., there is a big capital gains tax that can be avoided· Assets continue to grow in an income bearing vehicle earning interest or dividends, and the account continues to benefit from investment growth.

We could always use more help around here, and you'll grow by leaps and bounds by just entering conversations here.Thanks for joining up!

@Brandon Turner Sure I have made mistakes during my almost 2 years of real estate investing.For instance, One time I had called up a plumber to pump out water from crawl space of a HUD home that I had recently purchased.

I thought i'd pass along my experience so others could learn.In my instance they had many liens for the city boarding up the house, mowing the yard, back property taxes etc.Moral to the story is to follow up and make sure the liens get removed.

Still have the list of leads.As for MLS, yes it will be more useful as inventory starts to grow again.

In this instance, we even went so far as to offer to break the lease in case the tenant had found herself in a situation where she was over her head.If this happens again, we will post the 3-day pay or quit immediately (on the 6th*).Thanks again for all the great advice!

I want to gain an much knowledge as possible and have been reading some of the forums on here along with reading real estate books.My goals are to start investing in properties and create a portfolio that will always keep growing (hopefully).

i think the biggest lesson is to never quit, when times are tough and nothing is happening re-group and find out where your going wrong, its like in think and grow rich, a man bought all this gold mining equipment and moved to Cali and he dug for what seemed like forever with out hitting the gold vain, so he sold his stuff to a local junk man for pennies on the dollar and the junk man hired a survey guy and he said dig 3 feet from where the man stopped digging and when the junk man did that he hit the biggest gold vain in history, so any new wholesaler out there reading this, never give up cause you could have stopped 3 feet from gold, NEVER GIVE UP punch through those obstacles and win.

No splits, profit shares, etc.It keeps it clean and simple and keeps you in full control of the investment.I think payments being paid on performance / profit splits can lead to tension in the family and limit your control in a deal.For instance, if you were going to sell for a loss, and your parents disagreed, or vice versa.

For instance you purchased a home cash, have no wages, no other income properties, or sources of income, and no experience as a landlord (some banks require you have two years of managing property, not us).what would be required:- signed and dated lease agreement for atleast 1 year- copy of security deposit- evidence of deposit of the security deposit into your account (bank stmt print out)Formula to use:75% of gross monthly - PITIA (Principal/Interest/Taxes/Insurance/Assessments)Assuming you have $0 other debt/obligations like you've mentioned you could technically cash out up to the point in which your income using the above formula breaks even/reaches $0.75% X Gross Monthly Rent(GMR) - PITIA = $0 or GMR = PITIA/.75Pro's of cash out refinance:If you cash out you could have your dollars working in two places at once.