All Forum Posts by: Cameron Tope

Hey Brian,

If your goal is cash flow then I would definitely refi your house for 2.85% and payoff the rentals. 

Then get a HELOC on your rentals in case anything comes up and you need cash.

This is a great problem to have!

Hey Jordan,

I wouldn't overthink this. If you feel more comfortable with a CPA then hire a CPA that focuses on real estate. 

As far as paying yourself, again I wouldn't overthink this. You can setup your LLC as a pass-through entity which doesn't require a separate tax return so the income and expenses from the LLC go straight on your personal return. Rental income is not subject to self-employment taxes so you'll pay just ordinary income taxes on the net income.

Note: I'm not an attorney or a CPA. 

Best of luck!

Hey Shawn,

As the guys stated above, you have to take control of your business - and the biggest form of control is payments. Ensure you're not paying for work that hasn't been done and voice your concerns about timelines and how the GC expects to make that up to you. 

Be there as frequently as you can but as @Bob Okenwa said, at some point you may need to take full control and fire the GC. 

Hey Jeremy,

45k would be a great sum of money to put towards a deal with some private or hard money. 

However, from experience, I would be clear on what each person brings to your partnership. If each of your are putting in money, then who is going to manage the contractors, manage the property, etc. 

Money is just one aspect of a new business. Time and experience are also important pieces to the puzzle. 

Best of luck!

If you didn't provide the tenants a sheet with itemized charges at the beginning of the lease, then you should hire it out and bill the tenants back. 

Hey Henry,

We use Happy Inspector. It has some great templates that you can edit to make your own. 

Hey Vince,

I actually like a homogenous neighborhood because the comps are super easy. 

You'll know almost to the dollar what your property will rent for and how many days it will be on the market. 

When a neighborhood has many different house types, I find it harder to get a good comp. 

Best of luck!

Hey Austin,

For all the BRRRR deals I've done, I always used my personal financing then did a deed transfer into an LLC.

Read David Greene's BRRRR book in the BP Bookstore

Thanks for sharing Bryan!

8.1% increase for the Greater Houston area - crazy!