All Forum Posts by: David Tremblay

 Thank you!!

 Hi Morgan, welcome to BiggerPockets! You've made a smart choice joining the community, it's your first step to achieving your goals in real estate. You'll find a ton of good content in here and not to mention the podcast episodes that are posted almost daily. Be a sponge and don't be afraid to ask questions, everyone is here to help and at one time was right where you are now.

Also, house hacking is for sure the way to go when getting started. Good luck in your future investment endeavors and if you ever find yourself investing in Maine feel free to reach out and I can help you out.

Good luck!

 I don't think you will need a bookkeeper with only 1 property you should be able to manage keeping track of expenses on your own to start, this will help you save the cost as well as help you better understand how to do this not. It's a very good skill to have! I would create a separate bank account for the property, this is where all the rents will go as well as expenses will come out of for things only related to the property, nothing personal. I would also recommend getting checks, a bank card and also a credit card. Doing this will help you keep track of what your expenses are when tax time rolls around.

As far as a CPA goes if you are having a hard time filing your taxes now with just your w-2 i would highly recommend getting one. It shouldn't be too expensive with what you have going on, maybe around $500 give or take. You will want to ask potential CPAs what their strategies they currently use for their existing clients that own real estate as a business. This will give you insight on who to choose, ask this question to a few CPAs and pick based on how you feel they answered your question. They should be able to give you some insight about what's deductible and how the depreciation on the property will generally work since it will be owner occupied. 

It's important to get these things in place and surround yourself with knowledgeable professionals early so you can learn and grow as you build your portfolio. Once you get a few properties under your belt look into a bookkeeper but for the first couple I don't think it's necessary for you.

Best of luck!

 I hear you that all makes sense to me. If there is a way to get it done though I want to explore that avenue. What you mentioned with the equity potentially being used as my portion could possibly work. Thanks for that info!

I’m currently looking at a deal that has 3 buildings and 18 units in total. I reached out to the commercial lender I’ve dealt with in the past to see if they could help finance 70% of the purchase price with the other 30% being allergic financing. They stated they would want me to have some skin in the game of 10% for them to feel comfortable doing the deal. Does anyone on here know of any lenders I could do this deal with without having to put any of my own money into it?

I appreciate any leads on this!

The tenant is actually the person I bought the building from. I charge them $1000.00 a month and that includes everything. I didn't go triple net on their lease also the building isn't set up to split utilities. I pay myself rent from my business to the LLC of the building of $1500.00 a month.

 Thanks Tanner, I like getting into real estate with as little money down as possible!

 Thanks Mohammed!