All Forum Posts by: Timothy Metra

@Brandon Hicks the only downside to me never wanting to get married is taking advantage of what you're saying I should do! haha. Do you use the BRRRR strategy? I'm considering this, but I'm concerned with having so many properties in my name. Even with each having a decent bit of equity, is the bank calling the loan something that worries you?

@Account Closed, I don't listen to many gurus, I listen to the BP podcasts a lot but I don't necessarily go into planning my own deals without a ton of research. I honestly don't know why someone would get the loan in their own name and then transfer it to their LLC, I personally don't see any advantages in that at all. I would like to do the BRRRR strategy though and the only thing that scares me with that is having 10-15 houses through my LLC and the lender calling the loan. Do you think I should do my BRRRR homes through my own name or an entity?

@Wayne Brooks thanks for the info my friend, will do!

@Chris Seveney thanks for the reply, I'll probably just buy personal then. I doubt I would end up making more money paying taxes after selling and saving on the material costs of write offs 

I'm not sure if this differs by location, but if I buy a home and live in it for at least 2 years, I can sell the property without paying capital gains tax on the profit.

I was wanting to do a live-in flip. Buy a home and fix it up while living in it, then sell it after the 2 year mark.

Can I purchase the home through my LLC, write off (taxes) the material costs of upgrading and possibly adding a deck etc, and then end up ultimately selling it? Or is this not something you can do on a personal home?

* I wouldn't want the...

@Jana Cain I know he talks about his bankruptcy and the banks wanting their money instantly, just didn't know how the bank could do that. I mean if I go get a mortgage on a house for 15 years, 8 wouldn't want the bank to ask for the full amount after 5 years and give me 90 days to come up with the money. Was just confused how that played out. I know the banks called the notes or whatever, just didn't know how or why.

There's a parcel of land in an area of town that is on the lower end of the city, but the marketability is starting to expand outwards towards the parcel. Houses in this area sell for about $50 - $60k. "C" rated area.

0.25 acres for $3,000. Seems like a good investment for me to buy and just hold onto, but not sure if I should play the appreciation game. I can afford a $3,000 loss, if that helps you understand my situation a little better.

Also in the process of saving capital for my business ventures, though. A buddy told me about the land in a conversation, so I was just looking a little into it.

@Mindy Jensen, so I wouldn't have to worry about the same thing happening when owning a residential portfolio of say 50 houses?

@Marc Roach

You can cash out money from your credit card and use that for rent if you're in a bind. Fairly sure this automatically adds interest. For example, a 10% interest credit card will charge you $110 total if you're taking out $100. Plus the ATM fee.