All Forum Posts by: Darryl Griffin-Simmons

Are real estate masterminds tax deductible if you have an LLC an? I would image real estate conferences and the associated costs to attend would be tax deductible but I'm curious what bucket (if any) masterminds fit in.

Thank you in advance for your advice on the matter.

1 Vote

Great job Josh!!

0 Votes

Phoenix, Arizona

Quote from @Ashish Acharya:

Yes, please message me.

Will do.

thanks @Michael Plaks for tagging Ashish!

0 Votes

Atlanta, Georgia

Hello,

I’m still in the process of building the team. We’re on the potential horizon of landing a deal. Thus, I need to structure the appropriate entity. Can somebody refer a good real estate attorney that services the Atlanta area?

Thank you in advance!

1 Vote

Atlanta, Georgia

Quote from @Peter Nikic:

Where's the property? At just under $300k per unit, $2000 per month seems low but tenants are paying their own expenses. Your variable expenses are way too high for 4 units, reduce them by at least 50% and this will have a positive cash flow. Plus don't forget you're paying over $1000 per month in principal. I'd also put more money down on mortgage and try to get a lower rate.

I think this should be a viable deal, good luck.

@Peter Nikic this property is near Atlanta. I will rerun the numbers and see. Thanks!

1 Vote

Quote from @Bill B.:

At those prices check out new builds. Companies like fourplex investment group (FIG) that build neighborhoods of new rental fourplexes.

@Bill B. thanks for the suggestion. I’ve never heard of them but will check them out. I appreciate you sharing the information.

1 Vote

Quote from @Adam Lacey:

@Darryl Griffin-Simmons Capex seems high. Is that $800/month? Would think $2,000-3,000/year would be sufficient. Is there a chance you can self manage to cut that expense?

@Adam Lacey I think I put CapEx in at 10% to be conservative. The property is within a manageable driving distance and could self manage if necessary to reduce costs. I appreciate the feedback.

0 Votes

Hey BP Family,

I saw a 4plex on the market and figured I'd run it through the BP Tool, but not sure if I'm doing this correctly as it came out to be a negative COC and would not cashflow until year 5. This may be too much to bite off for an initial property, if decided to pursue, but hey why not do the analysis and seek help from the community! My analysis was based off 20% down and gross rent of $2000 per unit.

Property Purchase Price: $1,149,600

Property Details: 8 bed, 4 full bath + 4 1/2 baths (8bed and total 8.5 baths)

Reading the description all it is owner unit occupied and the other 3 units are full. Selling it as is. It also states the rents are under market but does not state what that is. It's located in decent area in the city and near a solid college. Tenants pay all the utilities. I assume the owner is under the 1% "rule" if rent is under market for the area. So, here come the basic questions:

Am I analyzing this deal wrong? (on the surface it seems like a no go)

When using the Rental Property Calc on BP should I input 2bd 1.5 bath units or the full 8bd 8.5 baths?

If rent is not listed and I try to use rentometer- is there another way I can estimate what gross rental income per unit?

I included some pics from the report. Thanks in advance for the feedback

Darryl

1 Vote

Quote from @Keri Carpenter:

Yes. I own 10 properties. A few multi families, meaning 2-4 units. But from what @John B Clark says, this might be focused on bigger properties than I have which would be interesting. I'm mostly doing it to find some people to talk to. I'm a Software Engineering Manager for Sony by day and I don't have any friends who are interested in real estate myself, so I'm trying to find some folks who are into real estate investing to talk to.

@Keri Carpenter what would say has been your greatest lesson learned in obtaining your first property or even on your investment journey?

0 Votes

All Forum Posts by: Darryl Griffin-Simmons

Darryl Griffin-Simmons has started 5 posts and replied 23 times.

Post: Are real estate masterminds tax deductible?

Post: Are real estate masterminds tax deductible?

Post: First deal in the bag, 135 units in Phoenix Arizona🌵

Post: Real Estate Attorney Servicing Atlanta

Post: Real Estate Attorney Servicing Atlanta

Post: Help with Analyzing 4plex- am I doing this correctly?

Post: Help with Analyzing 4plex- am I doing this correctly?

Post: Help with Analyzing 4plex- am I doing this correctly?

Post: Help with Analyzing 4plex- am I doing this correctly?

Post: Multifamily Bootcamp- has anyone attended and can provide feedbac