All Forum Posts by: Matthew McNeil
Matthew McNeil has started 31 posts and replied 686 times.
Post: What should I ask my CPA
- Rental Property Investor
- Boise/Portland
- Posts 709
- Votes 742
Why would you put your dropshipping biz into the same LLC as your properties? You wrote that you want to make sure I include that as well in my LLC. I'm curious what your reason is for that? There's a lot of information regarding LLCs and what purpose they serve. You might want to do a little research first before you talk to your CPA because you'll soon realize its not a CPA question. It's a question for your lawyer.
Post: Does Everybody Need Help With Quickbooks Like I do?
- Rental Property Investor
- Boise/Portland
- Posts 709
- Votes 742
Originally posted by @Brett Sayers:
@Matthew McNeil that's a great idea! I was thinking about hiring a bookkeeper at some point but a VA would be way cheaper and probably work just as good.
They're smart and they know what they're doing. Just make sure they have a degree in accounting and ask them to send you their transcripts. Don't pay by the hour. Pay by the job, or by the month conditioned on what you need done each month.
Post: Long Distance Investing
- Rental Property Investor
- Boise/Portland
- Posts 709
- Votes 742
Read the book Long-Distance Real Estate Investing by David Greene.
Post: Single Family Rental
- Rental Property Investor
- Boise/Portland
- Posts 709
- Votes 742
Originally posted by @Jordan Gerkin:
Hi, looking to invest into a single family home to rent out. Is it common for a bank to say that they need 35% down and the longest loan length they have is 20 year variable interest rate? From what I understand, that seems to be more on the commercial side of things. They were telling me that since it’s going to be for a rental and used as a business, that’s the type of financing available. This happens to be the main bank I use and I do have a commercial loan through them, and they are local, so I was hoping they would be more easy to work with. Should I go and check other banks?
I guess that pretty much pokes holes in the "buy local" motto! Take your business elsewhere. Those are ridiculous terms for a SFH.
Post: Does Everybody Need Help With Quickbooks Like I do?
- Rental Property Investor
- Boise/Portland
- Posts 709
- Votes 742
@Brett Sayers Hire a Filipino Virtual Assistant bookkeeper on Fiverr or Upwork who understands QB. You won't regret it. Repeat; hire a VA. They know what they're doing.
Post: Where or what would you buy with a 1031 Exchange for long term?
- Rental Property Investor
- Boise/Portland
- Posts 709
- Votes 742
Originally posted by @Lidia Bowers:
Trying to decide what and where to buy with 1031 Exchange money. We live in Fort Worth where we have a handful of single family homes already,
Ping @Dave Foster.
Post: Recasting: Mortgage Hack Your Way to Increase Your Cash Flow
- Rental Property Investor
- Boise/Portland
- Posts 709
- Votes 742
I’ve a recasted a few times and it works for me. However, a recast play is not an across the board strategy for everyone. There are things to consider, primary of which is your long-term goals. You also have to understand that many seasoned investors will consider a recast as buying your cashflow. Granted, that can send us down an entirely new rabbit trail and I don’t want to hijack your post. The baseline figure is that you lower your payments by about $50 per $10,000 paid on a recast. So, what’s the point of a $5000 recast? Makes no sense to me. Furthermore, why not pivot that money to another investment or asset? To come full circle, as I wrote above, I have done it a few times and I consider is a tool in my belt to use when I want. But it’s not necessarily the first tool I reach for. As @Bill F. wrote, Just because you can do something doesn't mean you should.
Post: Main things to avoid or look out for when investing
- Rental Property Investor
- Boise/Portland
- Posts 709
- Votes 742
Originally posted by @Joe Villeneuve:
Originally posted by @Matthew McNeil:
@Joe Villeneuve
Still waiting to Joe to write a book........
With examples :)
Book written...three times. 4th on the way...none published...I keep adding and changing. However, if you want examples, I have given probably enough to fill two books on this site. LOL.
"...enough to fill two books on this site." It's a big site.
Put all those examples together and self-published on Amazon.
Every person whom you get their attention with your insight (as well as all those following later) will be indebted to you.
Time to pull the trigger Joe :)
Post: Main things to avoid or look out for when investing
- Rental Property Investor
- Boise/Portland
- Posts 709
- Votes 742
@Joe Villeneuve
Still waiting to Joe to write a book........
With examples :)
Post: Buying Property without LLC
- Rental Property Investor
- Boise/Portland
- Posts 709
- Votes 742
Originally posted by @Enyi Ajoku:
Originally posted by @Matthew McNeil:
Originally posted by @Misael Carlos Vera:
Does anyone buy properties without an LLC?
Yes, I purchase it in the name of myself and my wife. 30 days later I Quitclaim the property into our 2-member LLC. I've done it many times.
if you dont mind me asking, do you inform your lender of your intent or ask them if they are ok with you doing a Quitclaim.
Also do you inform them before or after the Quitclaim
I don't inform my lender of my intent either before or after. I've QC'd my properties many times over the years and I've never had a problem, nor did the lender ever ask me about it. The reason is that I apply for conventional loans backed by Fannie Mae because Fannie Mae recognizes the legitimacy of a QC between the mortgage holders and the LLC so long as the LLC is controlled by the borrowers;
If the property was owned prior to closing by a limited liability corporation (LLC) that is majority-owned or controlled by the borrower(s), the time it was held by the LLC may be counted towards meeting the borrower’s six-month ownership requirement. (In order to close the refinance transaction, ownership must be transferred out of the LLC and into the name of the individual borrower(s). See for additional details.)
I believe Freddie Mac follows suit.