All Forum Posts by: Cailyn Aune

Welcome to BP! You've come to an incredible place. Be active on the forums, reach out to people- you will be amazed at the connections you will build and the help you will get! GOOD LUCK!

So fun to read this! Way to go!

Welcome to BP James! BP is an incredible place for many reasons... But in particular, you can find and connect with people you want to be like. I recently read in a book, the key to success- find someone who's done want you want to do- learn how they did it and keep doing it until it works. If you want to do real estate full time, if you don't want to work a regular w-2 job, this is the BEST place to find others who have done just that. Find out what it took, what they had to do, how hard they've worked, how long it took- for them to be successful at full time real estate. Do what they did. If they worked a w-2 job until they reached a certain spot, do it.... W-2 jobs are awesome for paying the bills until the real estate can! It sounds like your wife and you are on the exact same page. That's an amazing spot to start. Real estate isn't easy, and it's not for everyone. If you work hard and set your mind to it... You can do anything. GOOD LUCK! And yes- upload a pic! :)

Hey there Russell Cruz ! Welcome to BP! I would recommend reading a ton of the threads on turnkey investing, set your keyword alert to "turnkey", and then whenever someone says they have experience in investing out-of-state or investing in turnkey, connect with them directly to ask questions about their experience! This is what I have found most helpful and most educational so far. Good luck!

Jonathan Tea I would concur with most of the markets mentioned in this thread based on the research I've done, and my limited experience. I think most of those markets are going to be fine... And they all have their pro's and cons. Some have lower taxes, some states are more favorable to landlords than others, some have better climates... It's IS worth it to do your cross-market comparison to know a few makets where you want to point your guns. However- with that being said- I think an equally important consideration is the Property management. It seems a general consensus across BP that property management can either make or break your investment- especially being out-of-state. I would recommend doing extensive due diligence regarding, referrals, recommendations, connecting with people directly who have purchased out of state, and spending a lot of time on the phone calling providers/property managers and asking a LOT of questions. (Not sure if you're going the turnkey route or not... But I would recommend checking out www.cashflowdiaries.com - Alexander A. has a lot of good information on his site for criteria and questions to ask. Also- Joey Noel ... He set up www.rookierei.com to help others doing out of state turnkey.) Once you nail down a handful of markets, let the property management help you put your hand to the plow in where to head... I would also highly recommend flying out to visit. My husband and I just went to Indy and KC this week... SO glad we did..! Good luck!

And I definitely agree with Troy Fisher - if you could only auto-tag all the people in list on a post....! SO much faster....!!! Tagging is so valuable- this would take it up a notch. Thanks for taking up ideas from members too... Love it.

Mindy Jensen and Joshua Dorkin - thank you both and to BP for continuing to add value to us...! I appreciate all the efforts to keep BP top notch. There are a LOT of members on here- and I think this helps us to utilize the colleagues we've connected with. Thanks team!

@Greg Scott - Thanks Greg! So the same question goes.... should I be setting up a sole prop then, for all the real estate?

We have owned our own business for over a decade, I do all the books, and we do have a really good CPA. But it's been so long since we have operated outside of an LLC, that the above sort of flipped my lid. :o)

Alright "tax" friends... I need some clarity. I just heard someone say on a podcast, that they hold all of their properties in an LLC, because otherwise, they can't claim the deductions such as Property Management, mileage, repairs, etc.

(Background.... We are planning on purchasing a few rentals this year, hopefully our first one in the next month or so. We went through our pre-approval process, etc. We decided after reading so much on BP regarding LLC's vs larger umbrella insurance policies... to just start out the umbrella insurance route for sake of simplicity, and then re-evaluate as we go. (I don't intend to start a debate with the above... I just wanted to give the background of where we are at... I know there are a billion threads I can read and have read some, I will be revisiting those. :o)

However, when I heard the above, I sort of did a double take. We have spoken with quite a few individuals who have around 10 rental properties, and are using umbrella policies, vs the LLC. But that would seem to make NO sense if you cannot deduct what I would believe to be a substantial amount of deductions that are possible through real estate... which is one of the reason we all love real estate so much, right?

If you aren't claiming deductions through an LLC, can you still claim the same deductions on your tax return, if those income rental checks are made directly to you?

Okay... can someone help.... that would make no sense to me to leave all that money an the table. Help!

Couldn't find threads that address this... maybe I'm searching for the wrong thing... ?
Thanks all!

Welcome Joshua! You came to the right place!