All Forum Posts by: Joshua Sun

Thanks for the helpful responses, all! 

Hey everyone,

My fiance and I have one rental property in Kansas City already, and are in the process of saving for our first BRRRR deal this coming year in the same area.

We've read David Green's BRRRR book, googling, and listen in on podcasts and reading content, but would like to see if anyone on here who have done a lot of BRRRRs, have advice for us while we save.

We will be using all of our own money to finance the purchase, and rehab. We have a great real estate agent already, a bank that will refinance it for us, solid property management and amazing inspector. We are looking to find a great contracter / team next, since our first investment property didn't require a ton of repairs after, we never used one. 

We will be doing it all out of state.

Thanks ahead of time, and any advice, videos, tips or books/sites recommendations to read is appreciated! 

@William Anderson

Thanks for that William! Definitely something for us to do as we are raising money.

Hey all,

It's been a while since posting on here.

First of all, because of the Bigger Pockets podcast, books and helpful people on the forum, my girlfriend and I were able to buy our first investment property the beginning of this year. We found our real estate agent and CPA on here as well. So thanks to everyone!

My question now, is how to stay in the game and motivated while we are saving up for next real estate investment.

We've been trying to continue to listen to the podcast, watch the youtube videos and reading more books.

We've contacted our real estate team (property managers, loan team, real estate agent, etc.) for updates and tips for our first BRRRR, but again, it's gonna take time for us to save up the capital to do so.

Any tips or advice on this long in between phase before we really get back into the grind? 

And yes, one of our reasons for moving to a BRRRR as opposed to our first investment, a buy and hold SFH, is because we want to avoid waiting a whole year before buying another property.

Thanks in advance! 

I guess our main question is how is a partnership taxed versus an s-corp in regards to rental income? (Since our property is not held in the LLC and we don't plan to transfer it in, we're not concerned about how a s-corp relates to appreciating assets like real estate).

My girlfriend and I both have W2 jobs, and just bought our first investment property out of state.

Shortly after, we created a LLC and plan on filing it as a S Corp.

The property is not within the LLC. The property has a shared ownership between my girlfriend and me.

We've heard that most people in our situation don't have the S corp election. We are trying to get as much information on this matter as possible.

What are your opinions on if we need to file as an S Corp or not? And why? How did you guys decide on what tax election to use for the LLC?

(If our CPA who is also on bigger pockets see this, we trust you :) We just want more information and stories!)

Hopefully this helps other new comers like us. 

Newbie here, and wondering how many investment properties did you all have before finding a good CPA?

Looking to get a first investment property soon, and wondering if I need one right off the bat. 

@Frank Chin Thanks for the helpful advice. It makes sense. 

An LLC and business account might not be good for me. I'd probably need a great real estate CPA at that point.

Some of the CPAs I talked to were very good, and friendly. But their fees alone would take out all my first year's cash flow from my first investment property. I'm not sure if they would give me enough write offs to justify it yet. An LLC and business account, along with working with a great CPA seems like a good idea after several more properties.

If anyone disagrees, and has other view points, I'm all ears! 

I was wondering if it makes sense to open up an LLC after closing on a first property?

Or would it be okay to simply open up a separate checking or business account to keep track of taxes at first. 

Do you even need an LLC to open up a business account?

I've been hearing mixed opinions on starting out now, versus holding on to the money until the housing market dips. 

The con of starting now is that the investment properties value will dip shortly after you purchase it.

In my opinion, the pro of starting now is building a network, getting my feet wet in real estate, and being even more prepared to save up and buy up property when the market dips. 

Also, worst case, if it cash flows, and them market dips, wouldn't the rent still cover the P&I, cap ex, etc? 

We also don't know when the market will dip.

Thoughts?