All Forum Posts by: Michael Mackney

I've used the BRRRR strategy for myb latests investments. You just have to do a little more due diligence than normal to make it still cash flow. You would probably need to take on a lower LTV at the refi stage to make your mortgage payment less to offset the higher interest rates.

@Chadwick Cotner I had this issue for quite sometime to where it looked like justa hobby or a math equation to her. What changed her mindset was honestly a real estate conference. Once she felt the energy in the room of like minded individuals, success stories, and got to see the community real estate can build, she changed just like that. That few hundred dollars or so to attend a conference could be worth its investment 100X. 

@Bill B. do you put in every little thing such as grass cutting, snow removal, etc or do you just put an overall expense column and revenue column?

 Anything for the actual property itself such property taxes, mortgage interest, hard money interest I keep track of. But for the actual rental aspect, I have been using the PM statements

Hey everyone. I had a bookkeeping question.

Each month, my property manager sends me a monthly statement including any expenses, repairs, rents, etc. And then at the end of the year sends me a 1099.

Is there anything else I should be doing from a bookkeeping stand point? I used those statements last year when I had one property for my CPA without actually doing my own bookkeeping and it didn't seem to be an issue.

Let me know if these sound like something I can just use for bookkeeping moving forward. Thanks!

Hey guys! I've invested in Columbus for the last year or so but I'm looking to start on Long Island, NY now. I live here and wanted to see if there were any investor friendly agents anyone would recommend. Let me know. Thanks!

Hey everyone, I'm starting to dive deep into the tax benefits of REI and I had a question regarding a cost segregation study and accelerated depreciation.

I purchased a long term property in 2022 that has been run by a property manager this last year. Hypothetically, if in 2023, I plan on turning it into a STR with self management to meet the the material participation, how would the accelerated depreciation work?

From what I understand, you obtain the accelerated depreciation benefit based on the year the rental property went into service.

For example, if it was put into service in 2022, I would achieve 100% of the benefit even though during that year I did not start self managing, rather than 80% for 2023. 

Let me know if I am understanding this properly, thanks!! 
 

Hey everyone! I found a deal that consists of 2 Sfhs on one lot. I'm evaluating the property now and was wondering what comps should I run. Would I be looking at duplexes or evaluate each as it's own single family? The numbers for those vary and change the deal greatly. 

Let me know, thanks!

Hey everyone. I am in the process of pursuing a deal that someone got burned on by a previous GC. The seller had this property down to the studs with  all the electrical redone and dry wall was put up. He did not get any further in renovations because the GC skipped town. He is now looking to minimize his losses and sell.

My question is, how should I approach the situation with no permits pulled prior to the seller changing all of the electric? I have not had to pull permits before so I am unfamiliar with the process especially after the dry wall has been put up. Last thing I want is this to become my issue later on if the property becomes mine. 

Let me know your thoughts. Thanks! 

Hey guys, I just found out that my property has about $80k or so in equity and the property needs some cosmetic things done to it to make it rent higher and to a better tenant pool. Is there any way I can tap into this equity to pay for these cosmetic things?