the real estate asset class. I only wish I had found it sooner!

My life has thus far been filled with a wide variety of pursuits, and I feel that investing in real estate will be the most appropriate feather for my cap. Most recently, I've been a clinical social worker working in chemical and crisis mental health settings and published an academic text after completing my graduate assistantship in 2012.

My distaste for working in a large bureaucracy and curiosity with another completely unrelated field led to some lucrative freelance writing work and I pursued these two careers concurrently until late 2018 when I resigned from a "solid" county position to join an overseas tech startup. Unfortunately, this venture went under in 2019. During that time I also was remarried and became a full-time caregiver for a bright little (now almost 5-year-old) stepson.

Despite the high cost of living here in Minneapolis, my wife and I have been able to save a significant amount of money and begin homeschooling the little one on only 1.5 adult incomes. I have become quite focused on living frugally, I have come to truly appreciate how powerful "running the numbers" can be.

We have decided to relocate to the Fort Wayne / Columbia City / Tri Lakes area to be near her extended family and reduce our expenses dramatically. She will begin looking for a nursing position early in 2021. Once we have moved (our goal is to locate a duplex or triplex to house-hack) I will be free to pursue investing with much more of my time.

Our long-range goals are pretty far off the norm: to live off-grid in an Earthship (cutting living expenses even further) and maintain a structure for indoor bouldering. A portfolio of cash-flowing properties would provide for our basic income. I'd be very keen to connect with anyone that is also interested in the more self-sustaining and atypical types of property/lifestyles.

I'm looking forward to learning more about how to apply and develop my skills toward success in Real Estate.

Best, 

Scott

Although this post is a bit old, it may be of interest for people searching for the Fort Wayne investing community to listen to this podcast interview with @Drew Wiard (who commented above).

(edited: BP will not allow posting the direct links)

Search "Fort Wayne Local Podcast" and it's the most recent episode (#7)