All Forum Posts by: Rex Celle

Congrats Ahmed! Would be great to hear further developments, feel free to share your progress and let me know if I can be of any support throughout the property acquisition process!

@Alex Smith excellent Alex. And keep the discipline of tracking as you build your wealth.

@Scott Mac Great, thanks for sharing Scott!

Great to hear that we are all on the same page on this topic. Since I’ve started RE investing, I’ve always been required to provide a personal financial statement to my banker anytime I’m in the process of acquiring properties. I made it a point not only to just do it for loan purposes, but for myself. I threw the question out there because I was up late last night updating my PFS and I was wondering why I did not see many posts around the importance of tracking this - for all the people who are new to RE investing, take note of the responses and make this a top priority as you progress in this business.

How many of you track your net worth as RE investors. If so, please share with the BP community your approach and what you include under assets and liabilities.

@Cynthia DeLuca The property management company (Excalibur Homes) that manages my portfolio uses Planet Synergy for its virtual assistance services, automated end-to-end management of transactions, owner portals, etc. as they manage over 1,600 rentals for investors like us. For me it very convenient to just log in to the owner portal and have the ability review cashflow/p&l statements, download expense reports for each property, pull lease agreements, make owner contributions for repairs if necessary, etc. so when I am dealing with my banker in getting a new loan for a property, I can provide him the financial info on my rental portfolio quickly. It also makes tax filing easy. Maybe it’s worth giving them a call to see what services they can provide to automate the management of your 31 properties - I can only imagine how much time it would take to manage that on your own. Feel free to message me directly if I can help further.

@Jaysen Medhurst great to hear Jaysen, I found through my experience that whatever I put on paper always materializes - it’s worth investing the time to plan things out.

Every 3 months I make it a point to revisit and update the vision, strategy, and plan I created when I first decided to begin investing in RE. It includes things such as: Business Purpose, Financial Projections, Target Locations, Organizational Network, Funding Resources, and a 3 Year Strategic Timeline. I keep this in a PowerPoint presentation format which I’ve never shared, as it is only for myself to stay focused and progressive. Are you guys doing the same thing? (Yes/No/Not yet)

@Weston Couch I feel it is best to establish an LLC in order to separate personal assets from the business. If a property is owned by an LLC, and let's say someone decides to sue for damages due to an injury on the property, they go after the insurance (important to have) and any assets under the LLC - Liability is limited to the business when you have this type of set up. Owning multiple properties under your name could you and your personal assets at risk.

@Zachary Schimenz I normally leverage experienced real estate agents within my network who are willing to run and analyze rental comps in the neighborhood. Also it gives me an opportunity to ask questions and pick their brains on the rental market in a specific area to make a well rounded decision when setting a price.