All Forum Posts by: Brandon Sarrett

Update: Ended up removing tenant, renovating, and now at $1000/mo. on $1875 mortgage on the duplex which I live in the other side.  I think I can get $1150 for the side I live in because we did a little extra in the renovation.

@Nathan Seltzer Have you had time to make your map?

Hey DeAnton, did you get your proforma built for your duplex?

Hello, 

I am working on my proforma and was wondering:  If a family or friend buys something for your property and you have the receipt do you count that towards your expenses for bookkeeping purposes?  Or is that considered a donation?

Secondly, Is anyone willing to trade proformas?  Id love to see how other people keep track of their rentals and ways to vizialize growth.  I would be willing to share mine as well including the sheet I built to calculate where your offer needs to be on a house hack for it to make sense.

It is my understanding that a CPA is only responsible for making sure you follow all the laws when filing taxes, but there is another role that is responsible for tax strategy and focuses on tax savings.  Is this true? 

I totally agree Patrick.  Just aiming to get close to the 950 for now, then renovate during a turnover in a couple years.

Hello, 

The inhereted tenant is on a month to month lease for 760... and the Rentals in the area are going for 950-1200.

Does anyone have any reccomendations on how to have this conversation with the current tenant?

Hello, 

I am under contract on my first Duplex. I used an FHA loan but I am concerned about accepting rental payments into my personal bank account. Should I set up an LLC, open checking account in business, and use this for collecting rent and paying morgage/expenses?

Or should I wait until I refinance and transfer property to LLC? Supplimentally, Do you all reccomend any bank accounts where you can easily manage sub accounts within main account? AmEx or Discover?

Separately, I will be needing to raise rent for existing tenant to match market rates.  Any advice on how to do this would be helpful.  I have heard of the "Binder Strategy" of being super transparent.

Any suggestions are appreciated, Thank you!

#AskDavid

 Hello, any advice or direction is appreciated on the best way to reach out to potential offmarket sellers.

Thank you, 

BS

What is the best way to source the contact information of leads?