All Forum Posts by: Victor Medina

I am currently renovating a property and have my property manager gathering quotes to get the property rent ready. Currently the property manager pays the contractor and I'd have to repay through the property manager portal which charges 1.5% fee for using a credit card. Seeing as I recently opened a business credit card and would prefer to utilize it for cash back rewards I'd like to use that to pay the contractor directly.

I've brought it up to my property manager and he stated it's doable but recommended doing the payment through their portal so they can provide these repairs in a 12 month cash flow statement and have it as part of my 1099 at the end of the year to simplify taxes.

Thoughts on how to proceed? Are there any potential protections I may lose by not paying through a property manager? I have my own accounts just for real estate purposes therefore I don't foresee any accounting issues assuming i keep personal/business accounts separate. I also am fairly good at personal bookkeeping so I feel like I can generate my own personal cash flow statement.

Thanks in advance for the help!

Are there any differences in tax implications for various mortgage types?

For example, if I have a primary/second home mortgage on a property that I turn to a rental property years down the line would there be any differences in tax benefits I can take advantage of versus a property I buy using a investment mortgage?

Thanks!

My concern is more so getting more insight on the locations themselves to confirm that they are good deals worth pursuing.

Hey all! I am currently looking to buy a house in the next month or so and have been torn on whether to invest in Summerville or Northern Charleston. 

The area in North Charleston that I am looking at now is by the neck region and has a property that already has tenants and cash flows to my liking (and potential to rehab for more) however the property does appear not to be in a well developed area (houses in the surrounding area are far from the "prettiest"). I've heard of a lot of development plans coming to the North Charleston region but am trying to get feedback on this forum about the area specifically around North Windsor Place. I feel like North Charleston can be a very big hit or miss spot so I'd like other investors opinions.

In Summerville, there is a 2/1 property I am eyeing that can be converted to a 3/1 or a 3/2 to get a substantial equity boost. The property will meet my cash flow criteria but lags behind the cash flow of the potential property in North Charleston. Seeing as this property isn't rent ready it will also require about 20-30K to fix it up (substantial) so it'd be an undertaking to get it ready.

So all in all I am comfortable with the numbers I can receive from both potential properties but my concern lies more with the location. With your knowledge of the areas would you invest in North Charleston by Windsor place for more of a potential cash flow play or Summerville for more of an instant equity play. 

Thank you in advance!

I'm interested as well.

Thank you everyone for reaching out and willing to give your 2 cents. I'll be sure to reach out. I am looking forward to connecting with you all and expanding my network in the Charleston region.

Hey everyone,

I am an investor currently living in California who is interested in a potential property in Northern Charleston (around Summerville). My job has me travel there semi-frequently which has allowed me to see some of the potential Charleston has to offer (Boeing expansion, new Volvo plant, lots of construction). Does anyone have any referrals to potential lenders, contractors, agents, and property managers? Also, I'd love to network with anyone who's currently investing in the general area as well.

Thanks in advance!!

Hey Alex,

I used to live in Pittsburgh. Great area in which I am looking into myself as well.

Best of luck!

Hey everyone, my name is Victor. I am originally from New York now living in Long Beach, CA working as an engineer in the aerospace industry.

I went to school at Carnegie Mellon University in Pittsburgh for 5 years and am now looking to invest in the Pittsburgh area (ideally multi-family) so if anyone has any recommendations or referrals don't be shy. Investing out of state has definitely been inducing some analysis paralysis....

A little bit more about myself I graduated with my masters/bachelors in mechanical engineering and am now working to getting a certificate in python programming. My hobbies include power lifting, random club sports (currently playing tennis, volleyball and softball), occasional PC gaming (overwatch) and hiking.  I am still fairly new to Long Beach so I occasionally attend local meetups.

I'm looking forward to networking with new people on this site as well as learn more to advance my real estate investment aspirations. 

Thanks!

I am currently looking into buying property in Pittsburgh (since i went to school there for 5 years) but am hesitating since I'd be making my first investment from the other side of the country. 

I'm fortunate where I have friends in the area who can help be my 'eyes' and ears' as well as an acquaintance who currently invests in Pittsburgh himself but still find myself over analyzing especially since the cash flow areas would require fixing up which feels daunting being so far away.