All Forum Posts by: Sheldon Vic

I'm finishing up my last year of grad school while learning REI on the side. Since i'm off for the Summer I've been just trying to get as much education I can. 120k/year isnt bad and the income would help you qualify for financing. I would think if you hired PM's and have a good team to manage your RE portoflio you could have the best of both worlds while still retiring within a relative timeframe that is closed to what you desired...

@Basit Siddiqi no an appraisal wasn’t done, and I believe the property was in a trust. From my understanding, the property belonged to my grandfather, once he passed it went to my grandmother; once she passed it went to my uncle. So essentially my uncle got with a realtor to sell the house, and here we are roughly 8 months since my grandmothers passing. I am in the loop as immediate family. Aside from this, I’m just trying to keep myself informed so I can better understand this whole process. The finances and everything is essentially carried out by my uncle. I just want to make sure once I receive my portion, I’m not missing anything. Thanks again!

@Jaysen Medhurst Definitely grateful for this opportunity, best case scenario everything is closed by the end of the month. Yeah, im going to make sure to delve a little more into this to get the right information from the right people; just wanted to get some input from here as well. Thanks again for your response :)

Hello BP world,

I am brand new to REI, so try to bear with me on this (lol).

My uncle and I sold a family property (belonged to my grandparents, but they passed). The house was owned outright, and sold to a buyer (currently in escrow). After all the realtor fees and what not, we've come out the other end with ~300k (split down the middle between my uncle and I). The question I have now, is what types of taxes are involved prior to any involved gains? I would also be interested in learning about types of deductions I can take. From this, I intend to begin my REI journey. Thanks for the help!

@Brian Gerlach Thanks! Glad to see I’m on the right track!

Looking to invest in Eugene/Springfield, OR area as my family and I are looking to set some roots in.

This will be my first time investing in real estate, so would be looking to build a team starting with realtors, brokers, PM’s and contractors.

Seeking to build an honest, reliable, and legitimate team to invest in my first house hacking multifamily property (preferably duplex, but open to triplexes, or 4plexes if the numbers make sense).

Would like to Cashflow passive income (at least enough to cover expenses).

Currently have a w2 and qualify for VA loan. Would prefer a live and flip situation to save on cost. Would have capital for rehab cost.

Would like to utilize BRRR method once I become more compentent in REI.

Open to criticism; please leave any questions/comments/let me know if there is anything I forgot to mention (as this is all a learning process for me)

Thanks in advance BP community! :)

@Duc Ong Thank you! I will definitely take this into consideration.

@Michael Ealy Thank you for your response! I love your 3-part story and it was a definite eye-opener. I know I have much to learn, but out of the 3-options I am thinking of the BRRR model. I would be interested in starting with a duplex or 3-plex; and soon after moving into a SFH live-and-flip and grow from there. Being that I would be working a w2 job, I wouldn't really have time to be actively involved in flipping houses, and I feel that returns may be more favorable in multifamily investments/SFH over syndication with what I have to initially invest with (unless im mistaken?). Being that I am planning on moving to Ca, property is definitely a little more inflated over other markets, but if this is where I end up residing, I hope to be able to find something that makes sense (and cashflows). Would you have any recommendations of markets to look into; I was considering Tx, Ar, Pa, Ga, Tn, Nv regions. Thanks again!

@Cesar Castro Thank you! And to you as well. Checking out the link you provided. I feel the VA loan is definitely advantageous to help me get started in my real estate endeavors; its just about being educated in the know-hows. Thanks again!

Hello everyone!

I am 31 years old, currently in grad school with a family of 4 (including myself), and currently rent. I have 1 more year until i'm on my way to start my "so-called" career in what I truly do have a passion for (Sports medicine). In my free time, I dabble in trading stocks and do my best at educating myself on my new found desire of REI (via audiobooks, and blogs, etc).

Growing up, I was always foolish in terms of financial management, so I am fortunate to find out about BP! I am continuing to learn as much as I can, but I am hoping to get a little more direction from this post (as the amount of information I find is almost to a point of overload). 

Anyways, I am in the process of selling my grandparents home; and will split the profits with my uncle, which should leave me with roughly $130k (completely grateful for this) that I am looking to invest with (and would complete love to get out of this renting situation, and into our first home with!).

Currently I live in Hawaii, but once I graduate we are looking to move back to either CA or OR; depending on where our careers take us.

I would like to build some passive cash-flow and am open to out of state investing (lower cost, quicker gains/retuns?). I am looking for the ability to be able to spend more time with my family, build long-term wealth, and have a nice nest-egg for retirement. My wife and I are both veterans, so are entitled to VA home loans.

I've been learning about buy-and-hold rental properties (SFH, duplex, triplex, 4-plex, etc); fix-and-flips don't seem too appealing as I would have to be active within the process (which would be difficult with a w2 job); live-and-flips are another option that I would consider, but would the area we end up living (CA/OR), make it worth it (or could we find a decent place)? I've also been doing research on properties and came across Roofstock, which seems to be pretty convenient. My biggest fear is coming in with a loaded shotgun, knowing barely the surface of what I need to know, so I appreciate any and all input. I am looking to learn as much as I can before jumping off into the deep end. Thank you all, and I look forward to getting schooled! :)