All Forum Posts by: Jeremy White

I usually have my clients archive all of their receipts chronologically in dropbox or something similar. Quickbooks DT or Online will download and auto-categorize transactions from your bank/cc accounts, and I've found the receipt upload a little clunky and am not a fan. 

You do need to save receipts to reference if audited, but they don't need archived in your accounting software and can actually take forever to find that way which is why I don't like it. 

Hope this helps!

Jeremy

@James Colton Lawson I'm also in that area, it's a good market for college as I'm sure you know given your current status. Also good for commuters to RDU or GSO. Tagging @Brandon Sowers also as he manages a lot of property in Burlington region and would be a good contact for you.

I was in your shoes 10 years ago. I got a ton of used books on Amazon (pre-kindle days) and read them all. When I graduated, I saved money aggressively and was able to buy a property 6 months after graduation. I house hacked it for 2 years, then moved out and hired a property manager who still manages it today. It cash flows well and is a great asset, although that was 2010 so deals were abundant back then! 

I second everyone's advice to stay in school, minimize debt, and learn as much as possible right now. Then get a good job and be ready to buy when you find a deal. Good luck!

You need to create an S Corp to pay yourself w2 wages. Also a good idea for shielding liability. It'll cost you to set up, and your tax returns will cost a lot more.

I live in Whitsett and work in Greensboro.

I think the UNCG area is a great investment area, but college towns are my preference for investing so make sure you stay in line with your goals and business plan. 

Originally posted by @Mark Brogan:

do you have a property manager you use in lynchburg? @Jeremy White

 Yes, I use Lynchburg Renting. They've done a good job, turned it around very quickly for new tenants and they have some very affordable repair people, so far at least. I know the owner, Bruce Gallier, so that probably helps also. 

I just spoke with the HOA manager, who works at another property management company, and she said she knows a lot of stuff for sale that is good for investments (50-60k) so I may follow up on that soon and see if the numbers work for any of her ideas. It's a great rental market with LU's continued growth.

Thanks everyone!

@William Byrd thanks for the link, I'll try to check it out soon!

@Mark Brogan my rental is actually closer to you than me, up in Lynchburg! I'm an absentee owner, but it's worked out great so far. 

Be sure to check with your tax advisor before assuming you can use pretax money. You generally will be depreciating a house purchase, which means only a portion will be pretax and the rest of the expense will be recognized over a number of years. This could create a cash flow issue if you spend all your cash on the house and then get a tax bill for your income that wasn't reduced because you only recognized a portion of the purchase as a deductible expense. Bottom line, always ask your accountant before pulling the trigger!

Hey everyone,

I've been lurking a while, reading and listening to podcasts. I figured I should post a little and participate in the community, so here I am!

I am a buy and hold investor, currently with one property in a college town that is doing well and cash flowing nicely. My goal is to slowly grow my portfolio as I aim to become an accredited investor so I can open the door to many more investing opportunities.

My day job is financial consulting in the healthcare industry. I work with physicians and dentists throughout NC and VA, helping them with accounting, tax, practice management, etc. I love what I do and plan to continue while investing on the side.

I look forward to interacting with you all!

Jeremy White

I own a rental in a college town. I agree with the above poster regarding preference for tenants. I would add that I really like nursing students and law students. They study so hard they generally are less wild than other degrees. I'm 5 years in with no damage to speak of from tenants. I would definitely invest again in a college town. 

Now I'm gonna go knock on some wood!