All Forum Posts by: Turner Monroe

Can't wait for some December events.

Welcome to Bigger Pockets, I've heard of people having success in the St. Louis area, although I haven't been there myself. Good luck!

@Brandon L., thanks for the suggestion. I'll give her a call after I pass the test. And @Andrew McConnell, I sent you a private message message. Thanks everyone for the welcomes, I'm loving the DC area so far.

@Russell Brazil, that's what I was thinking too. I realize the fees might be higher at the bigger firms, but education is never free. While I don't expect to be working full time as an agent, the training and support especially when it comes to local laws is pretty valuable. 

Would you recommend me setting up interviews with the big players in the area and see which fit best? Also, I'm not super clear on if I'm supposed to interview brokers before or after taking the license exam. I've already done the required class.

Hey BP! My name is Turner, and I'm a new investor that just moved to Arlington / the DC metro area. I'm mainly interested in investing using the BRRR strategy, as well as short term and vacation rentals. I currently have two places in Dallas, Texas that I inherited. They are really what got me interested in real estate in the first place. One is under contract to be sold, and the other is a rental that I'm trying to sell to the current (very) long term tenant. I've also been a voracious reader and listener of the podcasts, learning everything I can about real estate.

I'm on track to take my salespersons exam in DC in the coming weeks, so I've been studying and looking for a Sponsoring Broker. I'm mainly getting my license to support my own investing, but I'd love to work with other investors as well. 

I'm also using my experience with AirBnB and extensive travels to start up a short term rental management business that will help investors realize even greater gains than traditional renting from their perfectly located properties. 

If anyone knows any good brokerages let me know my license will initially be for DC, but I plan to get reciprocal licenses in Maryland and VA (I live in Arlington, after all), and would prefer a brokerage that has some presence in those areas too, although that's not strictly required. Or if you're a current investor in the area I'd love to sit down, buy you lunch, and pick your brain on the local markets. If it works out, maybe we can even do a deal in a mentor or partner relationship.

Thanks for your input. So I figured if you get a loan to acquire the property and then refi it you'd keep the deduction. I'm concerned if I buy a place cash and then cash out refi I won't get the deduction because the loan wasn't used in acquiring the property.

You guys have made me think that isn't the case though, and you can use the deduction for the refi. Which is great news. (Obviously I'll talk to a CPA ultimately before doing anything.)

I love the idea of the BRRR strategy, but there's one thing I can't figure out. Don't you lose the ability to tax deduct interest payments on the mortgage after the "Refinace" part of the strategy. Since the loan wasn't an acquisition loan, and instead a cash out refinance, it seems like you'd lose out there.

Is there any way to get around this?

Also, just to clarify, I think you can have a non-occupant co-sign on the loan. But, I think they require a bigger down payment. Either way I'm sure I'll get all that info from meeting with lenders.

@Upen Patel, right that's the plan. I have the capital and they have a great income history. But that's why it's more important the location than a regular rental. We still have to speak to banks and brokers regarding specifics for financing. 

Thanks for the info! We definitely don't need a 203k anyway, I'm fine going with a 3.5% FHA or even possibility a 20% conventional loan. It just might limit our options on available properties.

I don't know much about the Trinidad area, I currently live in Arlington and was looking outside Alexandria. I don't want to end up buying in a warzone is my specific worry.