All Forum Posts by: Jake Baker

@Ty Moore

If you are refinancing into a DSCR (debt service coverage ratio) loan, which is a very common refi loan for BRRRRs, you will usually need to 1.0 ratio (rent/expenses). So if your ratio is too low, the lender will lower your LTV (loan to value) to meet that 1.0 ratio.

I use DealCheck to analyze my refinances because of their offer calculator feature to tell me my LTV based on that 1.0 ratio.

It is good to shop a few brokers because they offer different DSCR products. I can recommend you a few if you are interested.

@James Mays

For 1 LTR digb or Stessa is all that you probably need for basic record keeping.

If you still find this to be frustrating, you could probably find a bookkeeper for $100-200 per month to manage this for you and also invoice your tenants. 

@Aahil B. 

A CPA once told me to put each property in a separate LLC. I feel like he was just saying that so they can do more tax returns for me lol. An attorney told me 5 properties in each LLC is fine. It's really up to your risk tolerance when purchasing more properties. Either way, get multiple opinions.

I have purchased several properties in my personal name for financing options and quitclaimed them into an LLC after closing.

Happy investing! 

I agree with @Maxwell Ventura that the tier 3 license is a great play. Max helped me buy a condo in Little Italy that has insane cash flow because of this new license. 

Looking forward to it!

Hi @Catrina M. Crowel

Beers and Deals is a good meetup in downtown SD. 

Happy investing

@Jacob Carroll

Welcome to SD. Beers and Deals in Little Italy is also a good meetup every month. 

@Donald Kish

Stessa is a great PM software that this free with a BP Pro subscription. This can make the accounting/bookkeeping easier for you. Like @Meng Chen mentioned, a hybrid approach can be beneficial without sacrificing too much profit. 

@Joseph Reistroffer

How are your bookkeeping processes? Using software like Quickbooks and keeping it up to date will allow your tax preparer and advisor to better advise you. 

@Lee L.

For landloarding, I can recommend Stessa for a small portfolio. It is free with a BP Pro subscription. 

QuickBooks has more advanced features and is more of a bookkeeping/accounting tool. 

If you find yourself too bogged down from too many rentals, you can hire a bookkeeper for a couple hundred dollars per month to manage all of this for you.