All Forum Posts by: Tavan Skaggs

Hello Jackson and welcome to BP! I love the why and your current game plan. I also wish I had started thinking about REI at your age. I applaud you and your wife for thinking about this so early and your apparently great ability to save money for this next step!

The only thing I wanted to recommend was trying to find a strategy you like and getting really good at that strategy. The house hack would be a great way to start. From there you mentioned STR, Multifamily and fix and flip. You can certainly do any/all of these. However, I see a lot of people achieve success by getting really good at one thing. Finding which of those strategies works best for you, your goals and interests could help you speed up your investment journey while gaining experience, confidence and eventually expertise in your chosen area.

I'd love to chat more or possibly meet for coffee! 

I agree you might be missing some expenses on the STR side. Looking strictly at the numbers you provided, the LTR seems a bit more attractive here with the low management fee. I'd also recommend checking the local STR regulations where your apartment is located to see if there's any added costs there as well.

For taxes and deductions, I would definitely recommend doing some additional research here or finding a CPA that is familiar with rental properties. A CPA should be able to explain the general tax differences, deductible expenses, and which investment might be more advantageous for you from a tax perspective. Your real estate agent may be able to recommend a CPA for you. You can research these things yourself by searching online, checking out some of the Bigger Pockets Podcasts on taxes or keep asking more specific tax questions here in the forums.  

Hello Michael, 

I'll shoot you a message. 

@Brandon C. Hello Brandon. I’ll shoot you a message about my company, Ethos Estates.

Hello Bennie, 

Congrats on your successful project! I'm currently looking in the STL area for a potential property to buy and use as a STR. How is your rehab doing as a STR?

Thanks, 

Tavan

Hello Greg, 

Have you considered Short-Term Rentals instead of LT for your current property? I'm not sure how long your current lease is, but one of the benefits to STR would be the potential to increase cash flow to help you fund your next deal. STR's aren't for everyone, but if managed correctly, they seem to do well in the Phx area. Small piece of the puzzle that might not help you purchase a MF now, but could be helpful moving forward.

@Jason Becker Hey Jason, I’ll shoot you a message about our company.