All Forum Posts by: Chris Coleman

@Austin Enman find RE Investing Meetups and networking in your area. You’ll make a lot of connections.

@Stephanie Weathers

Welcome! If you’re looking at real estate investing on the side, then you may be interested in considering Turnkey single-family rentals or passively investing in multifamily deals...or both.

Either way, DFW is a great market to start with.

@Jarrett M Friedman about 2 years. Lots of reading, researching, analyzing, and basically stalling......

@Brian Jackson

I would add “The One Thing” to the impactful books list.

One thing I’ve done for a while that I find very helpful is that I start the week with a “review and planning” session every Monday morning. It’s a time where I review any follow ups from last week, and then set my priorities and corresponding schedule for this week.

@Shaye Pentino

The primary benefit of Turnkey is the ability to achieve Cash Flow from day one, without requiring any work in terms of renovations or the like. Plus, you don’t have to manage the property yourself. If you have the initial capital, it can be a great way to get started in buy and hold rental investing. Great property management is the key.

The potential downside in Turnkey really comes down to the higher purchase price. Since essentially all the renovation work has already been done to make this property successful, then it will come with a premium price tag. And the more we have to pay to enter an investment, the more limited our earnings potential will be.

That doesn’t mean it won’t cash flow. I have numerous Turnkey rentals that cash flow nicely. However, it should not be counted on as an appreciation play, since appreciation will be dependent on the market and not really on any value that you’re adding as the owner.

@Porter Linton Anderson

Re-analyze your numbers...again and again if needed. Every time you analyze the numbers, you should see that projected return. That should make your more and more confident. Stress test it, run it more conservatively, and hopefully still be confident in your return.

Assuming you followed your investment rules, then go back over your investment criteria, and re-confirm to yourself that the deal meets your criteria.

I find that the more I go back over my homework, know that I’ve rigorously followed my investment criteria, and keep seeing the same positive results, the more confident I become in my decision.

@Andres Contreras

From my perspective, I want to be an Investor who owns an Asset. An asset that cash flows and, hopefully, with the right strategy also appreciates, and can be leveraged.

As such, that means I’m not interested in Wholesaling or Flipping. Rather, my interest is in purchasing and holding the asset as it both cash flows and grows in overall value.

This means investing in single-family, multifamily, or notes.

@Jeff Quinlan

Our goal is 8+ %

1. As I understand it, your business does not own the rental property.  You own it personally in your name.  Therefore, the rent is going to come to you, personally...correct?  If that's the case, then you do not need to open a business account, as the business will not be collecting any $$$.  You do need to open a separate personal checking account, which will not require an EIN.  If you've been a good personal banking customer already, then it should be pretty easy to simply open another checking account where you already bank.

Another option, however, is that you can have your LLC serve as your Property Management company. There are plenty of posts here on BiggerPockets that discuss the pros and cons of this strategy.

2. I'm not sure about how it would or would not effect your personal financial decision. Any profit/loss in your LLC would also be considered in your personal financial position. However, a transfer of the property to the LLC could trigger a due on sale clause with the Lender. You do not want that.

3 & 4.  Best to talk to a CPA

@Dominic Conway there are a lot of real estate Meetups in the DMV. GRID is one of the most popular ones in the area.  If you haven't already, you should start attending a few of these.  You will meet and connect with plenty of like-minded people.