All Forum Posts by: Thomas Hanks

Hi @Shelley Rubino,

Here are some of the thing I go through when looking at money? 

Do I need cash for another deal or something important to me right now? For me this was a yes and I did a money out refinance.

How much money flexibility do I want? 

How much time do I want or have to spend on monthly income from the property? To decide if I want to STR or LTR the property.

For me minimizing my tax burden would be on the bottom of the list. But I wouldn't have that tax bill.

The house was built-in 1938 with a railroad tie foundation. What are some of the issues with railroad tie foundations? It's in the high desert with very little rain fall. Also we don't normally get termites here either.

@Eric Fitzgerald

I would say find an accountability partner or friend, to help keep you accountable to your money goals. Don't be like me and do good 6 months to a year before I would get distracted by life and start over in a few years. This last time I've had a better accountability partner and I'm still going strong at 18 months.

Setup systems to move your extra money out of sight. My last few employer's have the ability to send my paycheck to different accounts. 

@Brett Lee I'm a few years older than you, and don't want to have to be going to the same job in 25 years. I want have a 120% of my income coming from passive income sources, as a buffer for life's unplanned events.  If I wanted to live off of $8,000/ month I would try and find four more deals like your duplex. I would use that income from the other properties to pay off the mortgage that makes sense to you, smallest amount, highest interest rate etc... 

@Maria Paredes Jason D. is correct it depends on how you set up your LLC on how it gets files on your personnal taxes. I had a converastion with an attorney last week going over the different ways an LLC and trust can be setup for asset protection.

I would listen to episode 301. Alex discusses what he does to get money out of properties early using brrrr.

https://www.biggerpockets.com/renewsblog/biggerpockets-podcast-301-incredible-power-long-distance-brrrr-investing-alex-felice/

@Stacey C. Congratulations on your deal.

@Aman S. @Gulliver R.,

Thanks for the suggestions, the parks rents are $60-$100 below market. 

I'm looking at buying a 7 space mobile home park with one stick built house that is owned by the park.  All of the  mobile homes are owner owned.  I was thinking of charging a flat rate  per space.  This morning I was given the space rental rates and there are 3 different rates being charged. All of the spaces in the park are the same size. 

Is it normal for a park to charge different spaces different space rent? 

thanks 

3 or 4. They are the least dramatic brick combinations. Most homes I've looked at have one or two types of material. Stucco, Siding, or Stucco and stone, siding and stone, siding and brick.  What do the other houses in the neighborhood look like?