All Forum Posts by: Chris Davidson

@Asif Ahmed Congrats on closing and getting your first property! If you have a seperate account set up at your credit union that will make it that much easier to track you expenses as long as you use those accounts to conduct your transactions. All systems are only as good as the user. Some make tracking mileage easier on the user. If you are just going to the property you may not need anything special other than a notepad or equal vent. When I first started I had a spread sheet I got from my accountant that helped me track my expenses and was in the format that they use. If you do your own taxes then its up to you. However if you are going to hire it out I would just check with who will be doing it and ask which method they prefer. As some items will be expensed and other have a depreciation schedule that they have to follow. For one property Quickbooks is likely not needed as once the repairs have been made your entries will hopefully go way down.

Best of luck and way to take the leap! 

@Eric Fung it will depend on. Title company just let them know ahead of time. I think it cost 200$ and I had a check mailed to me next day air.

@Po Chan I've done a few closing in TN and the last one was remote. It cost more but they mailed the documents before closing, I found a notary where i was and signed and mailed back. Closing went fine. I'd push the title company harder about being physically present for closing. If you are using an agent get them to as they will have better connections with them.

Best of luck!

@Eric Bates young leverage allows you to build equity while generating cash. In the scenario of borrowing against the original house and buy another would be the same as getting a loan on the second house. However if you borrow against the 1st house you have the cash for a quicker close and can buy properties that can't be financed. Either way in your scenario you now have two houses and making 800 a month while paying down your debt (gaining equity) and also if the properties appreciate you gain that equity but in two instead of one. It is just risk reward. You take the risk on and inturn should have a larger reward if you bought correctly.

Hope that helps

@Hunter Jones you are right with its pretty much the same as 1 you just are doing it 12 times. If a PM is inplace get that contract along with leases. And then any documents your lender will need if financing.

@DeShawna Travillion I don't not have any experience in development. And from what I understand is a completely different style loan. I would just reach out to a Loan officer and see if they or someone they know can do development loans

@Crystal Shepherd I think if you stay away from the franchised names you will be good. Where are you looking to do your little village?

@Crystal Shepherd people weren't offended but the lord of the rings and the hobbit franchise sure wanted their cut to use the name.

@Tadiwanashe Chirongoma Yes you will be able to find them online, and I would start here on BP. @Grant Schroeder is very helpful and I am working with him with a couple of clients currently.

@Jason Rowlett I don't have any experience in this but things I would look at: Is it permitted to for this, or does it require additional permits. How to collect from food truck business, what prevents a truck from parking without paying, how would you manage that. Why would they pay to park there vs somewhere else.