All Forum Posts by: Stanley E.

Originally posted by @Judd Campbell:

@Joe Villeneuve I like your style. I am doing just that now. I sold a car and used the cash to buy and rehab two properties. When they are done and rented I spoke to a local bank and they are going to do a 20 year fixed portfolio loan for me on both properties together. ARV will be over 100k and I only will have 60k in the houses after rehabbing them. I will get 75k+ to go look for more, I am never going to lock up my principal again.

 Hi Judd.  This sounds interesting and I would prefer NOT to "lock up" my principal when I do my next deal.  Could you explain this concept and your plan to avoid the principal lockup issue better as you have alluded to here?  Thanks.

1. Get an accountant 2. Get a renter for my first RE investment 3. Pay taxes on time 4. Purchase second buy and hold 5. Rent second buy and hold 6. Refrain from buying myself anything new this year

I have a self-directed 401k as well through which I purchased my first SFH property. I also have a consulting business. How do I know when I need a CPA? What will be the advantage of acquiring one?

Thanks everyone. Duly noted. I'll begin my research on the subject.

Awesome. Thanks gentlemen.

I use a company called self-directed ira. They are friendly, knowledgable, and helpful. Mine is actually a 401k profit sharing plan that allows me to invest in anythig I like except collectibles. I used mine to purchase my first SFR. You do need a company already set up to run your 401k through. If you're still looking, contact Rick Pendykoski at 623-882-9968. Hope this helps.

As a new investor, is what would be the pros and cons to getting my real estate license? I have a couple of advanced degrees and am not really interested in returning to school of any kind.

If you list your property as S8 and a non-S8 tenant comes along and wants to rent it, is this an issue or can you simply go ahead and rent to the non-S8 tenant?

We've purchased our first investment property in a "revitalization" neighborhood. It has been on the market for about two months now. We originally didn't accept section 8 or housing tenants, but are reconsidering because the property has yet to be rented. We were hoping to attract tenants that may be more steady in their finances. However, that has not beenthe case. What are some experiences, pros and cons, with section 8 and housing tenants?

Thanks Jon, Anthony, and Joe. This is all good info and it has been adopted. I think one other place to start would be to identify the area I would like to build and then research the market there. Would you agree? Thanks again?