All Forum Posts by: Dawn Anastasi

$17K per property with rents of $600/month (average) each? That sounds like a good deal as it is.

John Chapman when you said " I just do buy and hold on the side with a standard W-2 job so it's not that complicated. " I think it depends on how many properties you have.

I do the same thing -- buy and hold and have a W2 job. But I find it complicated yet, with all the expenses and depreciation calculations, etc.

During the year I classify all of my expenses -- I actually try to keep a double-entry accounting system with debits and credits. This makes it a lot easier at tax time to classify deductions.

But I guess the biggest thing is not knowing what you don't know. So I don't have any formal questions, I think I would need to sit down with someone and have them review what I have to figure out if I'm missing anything.

This goes to show how the locale makes all the difference. If I had $200K I could buy 4 single family homes free and clear and make over $43,000 per year and still have money left over.

That must be the answer!

Maybe the 1% actually have a business plan and the gumption to stick to it. I wouldn't mind trying wholesaling, but I know I don't have the passion for it to stick to it, so it's better I don't get into it right now. Know thy limits.

Yes well luckily she did put the money in an envelope and not just throw a bunch of $20 bills in the mailbox. (And that's what it was too, literally 30 $20 bills.)

I can't imagine not having a bank account; I actually have 3 checking accounts. I have 4 tenants that just pay with money orders or cash, only 1 pays with personal check.

I loved the time (sarcasm) that one of my tenants left $600 in cash in my mailbox when I wasn't home and sent me a text message that she did that. I was freaked out and tried to get home as soon as possible! (Luckily it was all there.) And this was the 2nd time she left cash in my mailbox (the first time was just $30 and I told her at that time not to do it again).

Has anyone ever read these books (volume I and II)? In it, the guy talks about his strategy for buying and renting out over 300 single family homes.

For the first property, he started off with around $28,000 or so from an insurance settlement, but he talks about taking out a HELOC or getting money from credit cards and buying the property in cash.

Then, once that property is fixed up and rented out, get another loan from a bank on that property for 75-80% LTV, and use that cash to buy another property. Repeat to infinity is what he says. He and his partner did this for over 300 properties.

I have read and read and searched and searched and cannot see how on earth he was able to do this, with the current Fannie/Freddie limits of 10 mortgages per person. Even if he and his partner each were somehow able to get 10 apiece (and I'm only seeing the ability to get 4 per person), that would only make 20.

So what is the secret to how these guys were able to do this?

Most of my tenants don't have bank accounts so I don't see how this can help.

Well I'm sure CPAs are swamped right now with preparing taxes; perhaps I can get someone's ear after April 15th and have them do a review of what I've prepared to see if I got everything right or if I missed anything. I sure won't admit to knowing everything there is to know about taxes. I would need to know if there is a good CPA in the Milwaukee area who specializes in real estate investors.