All Forum Posts by: Justin B.

As far as whether or not you need a separate bank account, you'd have to check with your state.  I have a separate bank account even though one of the states I'm in doesn't require it.   It's just good practice.  Currently we have only 1 property we self manage.  The others are all PM'd and they handle all that and I don't have to worry about it.

It's good accounting to keep every dollar that comes to you in either your P&L or balance sheet so it never gets lost.  It would be offsetting entries on your balance sheet.  For me, I have a cash asset called Deposit Cash in my asset section and then a separate offsetting liability for each property's deposit (so I know exactly how much each property's deposit is in the case you need to return it).  The "Deposit Cash" asset will offset all the property deposit liabilities.

If you ever used it for last month's rent or something like that (please consult a lawyer if you do that), it would then go as income and you'd wipe out that liability on the balance sheet.

Welcome to the site @Ben Haner!

This is a hard one and a question asked a lot on here.  My wife doesn't participate with me but she does listen when I talk about deals, asks questions, is aware of the money that is used, and supports it.

Bottom line is he doesn't have to participate or even really understand it, but in my personal opinion he does need to support it and trust you.  If he doesn't trust you and/or support it, your journey is going to be 10 times harder.  It will literally be the hardest thing you ever do.  Good luck.

Congrats on #25.  I'm on #10 and just celebrated that.  My next # is 25 :)

Why not just run away?  There are way too many deals out there to waste time on site unseen all cash deals.  Maybe I'm weird, but that kind of deal makes zero sense to me.

Great Story.  I know there are naysayers about scams on CL and other places, but as long as you are doing due diligence, a scam will present itself WELL before you get to the point of shoveling any money.  I've never explored Craig's List myself, but the more I hear, the more I think I need to toss some views that way from time to time.

Sleep! :)

I read his book a couple of years ago.  Powerful stuff.  There were some outdated items in there because it was 15 years old.  Mainly along the lines of using paper only and not a computer.  Back when he wrote the book, apps and computing as we knew it didn't exist like it does today. I see he just re-wrote it as a new version this year.  I assume he's updated that thinking with products like Nozbe out there now.  Can't wait to listen.

There are closing costs, just not a lot.  Around $500 and that *IS* factored into my numbers.

If you just can't do it where you live (which is always my first suggestion), I'd suggest using a turnkey company.  There are lots of them (some on this site).  I'd say do your research first.  I've got a couple through Curt Davis and BuyMemphisNow and it's been great so far.  If you're going to invest somewhere you are NOT (can't get to without a plane flight), I'd say turnkey would give you what you're looking for.

Again, I'm not saying it's your only option, but it's definitely the easiest one.