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7 January 2025 | 20 replies
*As a side note, I think maybe it would be fun also to try and identify where new technology or machine-learning driven approaches could increase efficiency in the spaceAs for my financial situation, personally, I have around 50k saved but 20k of it is tied up in assets I don't want to pay capital gains tax on.
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14 January 2025 | 27 replies
I'm hoping you can save me some time from re-creating it. :)
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3 February 2025 | 26 replies
I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).
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8 January 2025 | 9 replies
We also would love go learn more about tax savings and how go make the most of our money by continuing to roll our profits into new properties.
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12 January 2025 | 28 replies
For higher-value or complex properties, a professional study's potential tax savings can outweigh its cost.
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8 January 2025 | 14 replies
Has any BP member ever been saved by their LLC?
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6 January 2025 | 8 replies
For yourself, I'd save up enough to be able to house hack, and then house hack.Hope that helps.
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7 January 2025 | 2 replies
If not get yourself an agent who can represent you and save you some time along the way.
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9 January 2025 | 1 reply
I wasn’t prepared to lose so much of my savings as carrying cost basically I paid for the tenants to live there for 3 months + my own living expenses in that time.
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5 January 2025 | 5 replies
Getting one property and cashflowing it will be a challenge. you can try seller financing but you are still going to be highly levered which just enhances the risk that you are taking on.The best way to grow is to focus on managing your rental, saving money through your W2 and crushing that - if you are a realtor you will make more crushing it as being a realtor than over leveraging real estate - then save for down payment and buy slowly. its not a rush.