All Forum Posts by: Brian Whitney

Bought a duplex for 30k and did a 50k rehab. ARV was 115k. I refinanced and pulled out all of the 80k I had invested.

Rents are 1445 total. I cash flow $200 a door when it's all said and done.

I had no idea what I was doing, but ended up with a pretty good BRRRR for the first time.

Hi All, 

Last year I did my first BRRRR on a duplex, which I refinanced in my name. I'm finishing a 3 unit BRRRR and will most likely put this one into an LLC. I would like to separate my name from the duplex and start setting up a "company".

In regard to the duplex, I have a personal checking accounting that all of the money runs through and I keep track of all the income/expenses on a Google Sheets document. As I look forward to refinancing my next property, I'm having questions about the book keeping. 

Do you all keep 1 checking account and then spreadsheets to determine where the money in that account belongs?  For example: Account has 20k: Property 1 spreadsheet 5k, Property 2 5k, Property 3 5k, Property 4 5k.  

If 1 property is financed in my name and the 2nd is in an LLC do I need 2 accounts to avoid "co-mingling" funds?

If that is the case, do you open a separate account for each LLC? Seems like overkill to me, but what do I know.

Any input on how you structure your finances would be awesome. 

Thanks in Advance, 

Brian 

Mitch, 

Sewage can be lien-able and therefore some landlords choose to pay it. Also, you may want to confirm that the utilities are all separated. 2 water, gas, and electric meters. I own a duplex in Elizabeth, near you. I paid to have separate water lines run so that each tenant could pay their own water. I still pay the sewage for the reason stated above. 

@Savannah Lewison

Hi Savannah,

I live about 15 minutes from Braddock. I personally wouldn't invest there. There are a few new breweries and some minor signs of life there, but I'm not sure that's where I would look at this time. I could be wrong.

A similar area is Homestead/Munhall (15120 zip code). Its on the other side of the river from Braddock. This area still has plenty of cheap properties, but seems like it has a lot better chance to turn around. There is construction everywhere you look, but still lots of available properties. I know a few successful investors actively purchasing properties in the area. Some people say Homestead was supposed to turn the corner for 30 years and hasnt, but other people say that its finally happening.

Just something to consider.

Im not sure about Rankin, but I know a lot of money is going into Homestead/Munhall right now.