All Forum Posts by: Andy Pham

House hacking should be the best way to start especially if you want to eventually BRRRR. After understanding how to manage a property while house hacking, you can eventually move out and make even more by renting out the unit you stayed in.

I've read that you don't necessarily need an LLC when you're just starting out with one property. Unless you have extra money to spare and unless you have multiple properties, it shouldn't be required. As long as you understand the laws and regulations of your market and have done your research, you shouldn't have many issues.

If you have multiple properties, you should have separate bank accounts for each business entity under separate LLCs. Though people have also put their properties under a single LLC but it depends on your situation. So since you're starting out with you first property, you can start with one business bank account. Banks will be looking at this account to see your total rental cash flow.

As an avid listener of the BP podcast, it seems that there are many people who find great use with Quickbooks.

If you are afraid of making mistakes, you can't go wrong with a CPA. But make sure they understand your goals in RE investing.

Please anyone correct me if I'm wrong about any of the things that I've said above.

@Ronnie Galindo I agree with Bonnie’s suggestion. If you can’t get a property in your area due the the high price, try looking at local cities and see if you can house hack. I believe house hacking is the best way to get started. And should also try to convince your brother to help out as it seems he’s trying to find a way to make some cash as well.

Sorry I can't answer your question, but I was wondering if you listen to the BP podcast. There was a good one with Michael Quarles where he talks about his strategies in generating RE leads through direct mail. I highly recommend you give it a listen.

They should have a lot of experience in it and have done it so many times that it becomes second nature. Although the process can be long (especially if you're just starting out), having a dedicated team with each member having their own responsibilities makes it flow much more smoothly. 

BiggerPockets podcasts are always very informative and entertaining to listen to. Though when I first found out about it, I didn't know what episode to start on. I recommend looking up BiggerPockets Youtube videos that focus on "how to get started in real estate investing" or something along those lines. Then you can go from there.