All Forum Posts by: Steven Gillmer

Hello all! I own a duplex in the city of Cleveland and would like to know if I need to file a tax return with the City as well as the state. I viewed the website and found a form that appears to be for rental income but it looks like it is for residents (or maybe both?). I am not looking for tax or legal advice, just want to ensure I am filing the correct form.

Thanks!

Welcome Colin to the wonderful world of real estate investing. There are several groups that meet here in San Antonio to discuss real estate. I recommend that you check the Real Estate Events and Happenings on BP as well as on Meet up.com. It is a great, and free, way to learn more from people actually investing in San Antonio. Good luck on your journey.

Welcome Tre and thank you for your service! I am new to San Antonio and trying to learn as much as I can about the area. I can tell you that single family seems to be the best route here as you can get the 1% rule on houses in the range of $100k - $150k. Haven't found any 2-4 units in areas I feel comfortable with. Let me know if you have any specific questions and I will see if I can find you answers.

Congrats on your first direct mail campaign and welcome to the forums. I agree with Rick that the best way to really learn is to get involved with groups meeting in the area. You can find info here or at Meetup. Good luck and I look forward to hearing your success stories.

Congrats on the acquisition Quinity! I am new to the area so I would like to see who is recommended. Good luck and keep us updated.

Thank you all for your responses.

Here is a recap of what I have learned and will implement:

1. Use the right numbers. I found a flaw in my mortgage calculation and adjusted some others based on feedback.

2. Find wholesalers and ways to source off market deals.

3. Network, network, network.

4. Be patient.

Now, time to find more money so I will be able to take advantage of even more of these deals I am going to find. I am sure I will be posting success stories soon!

 Thanks Seth. I think one of my challenges now is that I am not seeing any off market deals, plus, it looks like I may be inflating my costs based on the feedback here. Hopefully, as I continue to network, those off market deals will begin to come my way.

 Anthony, I own properties in that range and have found that the return is not all it is cracked up to be, with all the headaches that go along with that priced property. As far as your comments about vacancy and capex, you are right that they are not expenses that WILL happen, but I would find myself in a world of hurt if I did not account for them in my calculations and then they do happen. If it does not happen, it is gravy, but you have to assume it will and be prepared.

 Jonatan, I am definitely not looking at turn key houses. The problem is that it is difficult to find the time to source the off market deals that will meet my needs so that leaves me reliant upon others for deals. Unfortunately, I have not yet built the network to get these deals, which will just take time. 

Oh, and the numbers I gave were far from turnkey, I just left out the rehab costs for simplicity sake since they do not factor into monthly cash flow calculations. If you know of turnkey SFRs in SA for $110k that will rent for $1,250, please let me know.