All Forum Posts by: Account Closed

Anyone have a link to the PBCON2021 info and Registration?

@Daniel Hyman

Hmmm. I may start one account for each properties regardless of how many units a property has. I'll check out REI Hub. Thanks Daniel.

I can't find details about bpcon 2021. Where do I sign up? I joined BP as a PRO member this AM.

Sounds Great Kevin. Congrats.

Good luck Sam. I also have a single family rental.

My ex told me about a lady at her church who's mother passed away and left her older home to the 2 children, neither of which wanted to deal with the old house. I picked it up for $45.5k. Nice condition in a good nbhd. I did small rehab for 10K. I cashed in a small pension for 55K. and paid cash. 

The only mistake I made was due to the timing. I rec'd the pension money in November but seller was unable to close until January. All the expenses were not in the same year that I rec'd the pension money. I ended up owing a lot to the IRS for the year I rec'd the pension.

Don't forget to add for holy water expense. lol

Adding the accounts for repairs and reserves sounds like a good add-on. Thanks Chris. I'll look into Quickbooks. It seems like I've previously seen one of their programs expressly for rental income.

Yes Matthew that sounds like a workable solution. Thanks 

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Amherst.

Purchase price: $100,000
Cash invested: $40,000

side-by-side duplex. 2250 total sfla. 3bedrooms and 1.5 baths each unit. annual gross rent $26,400. Cash flow $675/mo. ROI 25%

How did you finance this deal?

Conventional fixed 15 year mort ~3% int.

How did you add value to the deal?

pd about 20 k under mkt. because mother-in-law owned it but moved out of state and couldn't manage it.
i remodelled both kitchens which were tiny but there were large dining rooms. i removed separating wall of 7x10 kitchen and made large eat-in -kitchens

What was the outcome?

All good.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

we didnt have any realtors.

I have a duplex rental and a single family rental. I need to learn how to keep the money separate and set up the bank accounts for that.