All Forum Posts by: Kristopher Kelly

@John Sharpe

Thank you for the help, sir! I will do the same then. I will contact a CPA that is familiar with this. 

Thank you for your help and have a great rest of your week!

-Kristopher Kelly

Hello All Of BP,

I will keep this short and sweet. I am moving out of state (Delaware) and moving to a new state (Florida) and am leaving a condo that I am renting out. The condo will rent for $300 pure cash flow once rent it which I am excited about. My question is how do the taxes work on a rental that will eventually be out of state for me? And how would you set it up? For example, should I talk with a CPA and open an LLC, and put the condo into the LLC? Or can you obtain tax benefits without an LLC? I know this might be easy questions but I have never heard it talked about. Also, do you open a separate bank account and run all funds for the property in that account or is there a different way? I know there is a bunch of questions but I appreciate the help if anyone seeing this post has insight on this.

Thank you all for the help and hopefully hear from yall soon!

Hello all,

I hope I threw this in the correct forum or atleast semi correct. I have a condo that is about 15 years old and along with that are the water heater and A/C unit. Should I get a home warranty seeing that the water heater or AC can go at any minute. Which companies would you recommend if so? Also, does anyone know if these policies cover if you are renting out the space or not? I will be renting out my condo in about 6 months.

Thank you all for the help and I love this community!

@Marcus Long

Hello sir,

First off...wow! You are truly an inspiration and thank you for the time to give back by giving me some tips. The networking I can definitely expand upon. I need to work on spending more time on BP and in the local area once I'm down there. I have only been in for about 2 years so I would love to hear your story more in-depth one day if you had a second. As well, I am not sure what I could ever do for you but please let me know! 

Thank you again for everything!

@Doug Spence

Hello Sir,

Thank you for the insight into what to build over the next couple of months before I head down to Florida. I am currently trying to build my CORE 4 now. I will be joining a mastermind once going down there and will do more research on other possible groups that are down there as well. 

Thank you again for everything and ill see you around the forums and Goodluck with your future investments!

@Mike Robb

Hello Sir,

Thank you so much for the insight and link to the military thread. My near-term goal would be to get a buy and hold long-term rental, found and closed on by the time I am moving to Florida. Passive plays with a good property manager for minimal oversight from me would be preferred seeing that I am gone all the time. Are you lending for those deals from your IRA or are you just taking the proceeds and contributing them to your IRA after the deal is done? I really want multiple passive plays to act as a second pension by the time I am out of the Air Force. Thank you for the help and I will definitely be messaging you if I have additional questions.

Thank you again!

Hello yall,

I was wondering if there is any active duty military on BP. I am going through this struggle in my mind that if I want to stay in I will have to scale back on my investing quite a bit. I just got orders to move down to Florida and then am being told the next 5 years' possibilities of moving to either Japan or the UK. I think I should just go hard for 5 years down in Florida and hopefully have a team built up by the three-year mark and be able to continue to invest while in other countries. What do yall think of this idea even if you are not military? Does anyone have a similar problem of either being on the road a lot for work or moving every couple of years?

@Matt "Roar" Gardner

Thank you for the insight! have a great weekend and I appreciate the message.

@Michael Hamby

Hello sir,

Thank you for all of this great information I really appreciate it. I will keep an eye out for those areas and hopefully find something down there within the next couple of months. I will definitely look into the short-term rental market a little more. Do you happen to have any short terms down there? Is Pensacola a big touristy area? Sorry for all the questions I know you have answered so much already. 

Thank you again for everything sir and have a great day!

@Kyle Momany

Thank you for reaching out!

I am looking for a multi-family preferably a duplex that will allow me and my girlfriend to house hack. Then eventually move on to another and you know how that story goes. I currently have a house hack up here that I will be selling soon. If not possible I would have to wait to get into the short-term game seeing that I don't know anyone down there and would have to find a trustworthy mini team to help me do so. Do you happen to know of any good property managers that deal with short-term rentals?