All Forum Posts by: Byron Scott

I have tons of student loans so I can at lease talk about his payment. The student loan people will give him a reasonable payment based on his income. If its 80k then he can probably get a payment of 200-300 or less. That's why it takes people forever or NEVER to pay off their student loans. I think he sounds good. Student loan payment won't be 800 unless he wants it to be. Then if he can't pay just follow your system and evict. Someone with that record starting out will not want that on their record. Good luck keep us posted on your decision.

I would follow Ryan's advise. I would pay for the mattress to keep peace. Then find a way to get rid of the tenant ASAP but legally. If no month to month I'm serving her a 60 day notice. 

From a birds eye view you have to step outside yourself and run your business like a business. If your tenant is a great tenant pays rent on time then there is no reason to end the lease agreement. 

If your husband grandfather couldn't make rent would you evict him like you would normal run the business? That's why most advise not to rent to relatives. 

There is always going to be situations to come up as your continue to invest in real estate where relatives can use your properties. Unless if falls in line with your normal business operations I wouldn't "reach" to do it. Just some friendly advice from a newbie that had family want to get involved in my property. 

Good luck! Keep us updated on your REI story!

I listed to BP podcast with Amanda Han CPA and the one with Scott Smith. Putting those two together is like having a personal lawyer and CPA telling what to do when you get started. I would go listen to them but from what I gather from those two it is best to have a separate account for business even if it doesn't have the "LLC" name. You also need a separate account for the security deposit (probably savings account). Also a separate account for rental income and a different account for operational stuff (expenses and other operational stuff that will come up- this is where you need to keep reserves). If tenants are depositing into your account you may want to transfer the money after rent is paid. As a new investor is have noticed that keeping rental income and operational stuff separate helps when keeping up with things.

Stessa is also a GREAT tool to connect your account to and keep up with your numbers. It helps you and if you ever need to present your numbers to a CPA or potential investor you have all your numbers in a presentable format. Just a suggestion AND its FREE! 

https://www.stessa.com/

I would run the numbers both ways. See which one I think is the best deal and go with it. I think the biggest question is would 20% down mess with your reserves? or ability to buy another great deal on a property if it became available soon. Good luck! Keep us posted. 

@Huy Pham

Hey, I'm a newbie in Georgia just signing my first lease with a tenant as well. In all my research of my state laws it just ask for signatures of landlord and tenant. Some states do not accept e-signatures so thats something to check. As a new investor the youtube channel "rent like a pro" has helped. I put the link below. Good luck!

https://www.youtube.com/channel/UCvcWEN8tb8vqdFa64PseWJA

Its a true rental and I had to rehab one of the units. I had to put around 15k into the property total it was a distressed property. I wanted a CPA because I didn't know how to factor that into my taxes. I will reach out to some cpas thanks for the advice. 

I purchased a triplex in July. I am a teacher don't make a ton of money. What should I do about tax season coming up? Do I need a CPA? Or should I do taxes myself? I have no clue of what I should do as a newbie. I bought the tax book from BP and its great but I would love to get advice from the BP community. Thanks!

Hey I am using a butcher block counter top. Anyone got suggestions on what I can use to seal the counter top?

Hey Sekhu! I'm in VR too. I just bought my first property this year. I would love to connect meet up and just talk about real estate.