All Forum Posts by: Michael Glaspie

@Genene G. Ok here is a little insight from my point of view:

Step 1: Start with the end in mind

Step 2: learn the market

Step 3: Take action

Step 1: Start with the end in mind - 

You should know exactly what your ideal performance for the rental is. CoC return, $ per door cash flow, maintenance etc. This will allow you to analyze deals quicker and with confidence. Only a deal is a deal, so do not force your numbers. This is why it's important to know your criteria upfront.

Step 2: learn the market -

This is so you know exactly which areas are good for your criteria. Then you can put all of your time and attention in acquiring off-market deals in those key areas while you're getting started. This can also be leveraged by finding experts in your market and staying in their back pocket. 

Step 3: Take action-

Once you know your criteria and you find a property that meets it TAKE ACTION!! Believe me, you aren't the only one hunting for a deal. If someone else finds it and it meets their criteria, they will take it. I just lost two deals this month because I didn't pull the trigger quick enough. 

As far as agents I can do some digging around for sure once you are closer to starting purchasing. Just let me know

Welcome. I have family out in Dallas/Grapevine area. I'm originally from Houston, Tx but live in NC now. Continue to do great things out there and feel free to reach out if you have any rental questions or real estate agent selection questions. 

This is a great post> I am going through my taxes with my CPA and I am having a lot of the same discussions. The part I was most unclear on, was the income threshold that made the deductions obsolete. From what I understand though its the type of income. W2 vs 1099 etc. I am not 100% sure but slowly learning the process. As you continue the journey with your CPA please continue to add to this post for clarification. 

Ask the lender their criteria. If you can pull out immediately then go for it.

@Kevin Smith same as Allan has said above. I have a few contacts out in that area. Believe it or not, I actually lived there for 10 years as a kid. If you would like my contacts just message me and I will connect you guys. 

Also, I'm originally from Houston Tx. The Fort Bend / Sugar Land area. If an opportunity arises in that area I may reach out to you for a little insight on the market. I haven't been there in over 10 years. 

These are great questions. I want to start this off with I am not an attorney. However, I have recently gone through a restructuring of my business as well. I currently have the following:

1)LLC for Real Estate Brokerage

2)LLC for Rentals in NC

3)LLC for Rentals in another State

4)**HOLDING LLC IN WY - Which has all above LLC's underneath

When you use the term Series, I take that as each series is a separate entity. (Again, not an attorney). But with the way my attorney I set it up, I have my bank accounts for each LLC. However, when I file my taxes it is under one LLC and separated by classes. This allows for a more streamlined approach for financials.

This also allows everything to be separated for asset protection. With my rental properties, once I reach a certain amount of equity I will begin to subcategorize my properties into separate LLCs to ensure I am maximizing my "protection"

I could go on and on, but I hope this gives you a little insight to the point of, there are many ways to structure it. As you expand you can leverage the time and talent of bookkeepers and CPA/CFOs to handle the financials of an ever-increasing complex business structure. I personally prefer to keep it simple until I scale beyond that point. 

Short answer...yes! As long as it makes sense financially and it is safe for you and your child(ren).

@Kirsten Ostby Thank you. It is a 3 unit and I am using the property manager of my other properties to help me rent the additional units. I thought of doing it myself but honestly, the money is well spent in time saved for me at this point of me growing my portfolio.

Personally not a fan of pools. Maintenance and liability for a long term rental with a pool is costly. If it is potentially a short term rental in a location with a clientele looking for that feature, then it might be a reason to consider it. If you like it as a rental then I agree with the first statement, just fill in the pool and keep it.