All Forum Posts by: Brian Boyd

As a W2 employee you are not likely seeing the benefits because the P/L will pass through as passive and not active. You need to be self employed to see the impact. Talk with your CPA about this. There is a test that the IRS uses to determine if you are active or passive.

This is an easy fix. You get a JV agreement or a Partnership agreement and describe the deal and the details of each partner's contributions and how the cash will be repaid for the investment and thereafter. You are on the right track and know how to describe it. Contact your attorney or he can contact his and get this drawn up. Moreover, BP has professionals they recommend to help you. Good Luck!!!

I have never heard of them. However, I will caution you that using form docs from those one stop shops is dangerous. There are plenty of professionals on these forums on BP in general that could give you guidance. For instance, I have concerns about using a C corp or a C Corp owning an LLC. Reach out to people before you decide on this structure. We are all here to help each other. Good luck !!!

@Justin Blackman we owned our first property in Gatlinburg and it between the management fees, maintenance, and utilities, we sold after a year. It’s really hard to cash flow positive unless the property is completely paid off. The market is good in that region but unless you self manage, it may not be the pot of gold you were hoping for. I’m glad to share some lessons we learned along the way to help you navigate the process and rental if you do choose to move forward.

Best of Luck!

@Wyatt Franta all the unexpected maintenance and repairs. Easily the most frustrating part.

@Kristopher Cowen for sure!

@Jaron Walling we are focused on multi family.

@Kristopher Cowen it’s solid.

@Jaron Walling we are going to focus on Multi family from this point forward. The ROI is good, the depreciation is good and the maintenance is lower.

@Andrew Kougl My wife is a W2 employee and I’m self employed.