All Forum Posts by: Jake Baker

@Philip Anderson

Multifamily properties in Ventura can perform well due to the area's high rent demand, but inventory can be tight. Areas near downtown Ventura or the college (Ventura College) are worth exploring for strong tenant demand.

@Ritu Mahajan

Build a solid local team, including contractors, property managers, and lenders experienced with BRRRR. Referrals from local investors on BiggerPockets can be a great resource. https://www.biggerpockets.com/business/finder/agents

@Mark Ainley sounds like a great person to link up with!

Attend local real estate meetups or REIAs to find other investors who've done BRRRR in Chicagoland. They might have insights on specific zip codes or pitfalls to avoid. https://www.biggerpockets.com/forums/521

@Rene Hosman

Rent.App is an awesome free solution that I recently discovered.

@Tyler Davis

Using Locations in QuickBooks can get tricky, especially when managing multiple properties. The biggest issue is that forgetting to assign a location or choosing the wrong one can mess up your balance sheet, leading to inaccuracies. Additionally, not all transaction types support Locations, meaning you'll have to create journal entries to correct them—requiring a solid understanding of debits and credits, which can be time-consuming and error-prone.

Instead, I recommend biting the bullet and upgrading to QuickBooks Online Plus for each entity. With Plus, you can use Classes to separate properties and accurately track income and expenses by unit. You can also track by customer and subcustomer if you bill tenants through QBO. It’s a cleaner, more reliable solution, and while the higher subscription cost can feel like a drawback, it’ll save you a lot of headaches and time in the long run.

@David Martoyan

We still use the BRRRR strategy in Jacksonville, FL. It isn't easy to make things pencil, and I don't see it getting much better over the next 12 months.

I have changed my rental strategy to Co-Living (rent by the room). I don't use padsplit (weekly rentals); I rent on long-term leases in B Class neighborhoods. This plays into the affordability issues for tenants by allowing them to live in nicer neighborhoods for less money, yet I get monthly revenue comparable to short-term rentals.

Columbus OH

@Jarrod Ochsenbein

It's great to hear that you are succeeding with the co-living model. I recently purchased my 2nd co-living BRRRR in Jacksonville, FL. Things are going well so far - I am using Grant Shipman's model (LivingSmith) instead of padsplit, which works great for me.

How nice are the neighborhoods you invest in? 

What kind of insurance do you use? A lot of insurance companies do like the co-living model.

@Keith Richardson

It depends on your risk tolerance and ability to stay organized. It comes down to having good insurance for protection.

I keep around five rentals per LLC, and I am in Jacksonville, FL, where my homes are worth around $250-350k.

Having more than ten bank accounts is excessive. Umbrella insurance policies can add an extra layer of protection across your portfolio. Combining these strategies often gives investors the best balance of cost, simplicity, and security.

 I am a long-distance investor. I travel quite a bit, but I am primarily in San Diego. 

@Armell Mayers

Check out the Tax Pro Finder: https://www.biggerpockets.com/business/finder/tax-and-financ...