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All Forum Posts by: Bryan Martin

Bryan Martin has started 1 posts and replied 174 times.

Post: Corporate housing for rental property

Bryan Martin
Posted
  • Accountant
  • Springfield, IL
  • Posts 182
  • Votes 98
Quote from @Mark Burdziakowski:

Has anyone used a corporate/travelling worker housing company to house workers. I had Traveler’s Haven reach out to me to house a few guys for two months. They are willing to pay a little more due to short lease duration. They find housing for workers and they also furnish the units for the time the workers are there. Just wondering if anyone has had any experience with them and if it’s a good idea for me.

I’ve had a few call asking to rent my place (along with insurance companies looking to place families whose home is damaged).  I’ve turned them down because the extra amount they pay probably won’t cover the turnover cost on the property.  I’m not saying I wouldn’t ever do it, but I would need a pretty substantial premium.

Post: I'm looking for guidance in this next investment move Please

Bryan Martin
Posted
  • Accountant
  • Springfield, IL
  • Posts 182
  • Votes 98
Quote from @Huggy Ford:

I have a few paid off Properties and I would like to know how to get a loan using my properties. I also work in Tustin, but live in Ventura so I rent a couple of days a week for 1600.00 per month I would like to buy a fourplex within 10 or so miles of Tustin. Selling a property in SD and will have at least 100k to put down. Is this a question for Mr Green?

Thank you in advance

I’d go to a couple local banks and tell them your situation and see what they could do for you.  I’ve found local banks to be the best in these situations.

Post: New to BP - Introduction

Bryan Martin
Posted
  • Accountant
  • Springfield, IL
  • Posts 182
  • Votes 98
Quote from @Hannah B.:

Hi All, 

I'm new to BP and wanted to provide a quick introduction. My name is Hannah, and I live in the SF Bay Area (East Bay). I'm a land use consultant who currently focuses on land use entitlements and lease negotiations on behalf of the wireless telecommunications industry. I have experience working in the private sector (focused on telecom projects as well as residential and commercial development) and in the public sector (working in a City Planning department). 

I joined BP because I have recently become more interested in RE investing and would love to connect with local people/groups focused on RE investment. My husband is a partner in a construction company that focuses on residential remodeling as well as a landscaping company. We are always looking to meet new people and collaborate on potential business ventures (myself from the zoning/permitting side and him from the construction side). 

I have enjoyed following along here and learning from this amazing community. I am interested in learning more about out-of-state investing, syndications, ADU development, and innovative house hacking strategies.

I'm a housing policy and zoning nerd and will post interesting housing policy changes to the forum as I see them. There are a lot of shifts in housing policy happening nationwide that may be of interest to this community. 

I look forward to meeting and collaborating with you! 

Welcome to the forums!  Sounds like you have a lot of value to add to the forums with your work experience.

Post: s corp possible ?

Bryan Martin
Posted
  • Accountant
  • Springfield, IL
  • Posts 182
  • Votes 98
Quote from @Rashid Khalil:

I earned 90 k as a 1099 contractor working in my LLC. expenses are around 20 k so NOI is 70k. it appears tax efficient if I tax this income as S- corporation. i do have EIN for my LLC and all income and expenses were through LLC named bank account. my issue is I didn't use any payroll throughout the year to pay myself, so does it disqualify me for S- corporation tax option?

will appreciate thoughts / advises / guidance etc.

TIA

For an S-Corp, you’re expected to take a “reasonable” salary or wage for the work that you’re doing.  Easiest thing to do is probably start taking a paycheck in 2023 and be a S-Corp moving forward and don’t worry about it for the prior year.

Post: New to RE Investing: Starting out with paid off property

Bryan Martin
Posted
  • Accountant
  • Springfield, IL
  • Posts 182
  • Votes 98
Quote from @Caden Gore:
Quote from @Bryan Martin:
Quote from @Caden Gore:

Good evening.

I'll try and keep this as brief as I can. I'm interested in getting into RE Investing and I've been doing a lot of research lately reading books, watching videos, etc. I'm 28 years old in Jacksonville, I have a job that pays a little north 100k a year, a 750+ credit score, no debt, and no wife/kids. I was looking into buying multi-family homes and renting them out to get started. Here's where my situation gets interesting. My grandparents put their home in my name last year before my grandfather passed. My grandmother still lives in it as a tennant currently, but it's mine. The home is fully paid off. Everyone I talk/listen to says the first home is alays the hardest and here I've had it fall into my lap like I skipped a few steps. So my question is what are my options here? Good job, excellent credit, no debt, no one to take care of other than myself. How could I use this property to aquire a multi-family investment property? Would a CO Refi be best? HELOC? And could I use it to buy multiple properties if the math works out?


Thanks

I’d refi to try to avoid interest rate risk that you may face with a HELOC.  And once that’s done, as long as you meet the underwriters requirements, you would be able to use the proceeds for a down payment on a multi family.  Best strategy would be to get to become friends with a local lender who could help strategize what works best.  They know that the more properties you buy, the more loans they get to issue, so it’s a win-win.

 Would using a refi to buy more than one rental be too aggressive of a move?


 Possibly, but not necessarily.  It all depends on your ability to cover the debt.  It’s a lot different situation for someone who makes $30k vs $300k.

Post: Self Property Management -

Bryan Martin
Posted
  • Accountant
  • Springfield, IL
  • Posts 182
  • Votes 98
Quote from @Jesse Kerr:

Question - How many of you invest out of state and manage personally without a property manager?  If you are doing this, how are you handling "boots on the ground" when tenants need to see properties etc? 

It can be done, but you’ll be better off finding a property manager that you trust.

Post: New to RE Investing: Starting out with paid off property

Bryan Martin
Posted
  • Accountant
  • Springfield, IL
  • Posts 182
  • Votes 98
Quote from @Caden Gore:

Good evening.

I'll try and keep this as brief as I can. I'm interested in getting into RE Investing and I've been doing a lot of research lately reading books, watching videos, etc. I'm 28 years old in Jacksonville, I have a job that pays a little north 100k a year, a 750+ credit score, no debt, and no wife/kids. I was looking into buying multi-family homes and renting them out to get started. Here's where my situation gets interesting. My grandparents put their home in my name last year before my grandfather passed. My grandmother still lives in it as a tennant currently, but it's mine. The home is fully paid off. Everyone I talk/listen to says the first home is alays the hardest and here I've had it fall into my lap like I skipped a few steps. So my question is what are my options here? Good job, excellent credit, no debt, no one to take care of other than myself. How could I use this property to aquire a multi-family investment property? Would a CO Refi be best? HELOC? And could I use it to buy multiple properties if the math works out?


Thanks

I’d refi to try to avoid interest rate risk that you may face with a HELOC.  And once that’s done, as long as you meet the underwriters requirements, you would be able to use the proceeds for a down payment on a multi family.  Best strategy would be to get to become friends with a local lender who could help strategize what works best.  They know that the more properties you buy, the more loans they get to issue, so it’s a win-win.

Post: Looking for an accountant for joint tax needs

Bryan Martin
Posted
  • Accountant
  • Springfield, IL
  • Posts 182
  • Votes 98
Quote from @Klarissa Ann Gana Espeleta:

Looking for an accountant for joint tax needs

- someone who is savvy in regards to real estate investments and realtor related taxes.

- someone with at least 5 years of experience.

- licensed for CA taxes since couple is in Los Angeles.

please reach out if you are available

Good evening Klarissa,

Tons of great accountants on BP.  I’d recommend browsing posts to find a handful and setting up consultations with them and choosing whoever you click with.

Post: Long overdue Introduction

Bryan Martin
Posted
  • Accountant
  • Springfield, IL
  • Posts 182
  • Votes 98

Welcome to the forums!  I was similar where I was a long time listener of the podcast, but didn’t get involved in the forums.  Still like the podcast as I can multi task while listening to it, but the forums provide great value as well.

Post: Pre-approved! House in mind! Let’s get it

Bryan Martin
Posted
  • Accountant
  • Springfield, IL
  • Posts 182
  • Votes 98
Quote from @Eric Stewart:

Hello all on BP!

Pretty excited to start seeing it all come together for the first time. Just got pre-approved for my mortgage on my first rental property. Making my offer to the seller tomorrow!

Let’s make sure all goes well and everything is taken care of so I can end up with my first rental property! Another upside is I was lucky to find one with a tenant already in place!

Good luck bud.  Exciting times ahead!