All Forum Posts by: Richard Lee

Hey @Grant Shipman 
Thank you for the prompt response!

So my current situation is that I bought my first home in 2020. This is the first house ever bought in my family, my family has never owned anything and I'm trying to change the outcome for generations to come. 

I learned about the process by watching videos and reading books and forums. Everything else I kind of had to learn through experience, and because of that I'm having a bit of trouble now that I'm trying to expand. 

Until recently I've been mixing my personal and business (real estate) expenses and accounting together. Big Mistake. I don't have an LLC and don't plan on making one until a bit later down the road as I don't think I need to. My plan is to currently just use separate checking accounts to separate business/personal or maybe even an account per property.

I'm planning to buy my second property hopefully within the next year
and am stuck at the DTI level. High interest rates making loans harder to get is also not helping.

I think what I really need is to find what really works for me, but its been difficult because I've spent the majority of the year already having mixed personal and business accounts, and am trying to figure out how best to proceed with taxes this year (depreciating or using section 179 if possible,  home repair (hvac/ac) expenses) etc. 

Any help or advice would be helpful even if its to point me to a different forum or source of information!. 

Thanks again!

Hello everyone! 

I'm new to BP and also new to real estate investment. Bought a house in 2020 and started house hacking. I'm trying to move forward buy adding more doors through this method, but am stuck at the tax level to optimize my gains. Would really appreciate it if anyone could refer me to someone experienced in this field. 

Thanks all!