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All Forum Posts by: Scott Johnson

Scott Johnson has started 47 posts and replied 595 times.

Post: NEWB with unique real estate options.

Scott Johnson
Posted
  • Specialist
  • Greenville, NC
  • Posts 605
  • Votes 376
Quote from @Damien Staley:

I have been binge listening and watching everything bigger pockets for the last three months and have decided 2024 was the year I'd make the plunge into real estate.  I've started networking with people I honestly believe will be a great help to me in my endeavors. 

So to the uniqueness, my father in-law is blind his brother is also blind and they're both seniors.  On January 25, 2024 my "uncle in-law" had a house fire and almost died, thank goodness for his house mate.  Now he's living across the street with my father in-law which causes turmoil.  I've been learning about government subsidies for disabled people and seniors.  I'm wondering if I purchase the uncle's single wide trailer, rehab it, move him back in, if there is some sort of government assistance I could receive.  The "owner" of the trailer was receiving something from Mideast Regional Acceptance (MRA) prior to the fire.  MRA is like Section 8 for rural homes in my area.  The value of the trailer is so low and the title is lost that no one wants to deal with it, everyone is worried how much it will take to demolish and remove.

My background plays a role in my situation, I've been in construction for twenty years and know I can fix this house for little cost (5-7K).  If this is something that does work I'd like to do something similar for my father in-law.  He owns his property out right but it is in need of repair.  I'd like to rehab his and keep him as a tenant.

I purchased PRO as a commitment to my future in real estate.  I'm not looking to get rich but would like to profit from helping others as it's something I cannot help myself from doing.

 I'm with @Alecia Loveless 💯

Take the time to sit down with him. He may or may not have an issue with you're making a profit on it, but there's always a chance.

Mideast would most likely take that property on, but I would call their office first. Have you done any additional research into the requirements? A few years back I help someone so their portfolio and most of their properties received Mideast assistance. 

Just let me know! I'm local Greenville.

Post: New by Looking for Deals!

Scott Johnson
Posted
  • Specialist
  • Greenville, NC
  • Posts 605
  • Votes 376
Quote from @Shahid El-Amin:

Hope all are well! Trying to get started in the fix & flip space, anybody shopping deals around let me know! Financing is fully locked in and I am ready to roll. 

 @Melanie P. is spot on, brother. Here you go

Greenville, NC REI Meetups
Greenville, NC REI Facebook Group

Let me know how I can add value!

Post: Aspiring Real Estate Agent

Scott Johnson
Posted
  • Specialist
  • Greenville, NC
  • Posts 605
  • Votes 376

Go get’em @Elijah Combs!! You’ve got this!

Post: Are CPA’s necessary before starting out? If not, at what point is a CPA necessary?

Scott Johnson
Posted
  • Specialist
  • Greenville, NC
  • Posts 605
  • Votes 376
Quote from @AnnMarie Bacchus:

I am a newbie RE investor (currently getting approved for a HELOC to fund my first purchase). I read several post that some people recommend having a CPA before out while other say you can wait until you have a few properties under your belt? Any personal thoughts on this? No idea what to do? I'm struggling to find a RE CPA to work with me since I currently have no investment properties.


Mine is the unpopular answer, but in my opinion it's the best one. Read and familiarize yourself with these:

Residential Rental Property
Business Expenses
Business Use of your Home
Travel, Gift, and Car Expenses

Schedule E Instructions

Primarily focus on "Residential Rental Property", "Business Expenses" and "Schedule E Instructions". After you familiarize yourself with these, you'll be able to decide whether or not you want to employ a CPA at first, but if you do you'll certainly know how to speak their language.  

Post: DealLock CashFlow Board Game Night!

Scott Johnson
Posted
  • Specialist
  • Greenville, NC
  • Posts 605
  • Votes 376

Come join us Every 3rd Thursday of Each Month and play The Rich Dad Company's CashFlow the Board Game! 

Whether you're an experience investor looking to hone your skills/network or a new investor wanting to learn the ropes, we'd love to have you out! CashFlow helps you develop a firm foundation for your Financial Education! Failing is the best way to learn, but make those mistakes with FAKE money whenever possible!

Each session will have a 5-Minute "Smidgen" which gives you actionable information you can implement in your Real Estate Investment business right away!

Agenda
7:00 PM Pledge of Allegiance (If you don't like it, don't come)
7:01 PM Prayer
7:04 PM "Smidgen"
7:09 PM Play CashFlow Board Game
9:00 PM Cleanup and Networking
9:30 PM End

BE ADVISED

*** WE ARE AN EDUCATIONAL MEETUP AND DO NOT PROVIDE INVESTMENT ADVICE! Please speak to a qualified Financial Planner or CPA prior to investing ***

*** PLAY MAY BE LIMITED BY THE NUMBER OF GAME BOARDS WE HAVE! If you have a CashFlow Game, feel free to bring it, but YOU are responsible for keeping track of it! Players who do not respect other's games will be asked not to return ***

*** NO DEAL PROMOTION DURING GAME TIME, so everyone can focus on having fun and learning! If you have a deal to promote, please do so in the designated Networking Time ***

*** If you're a Real Estate Professional (insurance agent, private/institutional lender, broker, contractor, etc) and would like to do a Smidgen and join our Alumni, please contact Scott Johnson to get scheduled! Alumni in good standing will have the opportunity to be on our future Local Investor Referral List ***

Post: DealLock Real Estate Investor Social Meetup

Scott Johnson
Posted
  • Specialist
  • Greenville, NC
  • Posts 605
  • Votes 376

UPDATE! This event will be located at LOGAN'S ROADHOUSE on Greenville, Blvd. 

Facebook Event Link: https://fb.me/e/1pttaOALH

Post: Break Even Formula Validity?

Scott Johnson
Posted
  • Specialist
  • Greenville, NC
  • Posts 605
  • Votes 376
Quote from @Chris Seveney:

@Scott Johnson

Simple. Let’s say inflation is 5% and you are in a 24% federal bracket and 5% state (29% total).

Your break even with inflation is 5%/(1-.29)

So your investment would need to make 7.04% to keep up with inflation on a net basis.


 Love it! That helps a ton!

What is your preferred source for inflation numbers? I've been told the CPI tends to be skewed.

Post: Break Even Formula Validity?

Scott Johnson
Posted
  • Specialist
  • Greenville, NC
  • Posts 605
  • Votes 376

Hey, everyone! 

I learned about a formula today that I'm trying to wrap my head around. It calculates the percentage return one would need in order to confirm an investment is "moving ahead" as opposed to tracking behind the Inflation and Personal Taxation rate:

B = I / (1 - R)

B = Break-Even Return

I = Inflation Rate

R = One's Personal Effective Tax Rate (Federal & State)

Is anyone here better with math who can elaborate on whether or not this makes sense to them and why?

Thanks!

Post: DealLock Real Estate Investor Social Meetup

Scott Johnson
Posted
  • Specialist
  • Greenville, NC
  • Posts 605
  • Votes 376

Come join us for our Real Estate Investing Social Meetup! Rub shoulders with Wholesalers, Rehabbers, Brokers, Lenders and other Real Estate Professionals in our industry! Even if you're just wanting to learn more about investing, you should be there!

We'll begin the meeting with a "Name-O-Rama" so you can tell everyone about yourself and what you're looking to accomplish. Don't be afraid to step up to conversations just to listen in! It's a great way to learn! (Just avoid make a Guy Fawkes face when you do it... don't ask me how I know...)

Time allocated for Wholesalers & Brokers with deals to give details.

The purpose of this meetup is purely for socializing and networking. Be sure to bring business cards!

7:00 PM Pledge of Allegiance

7:01 PM Prayer

7:02 PM Wholesaler & Broker Deal Shoutouts

7:07 PM "Name-o-Rama" (Who you are, What you do, What you're looking for)

7:17 PM Open Networking

9:30 PM End

BE ADVISED:

*** WE ARE AN EDUCATIONAL MEETUP AND DO NOT PROVIDE INVESTMENT ADVICE! Please speak to a qualified Financial Planner or CPA prior to investing ***

Post: DealLock CashFlow Board Game Night!

Scott Johnson
Posted
  • Specialist
  • Greenville, NC
  • Posts 605
  • Votes 376

Link to Facebook Event: https://fb.me/e/13rrCVTTo


Come join us Every 3rd Thursday of Each Month and play The Rich Dad Company's CashFlow the Board Game!Whether you're an experience investor looking to hone your skills/network or a new investor wanting to learn the ropes, we'd love to have you out! CashFlow helps you develop a firm foundation for your Financial Education! Failing is the best way to learn, but make those mistakes with FAKE money whenever possible!Each session will have a 5-Minute "Smidgen" which gives you actionable information you can implement in your Real Estate Investment business right away!


7:00 PM Pledge of Allegiance (If you don't like it, don't come)
7:01 PM Prayer
7:04 PM "Smidgen"
7:09 PM Play CashFlow Board Game
9:00 PM Cleanup and Networking
9:30 PM End

BE ADVISED:

*** WE ARE AN EDUCATIONAL MEETUP AND DO NOT PROVIDE INVESTMENT ADVICE! Please speak to a qualified Financial Planner or CPA prior to investing ***

*** PLAY MAY BE LIMITED BY THE NUMBER OF GAME BOARDS WE HAVE! If you have a CashFlow Game, feel free to bring it, but YOU are responsible for keeping track of it! Players who do not respect other's games will be asked not to return ***

*** NO DEAL PROMOTION DURING GAME TIME, so everyone can focus on having fun and learning! If you have a deal to promote, please do so in the designated Networking Time ***

*** If you're a Real Estate Professional (insurance agent, private/institutional lender, broker, contractor, etc) and would like to do a Smidgen and join our Alumni, please contact Scott Johnson to get scheduled! Alumni in good standing will have the opportunity to be on our future Local Investor Referral List ***

Link to Facebook Event: https://fb.me/e/13rrCVTTo