All Forum Posts by: Eric Barnett

I will complete my real estate license in July and had planned to sell real estate on the side for educational purposes and to stay informed of my market while hopefully making extra money to invest with.  Have any of you done this before and if so what was your experience like?  Would you recommend this avenue?

@Tyler Roicki thanks for the welcome and information.  The Northside is what I'm thinking but wanted some opinions from those who are actively involved in the area.

Hello All,

I live in South Austin but looking to move into the San Antonio market to get started due to a better pricing and future growth structure (in my opinion).  I'm looking at homes under 140k in areas that are popular with young professionals and new families/couples.  Do any of you fellow big pocketers have any info that may help me decide on a particular area?  Many Thanks!

I am in the same boat and would like to hear some options. I can do a HELOC but that will only get me roughly 30-40 thousand before I'd have to explore other options.

This is very good advice for thoughts down the road to consider. I believe we will form a separate LLC to handle real estate but keep it a simple LLC and not classify it as a Corp.

that's a good point. I think just to keep my primary income and real estate separate this would be beneficial as well. 

Has anyone had problems with deducting travel expenses associated with looking at real estate properties in distant areas?  I'm reading "Tax Free Wealth" right now and am curious if anyone has implemented the strategy of investing where you enjoy visiting to essential get a discounted vacation so long as you are working more than 50% of the time.  

Any audit issues?  I keep very good records and have been deducting business meals, expenses, etc for years under my S Corp as a consultant.  

When I refer to a new partner I mean a future spouse (fiance) who I will be investing with. My goal is to be able to deduct business meals, travel, etc. that we already commonly do. I currently work in energy consulting and have my single owner LLC that is classified as an S Corp. I'm deciding whether or not I NEED to form a new LLC with both her and my name associated with it in order to start our real estate investing career and be able to take the tax deductions.

Am I able to deduct the business meetings, travel, etc. under my LLC since if it were just me I could simply run my properties through this without having the hassle of another LLC and additional tax return/bookkeeping.

Any insight from those of who have been in this similar situation whether it be H&W or simply new to real estate and looking to decrease tax liability.  

Thanks for the advice!

I'm in a similar situation so thanks clearing this up @Jeff Brower

Thank you guys for the advice.  I plan to talk to a lender and use that to weigh out my options a bit more.  Working remote is highly valuable to me so I'm leaning towards that route.